The lockdowns and subsequent restrictions bought on by the pandemic have changed the way people think of work and living areas. Their requirements have changed, with some looking for houses and apartments with a dedicated office room while others want privacy and security.
As such, gated communities have become a popular option for homebuyers, having enough living space and added security.
Apart from homes situated in self-sustaining gated communities, purchasers are increasingly requesting separate floors in their new homes. Homebuyers’ tastes have been significantly changed as a result of the pandemic, resulting in the development of new asset classes in the residential sector that were not very popular with buyers just a few years ago.
According to recent studies by real estate experts, frequent lockdowns, a rise in the popularity of work for home, and online education have resulted in a desire for larger and more spacious houses with a separate workplace. In the same vein, the demand for second houses has witnessed an increase in recent months as a result of the epidemic.
The homeowner’s choice
The majority of home buyers these days choose houses that can allow room for remote working, as well as homes with greater outside open space and gated communities with cutting-edge facilities. Developers are now offering entire open floors that can be customized to meet the needs of individual homebuyers from a variety of distinctive design choices, demonstrating the degree to which customization has advanced.
A majority of homebuyers now prefer a fully-equipped workspace, a dedicated fitness area, a private space for their weekend get-togethers, and a play area for their children, while also considering other important factors, such as location, ticket size, thoughtful design, cutting-edge technology, and so on.
Increase in demand
Due to physical limitations, there has been an unexpected increase in demand for an additional 12 square feet of space for a workplace, health or yoga, or a kid’s study/playroom. This has resulted in the development of 2.5/3.5 BHK houses, where the extra space may be adapted to suit the needs of the family. As a result of this trend, developers have responded to the need and are redesigning their buildings to meet the increased demand for 12 rooms.
Since the epidemic has taken over the world’s normal bearing, the notion of what it means to live comfortably has undergone a significant transformation. Home nowadays is considered a place that can contain all of the multi-functional facilities and amenities that one could possibly want or need. A house is no longer simply a place to rest and unwind after a hard day at work or between two working days.
After a long and exhausting day, most people want a large spacious area in order to stretch their legs, relax, maybe pursue their interests and hobbies. Nowadays, a house has evolved into a location where people can work, exercise, home educate, relax, socialize, and do a variety of other things. There is also a part of the population that does not necessarily benefit from the community and wants to maintain their privacy and distance; as a result, they choose separate floors/rooms over group living, while most prefer a medium-sized house/apartment.
The tendency has resulted in an increase in demand for planned projects. A similar trend has occurred with second houses, which were previously considered a luxury but have now become a need for a rising proportion of customers who have more purchasing power. Investments in second houses are becoming more popular among wealthy purchasers as a realistic daily option to living away from the hustle and bustle of the city for long periods of time.
Additionally, health, cleanliness, and wellness concerns during Covid-19 have moved the emphasis away from highly populated metro areas and towards spacious second houses in new places away from heavily populated urban areas. As a result of considerations such as health, cleanliness, and wellbeing, second houses have emerged as the most sought-after asset class for wealthy purchasers looking for living spaces away from the hustle and bustle of metropolitan areas.
Residential communities in areas such as Chandigarh-Tricity not only provide ultra-luxurious living spaces with cutting-edge facilities, but they are also well-connected to major vacation spots. Having a residence in such locations not only makes travel easier for the end-users but also provides them with the assurance of a safe and secure living environment. Motia Group’s Mukul Bansal, the Director, believes that premium second houses have strong rental potential and can be readily leased out while not in use to generate additional income. Apart from homes situated in self-sustaining gated communities, purchasers are increasingly requesting separate floors in their new homes.
At a glance
Covid-19 has changed certain trends in real estate, with customer-centricity and personalization being the top objectives for developers. They are well-suited for millennials who want to build a house for themselves in a desirable neighborhood. This provides individuals with just what they need without sacrificing their privacy or the lifestyle they choose, at a cost that is much less than that of villas or high-rise flats.
In addition, health and wellness concerns have inevitably shifted the emphasis away from apartment buildings and onto separate floors in gated communities with world-class facilities. Aside from that, the increased number of people who work from home has prompted a rethinking of house architecture to provide room for a dedicated personal office area.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.