The Covid-19 pandemic has fundamentally changed the way people live all over the world. The change is also evident in consumer behaviour across every industry. With a spotlight on the real estate industry in India, the pandemic and lockdown together have altered the buyers’ preferences.
Reasons that have made people change their consumption pattern in real estate
- People who have been living in a rental apartment or were planning to buy a home someday are now rushing to own a home. The deadly coronavirus caused insecurity on many levels and not having an important asset like home became the prime insecurity. Hence, immediate homeownership is the need of the hour for real estate property buyers.
- The offices have opened and people are working from the office once again. However, a significant number of companies, on the other hand, are still either making their employees work from home or come to the office on alternate days. As a result, the need for extra space at home in order to be able to work in peace is a major one.
- While the offices have started to open, the hope for schools and colleges to reopen remains less. Students are largely managing their studies through online classes. Therefore, some space at home has been dedicated to them to carry on with their online classes smoothly.
- Playing outside is no longer advisable for kids. Parents have been trying their best to keep them safe at home. Hence, a temporary play area at home is created for the kids.
- Staying at home for a huge part of the day restricts our physical activity. Many are avoiding gyms and other fitness studios for now. During the pandemic, people realised that staying fit is indeed possible by exercising at home. Hence, a small extra space even if it's a balcony is a must-have area at home to carry out an exercise routine and take care of the health.
What trends have emerged in real estate post Covid 19?
1. Work from home, online classes for children, workout at home, and keeping a tab on overall wellbeing are the new normal. In every home, one or all of these activities have taken a dominant place. To fulfil these requirements, homebuyers are looking out for spacious homes. A homebuyer who was previously planning to buy 1 BHK home has now changed his/her wish to 2 BHK. Similarly, buyers are more willing to go for 3 BHK properties instead of 2 BHKs. At the end of the day, buyers are in no mood to compromise with the size of their new home.
2. The need to own a home, especially a spacious one, is on high priority. Hence, ready to move-in homes is the current demand. Affordable property prices and low-interest rates on home loans are some of the factors that are in favour of homebuyers at present. Hence, a ready to move in home seems to be the most rewarding deal.
3. Today, a home is not just a space to live, sit, and relax. It has become a haven for quality amenities and facilities. The occurrence of the pandemic has changed the definition of safe and comfortable living. It is beyond the interiors of a home. The demand for amenities that are high on safety, security, wellness, fitness, and availability of everything within the complex is preferred by prospective buyers when planning to buy a home.
Home buying Then & Now — Tier 1 cities Vs Tier 2 & Tier 3 cities
- Another big change that the pandemic brought in Indian real estate is the emergence of Tier 2 and Tier 3 cities as demand drivers. During the pre-covid period, Tier 1 cities like Delhi, Mumbai, Kolkata, and Bengaluru were the major players in real estate. Now, the table has turned. The earlier property demand ratio of 80:20 in Tier 1 cities Vs Tier 2 & Tier 3 cities are gradually changing.
- A significant number of working-class who had come to Tier 1 cities to work and live moved back to their hometowns in these Tier 2 and Tier 3 cities during the lockdown. So many of them chose to stay back and bought real estate properties. As a result, smaller cities witnessed an increase in demand for properties.
Lucknow, in the state of Uttar Pradesh, is one such city that has shown immense growth in its real estate sector during the lockdown. The multi-cultural vibrant city of Lucknow has fulfilled the dreams of many of buying their dream home. Here are some of the most beautiful and spacious homes that have made Lucknow a promising city to buy property:
1. Excella Kutumb
Excella Kutumb is a much-in-demand property constructed under affordable housing by the Excella Group. Located near HCL IT City, Sultanpur Road, Lucknow, the project offers 2 & 3 BHK apartments at a starting price of ₹29.25 Lacs*. The exceptionally planned project is spread over a sprawling area of 6 acres. The comfort and convenience of the residents are kept at the topmost priority. One of the major highlights of this project is its proximity to prominent places in the city. It is a 5 minutes drive to reach IT City, 8 minutes drive to Medanta Hospital and International Cricket Stadium, 15 minutes drive to Wave Mall, 20 minutes drive to Lucknow Railway Station, and 25 minutes drive to the airport. The flowing water-facing project is equipped with abundant modern amenities that encourage a sustainable and environment-friendly way of living.
2. Rishita Mulberry Heights Phase 4
The residential project of Rishita Mulberry Heights Phase 4 by Rishita Developers is conceptualised around the urban green spaces to give residents the space for physical activity, relaxation, peace as well as reduce stress, and boost mental and physical health. It comes with a high-end clubhouse, lush green parks with water bodies, swimming pool, landscaped garden, children play area and more such amenities. It is located in Sector-C Pocket-7 Ansal API, Sushant Golf City, Lucknow, and offers 2 BHK Homes at ₹57.1 Lacs*. Get ready to make a big difference to your lifestyle with Rishita Mulberry Heights.
3. Kiara Residency
Driven by design aesthetics, quality, and commitment, Kiara Lifespaces presents the one-of-a-kind Kiara Residency in Sushant Golf City, Lucknow. It offers 2 BHK apartments of various sizes at ₹42.81 Lacs*. Living in Kiara Residency ensures the essence of true community living empowered by amenities and activities that infuse a sense of belonging. The project ensures comfortable living in its spacious modern homes and facilities available within the gated community.
4. Eiffel Vivassa Estate Phase 1
Eiffel Infra Developers presents a blend of class and comfort in the form of an outstanding residential project named Eiffel Vivassa Estate Phase 1 in Mastemau, Lucknow. The project is equipped with facilities related to fitness and entertainment so that you stay fit, motivated, and happy all the time. For the safety of the residents, the gated community is equipped with fire fighting systems, 24x7 security. In terms of parking, the residence has provisions for open car parking, closed car parking, and visitor parking. The spacious residence offers 2 & 3 BHK at a starting price of ₹53.52 Lacs*.