The pandemic has dramatically affected homebuyers’ tastes, resulting in the creation of new asset classes in the residential segment that was not previously popular among purchasers.
According to recent real estate consultant reports, mandatory lockdowns and continuous work for home and online schooling have resulted in a desire for larger and more spacious residences with a separate workspace. Similarly, after the pandemic, there has been an increase in demand for second houses.
work from home opportunities have emerged as the primary undercurrent driving homebuyers’ and choices. Homebuyers increasingly prefer residences with more outdoor open space, as well as gated communities with cutting-edge amenities and space for remote working.
Space customization has progressed to the point where developers provide entire open floors that are designed to meet the needs of homebuyers from a variety of distinctive design alternatives. Because of the COVID-19 outbreak and its socio-economic consequences, this shift in preference is significant,” says Ashok Kapur, Chairman of Krisumi Corporation.
The majority of homebuyers now prefer a fully-equipped workspace, a dedicated fitness area, a private space for weekend get-togethers, and a play area for children, while also taking into account other important factors such as location, ticket size, thoughtful design, cutting-edge technology, and so on.
‘We, at Krisumi, introduced a new asset class 2LDK (Living, Dining & Kitchen) + personal workstation in our flagship project, Krisumi Waterfall Residences, Gurugram, anticipating this trend at the beginning of 2021. These apartments are ideal for the work-from-home (WFH) lifestyle for both Indians working with multinational corporations and ex-pat communities,” says Kapur.
Due to movement constraints, there is an unexpected rise in demand for an extra 12 rooms for office, health or yoga, or a kid’s study/playroom. This has resulted in the creation of 2.5/3.5 BHK homes with an additional room that can be changed as needed. As a result of this trend, developers have reacted and are reconfiguring to suit the extra demand for 12 rooms.
Furthermore, health, cleanliness, and wellness concerns during Covid-19 have turned the attention away from tightly populated metro centres and into large second houses in new regions. “Driven by health, sanitation, and wellness concerns, second homes have emerged as the most sought-after asset class for affluent buyers looking for living spaces away from urban regions.
Locations such as Chandigarh-Tricity not only provide ultra-luxurious living areas with contemporary facilities, but they are also well-connected to major vacation spots. Having a property in such regions not only allows end-users to relax, but it also guarantees a secure living environment.
According to Vivek Singhal, CEO of Smart World Developers, “Covid-19 has altered several real estate trends, with customer-centricity and personalization becoming major considerations for developers.” Independent floors are becoming more popular as residential options in major cities. They are appropriate for millennials who want to live in a high-end neighbourhood.
As a result, the increased work-from-home has resulted in a rethinking of house design to allow a unique personal office area.