Realtors bet on bigger apartments to make space for home-office
June 07, 2020
Real estate in India has been walking on a tight rope for a while now. The number on the investment chart witnessed growth via NRIs’ interests in the Indian realty sector. But it soon dropped when the Covid-19 pandemic knocked on the door. With the constant fear of the epidemic and the uncertainties surrounding it, people are now advised to move on with their life keeping Covid-19 as a significant factor. India, being the second-highest populated country in the world, was under the lockdown since March 25th. Schools and colleges were shut down, and companies were asked to operate from home.
With social distancing and work from home becoming the trend of the year, real estate developers eek an opportunity to launch bigger spaces to accommodate the home-office. Considering the current situations, social distancing is here to stay. People will avoid mass interactions as much as possible to steer clear the spread of the virus. Companies will now consider recruiting people who can work from home, and developers will look forward to fitting the trend in the sector.
Evaluating on the launch of larger apartments carefully, developers believe that the share of three-bedroom apartments will rise by 5 percent. Apart from providing extra space to access the WFH needs, many builders are also planning to include co-working spaces at the clubhouses. This will neither modify the residential needs of the customers, nor it will interrupt the WFH practices. Instead, it will enhance the developers’ residential portfolio with geographical proximity to the working space, including all the necessary amenities.
While there has been a sharp rise in the demographics of three-bedroom apartments, some developers are already providing workspaces cum study rooms irrespective of the number of bedrooms. This solves significant affordability issues for the bigger cities while laying out efficient spaces within the four walls.
A lot can be achieved with such interventions without burdening the pocket. Maximized space utilization is a highly valued aspect these days. With millennials moving out of their native places to the urban cities in search of better job options, it becomes essential to provide them the accommodation that fits in their range. Fancy houses are a thing of past now, especially in urban cities where compact housing is reigning the residential sector. To fix the essential spaces without increasing the budget would be an ideal option for most of the home buyers.
The post-COVID world will witness a lot of mutations. Due to a complete change in lifestyle, where people are adhered to stay at homes and lessen the number of interactions, the modifications will reflect in the form of spaces we chose to live in the future. Developers are planning to strategize on the residential real estate market and its metamorphosis in the wake of the post-COVID era.