There's no other tangible asset as valuable as a real estate property, and this realisation has become bigger than before due to the crisis led by Covid-19. Hence, real estate has taken up the centre stage once again. The consumers' investment preference is increasingly towards tangible real estate properties.
Amidst the ongoing uncertain times, people are hoping for everything to fall back on track soon, or else it is going to be a new normal for them where they are required to make adjustments for a long time. The work-from-home culture is one such new normal that has led to customised arrangements in homes provided by the developers as per the current consumer preferences.
A shift in the mindset of real estate consumers
A shift in the mindset has taken place in two ways:
1. Earlier, many were happy with the concept of living in a rental apartment. The crisis caused by the Covid-19 outbreak has now driven people living in rental homes towards the desire for ownership of a home. Buying a home ensures security and regarded as one of the biggest achievements in one's life.
2. Stay-at-home and work-from-home became prominent norms during the lockdown in 2020. The lockdown also brought about a change in the way companies and other institutions function. As a result, homebuyers are now looking for in-built amenities and facilities that cater to each member of a family. Some of them include medical facilities, office workspace within the home interiors, and green features.
The threat of Covid-19 is still prevalent and people are re-thinking about their future investments. A physical asset like real estate residential property has resultantly gained more prominence and its demand is increasing day by day.
What types of homes are in demand at present?
Homes within the scheme of affordable housing continue to maintain a high demand due to its obvious affordability factor. Demand for larger homes is just the next. Homebuyers who were seeking a 1 BHK previously are now ready to buy a 1.5 to 2 BHK home. They are flexible with the choices of homes offered by the developers. The idea of living in a bigger home is picking up the pace.
The demand for spacious homes is driven partly by the desire to raise the standard of living and largely by the shift in the mindset of people post Covid-19. The industry experts believe this trend to stay for a couple of years. Extra space in a home is mostly observed as the need for a home office, staff room, children’s room, etc.
The Covid-19 pandemic has persuaded people to secure their lives in whatever way possible, be future-ready, and adapt to unforeseen situations. Bigger spaces, loaded with amenities, and customised floor plans are some of the top features that buyers seek when buying a home.