It is unquestionably a different era. We’re masked and restricted within the confines of the four walls. We could never have predicted such a scenario just a few months ago. Now that people are staying at home for longer periods of time than previously, a new observation has emerged. Based on the design and amenities of open space, post-pandemic houses are projected to look different than they do now.
Moreover, people are wanting to change homes in the next 12 months due to the pandemic and associated lockdowns are increasing their hunger for residential property in the middle-income category. According to the newest Knight Frank research, Mumbai and Pune lead the list of cities where individuals were more inclined to relocate after the outbreak.
In the mainstream group, 87 percent of those looking to buy, want to stay in their current city. Respondents from Mumbai and Pune, on the other hand, are more likely to relocate after the outbreak. Within the epidemic period, around 26% of mainstream Indians had relocated. According to the research, one in every five responders is more likely to relocate during the next 12 months as a result of the epidemic.
One of the most noticeable trends in recent months have been home buyers purchasing property near their places of employment. Manoj Gupta, Managing Director at Mahalaxmi Developers, commented on the trend “Due to the rush of traffic, owning property near the workplace is a dream for home purchasers, especially millennials. As a result, numerous developers are developing projects in the regions with the goal of reducing office commute to zero. Homebuyers nowadays prefer to live in-studio flats or compact homes if they are close to their individual workplace and spend quality time with their families.”
The report also emphasizes that the future of work will have a substantial impact on both the commercial and residential sectors. As a result of the Covid, 32% of respondents in the Mainstream Indian sector said they would move into a new home in the next 12 months, whereas only 14% of respondents in the Global Indian section said they wanted to move.
Following are some of the characteristics that new home buyers are likely to seek in a property following the COVID-19 pandemic:
A. Open Space Layout
People who have been confined to their homes for months have learned the value of space and will seek out homes with well-planned layouts that maximize wide open spaces with balconies and terraces. Also, because our homes were previously just considered a refuge, opening up space to natural light and fresh air is now increasingly important. Buyers may also search for a separate entrance area where they can remove their shoes and disinfect themselves before entering the living room.
B. Best In Class Amenities
The type of amenities provided by housing projects is another consideration that buyers are likely to consider post-COVID. A location with adequate social infrastructures, such as easy access to hospitals, pharmacies, and food stores, will be preferred above one with amenities such as a swimming pool or restaurant. Similarly, when purchasing a home, a housing project with broad internal roads for strolling and extensive green areas will be considered.
According to Colliers’ Kharadi Market Assessment Report, post-pandemic home purchasers are looking for residences with amenities such as conference rooms, pick-up and drop-off service, and on-site child care. Warm shell dwellings are in high demand among customers. To further comprehend it, look at the graph below.
Source: Colliers, Market Assessment Report For Kharadi
C. Sparsely Populated Areas
Following the lockdown, people are more inclined to invest in a home with a lower population density, lower pollution, and more green space, which will allow them to live a healthier lifestyle. A proposal with a huge open space and plenty of space between two buildings will be sought after. Houses in Kharadi and Hinjewadi are available for inhabitants of Pune with such amenities.
D. Integrated Townships
When looking for a home, consider a society established on the principles of an integrated township. The pandemic has made us more aware of our health. As a result, new buyers seek a location that includes provisions for all of life’s requirements, such as grocery stores, medical facilities, restaurants, and other such conveniences (If not available within the society, people wish to have them within 1 KM area).
E. Credibility of Builder
The majority of purchasers, more than ever, will choose a project from a reputable builder, especially if they are considering reserving an under-construction house. Buyers are more likely to invest in a property developed by a builder with a solid company structure and a track record of completing projects on schedule. Also, one will look for RERA-approved projects that provide entire details as well as the project’s completion timeline. However, ready-to-move-in projects are a better option.
Conclusion
The aftermath of the Covid-19 outbreak has proven that having a home is far superior to dealing with the uncertainties of rental housing. People are also appreciating the value of possessing a real estate property as an investment asset, especially with interest rates lowering and household savings increasing. The savings rate has increased as most people now spend just on necessities and medicines. At the same time, given the stock market’s volatility, investment opportunities are few and far between.
The RBI has lowered the repo rate to 4%, lowering the cost of borrowing for property purchasers. As a result, current house loan interest rates are as low as 6.7 percent. Once the impact of COVID-19 on the employment market is apparent, this will operate as a motivator for buyers to invest in property at a lower cost.
Furthermore, India’s real estate market has been harmed by the breakout of COVID-19 and the resulting national lockdown. However, according to a Magicbricks survey, 67 percent of home buyers still prefer to buy a house on a tight budget. Pune has been one of India’s best-performing real estate markets in the last six months, and market attitudes indicate that this trend will continue.
With pricing uncertainty looming over the real estate market, Pune (2%) saw relatively low price drop percentages during the lockdown. When compared to markets in other cities such as Hyderabad and Ahmedabad, the COVID-19 crisis had a significant impact on these.
So, if you are planning to buy a home in Pune, this is the best time to do so. And Zen Estate, Kharadi offers the most spacious 2 BHK and 3 BHK flats in Kharadi, Pune.
Among the best residential projects in Kharadi, Zen Estate offers the advantage of land ownership to investors/families in a premium location of Pune West. Among new properties in Kharadi, Pune, Zen Estate stands out with its 25+ amenities and value for money pricing.
