Top 5 Trends In Realty Sector After Covid- Ashwinder, Bhartiya Urban
By--Ashwinder R Singh, CEO, Residential , Bhartiya Urban
At the heart of every business is consumer behaviour. Consumer behaviour patterns are responsible for the success of the business. In a country like India, that has an ever-growing economy, consumer behaviour and buying trends are constantly evolving. Adding to an already changing mindset, the global pandemic aided the process of change in the real estate domain.
With a competitive market, the need to curate a customer experience that is adaptable to the current needs of the customer is extremely important. Some of the common consumer needs that are dominating the real estate market are:
1 Increase in demand for home ownership: The most prominent development witnessed by the real estate sector is the increase in demand for home ownership, especially from the millennial community. The global pandemic has caused many to look for a sense of security, which has in turn led to many youngsters investing in a home of their own. The upsurge of the virus has made many realize that having a home to call your own is a valuable asset that can prove to be beneficial in the future. Another driving force that has led to the increase in demand for home ownership is lower home loan rates. With a decrease in home loan rates, people have made use of the opportunity to invest in a property of their own.
2 Need for extra space with work-from-home concept: With work from home becoming the new norm, consumers are looking for homes that provide them with the space they need to increase their productivity. Thus, developers are now incorporating these new ideals into their designs to deal with this ‘new normal’. Additionally, people are also looking to invest in properties that help them escape the chaos of the city. Consumers are looking to invest in properties situated on the outskirts of town that foster a peaceful environment where they can work and enhance their productivity.
3 Emergence of integrated townships/gated communities: Another prominent trend seen in the real estate market as a result of the pandemic, is the emergence of integrated townships and gated communities. With everyone stuck within the confines of their homes, investing in a property that is equipped with proper planning, a plethora of amenities and safety is the need of the hour. This, in turn, has led to the rise in integrated townships across the country. Living in an integrated township or a gated community, gives one access to not just a home, but a lot of other benefits in the form of amenities and safety as well.
4 Increased usage of digital platforms: With multiple lockdowns and restrictions being imposed, site visits are no more possible. However, consumers still wanted to see the property before investing in it, as this investment held great value. So, how did developers bridge this gap during these uncertain times? Through digital platforms. This past year has seen a significant upsurge in virtual tours and online bookings. With augmented reality and virtual reality, real estate developers are able to give consumers a 360 view of the property without the constraints of time and location.
Apart from virtual tours, social media platforms have also been leveraged by developers to help spread awareness about their properties and gain more recognition, it has also become an innovative way to interact with existing customers as well as potential buyers. As this new trend rapidly gains traction, developers will have to come up with innovative digital solutions to drive sales.
5 Sustainable building practices: While climate change has been a major concern for years, the adversity of the situation has increased with the onset of the virus. People are becoming more aware of the repercussions of climate change and how it has influenced our world. This has largely impacted the functioning of the commercial real estate industry. Consumers are making more conscious decisions and investing in properties that align with these decisions. With this change, real estate developers have begun incorporating green building practices into their planning to provide consumers with a sustainable environment. Green landscaping, rainwater harvesting and other green practices have seen a significant increase.