The pandemic has changed the equation between humans and real-estate. In the past homes were meant four walls, a ceiling and just about anything that made life easy. People procured these by seeing advertisement, site visits, final negotiations, and deal closure. Jaatin Suratwala, Chairman & MD, Suratwwala Business Group Ltd, shares his knowledge on real estate and decodes Property Buying Trends Post Pandemic.
Change in means of marketing and selection
“The lockdown they say did in a quarter of a year what the world otherwise contemplated for over a decade. “Show flats” once the in-thing was almost swept off to be replaced by means including Virtual Reality, Augmented Reality, Mixed Reality, 3D movies and more. These made things far more accessible anywhere in the world. Adding to the effect in the future would be metaverse that would, in fact enhance the real thing all the more,” Jaatin Suratwala explained.
“Going forward, it’s the outcome of these tech solutions that would define what a piece of realty ought to be with buyers anywhere on the planet,” he added.
Bigger space is certainly better
“The pandemic restricted us to our homes. Everything from office, school and playground came home which meant homes of the future have to be bigger. Irrespective of sizes be it in 1, 2, 3, or 4 BHK, this demand is here to stay with most new homes looking for an almost 50% increase in size. Also, people are now looking for spaces close to utilities including hospitals and health-care centres that decreases travel time,” he opined.
Rise of the shared-space juggernaut
“The commercial space is also in a churn with shared-spaces being the in-thing for start-ups with limited budgets and needs but who want great-looking spaces. Sources say close to 10% of office space coming into the market is taken up by either by start-ups or shared-space. In absolute numbers that’s a clear 1.5 million sq ft YOY addition,” he said.
Far, far away from the maddening crowds
“Moving away to the periphery or to entirely new places is one of the ideas firmly taking shape post the pandemic given that things like the cloud have made office work completely space-agnostic. You could be anywhere but what matters is that work ought to be done,” he concluded.
(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)