Builders and developers are looking to cater to the needs for better equipped homes and communities, as homes have now become the focal point of a new way of living, working, playing and studying.
The Indian markets are rooted in conservatism for the most part. In recent times, the pandemic has certainly hit the reset button on a whole bunch of things, but it gets us to think differently on things that were previously defaulting to heuristic decisions.
The general behaviour is moving towards a refreshed focus on investment, with looming uncertainties, job insecurity, volatile markets and the prevailing public health crisis. With markets and stocks freefalling and “green shoots” not lingering long enough to show any promise, reconsidering investment options has become an immediate priority. The New Normal calls for realigning priorities not only with respect to investment, but also in terms of family, health, wellbeing – emotional, psychological and physical. A holistic approach is replacing the ‘only numbers matter’ and ‘growth at any cost’ culture. Unicorns, are rightly named and need no further explanation.
This opens up the age-old debate once again — is investing in securities better than investing in real estate in terms of capital protection and deriving “real” value? Land, property or an immovable asset has played, and still plays an important role in carving history. Wars are fought; empires created and kingdoms lost; prose and poetry written – all for the asset that is truly precious and in limited supply, Real Estate.
The Indian real estate market has seen a boost in the recent years with progressive policy reforms like RERA and GST, and a positive upward buyer sentiment in all markets alike.
While the economy is coping with the ongoing COVID-19 pandemic, in a volatile market, experts are optimistic about the future and changing face of the real estate industry.
The pandemic may be temporary yet the effects will certainly be long-lasting. Builders and developers are looking to cater to the needs for better equipped homes and communities, as homes have now become the focal point of a new way of living, working, playing and studying. With the advent of WFH, demand for well-planned home offices is on the rise. This pandemic has highlighted the gaps in our preparedness to work from home for a sustained period of time. Needless to say, this situation could get stressful at so many levels as employees try to juggle work with domestic tasks within four walls. Wellness, both physical and mental, becomes a top priority. Buildings in India that have wellness baked into their DNA are still a relative rarity. Scoring even higher on the rarity charts are home builders who have a holistic view and prioritise wellness, comfort, customisation and the overall experience of homeowners, over profit and immediate saleability.
The Indian government has fortunately and expediently taken corrective measures to propel the economy. RBIs decision on moratorium on all loans and deadline extensions for project completion are important steps in propping up a sector that provides employment to approximately 57.5 million workers, second only to agriculture. Moreover, the cut in the reverse REPO rate by 40 bps from 3.75 per cent to 3.35 per cent will hopefully help inject more liquidity into the economy.
As the financial markets become volatile, real estate starts looking more attractive than ever. Immovable property has primarily been a major asset class for years, and only seems to be gaining ground as a rock solid asset – no matter what the markets and the larger economy look like. It’s the only asset that brings in an increased sense of security, more so than securities themselves - pun intended.
Preference for credible and organised developers is on the rise with the least execution risk for projects. Prioritisation of quality over price is at an all-time high with value-consciousness fast replacing price-sensitivity. Innovative offerings from home builders who deliver REAL value – in terms of catering to both the explicit and implicit needs of the customers, are attracting buyer interest and positively influencing the buying decision. The sector has only been strengthened with even millennials garnering a fresh outlook towards owning a home.
Author – Kamal Sagar, an architect, an alumnus of IIT Kharagpur, is the Founder and Chairman of Total Environment, a design-led Premium Real Estate development firm headquartered in Bangalore.
About Total Environment:
Total Environment was set up in 1996 with the objective of creating high quality homes for people to enjoy living in. The firm has delivered over 4.6 million sq. ft of sensitively designed spaces, including homes to over 1,200 families across 59 projects and currently has over 12.5 million sq. ft of development across 12 projects located in Bangalore, Pune, Hyderabad and Frisco, Texas, USA. What truly moves and inspires the team at Total Environment is the love for good design and the satisfaction from giving people a place to proudly call home. The firm’s mission and commitment to elevate design thinking and practices is always first and foremost, no matter what project. Today, Total Environment is a diversified conglomerate with interests in design, construction, real estate, furniture, hospitality and music.
Website – www.total-environment.in
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Website – www.makethesmartmove.inThis is a partnered post.