Shifting focus: The changing homebuyer sentiment post COVID

November 12, 2021 2:04 PM

Home is no more just a place to sleep at night, it is a safe haven that provides emotional security and retreat.

Customers now place a higher value on projects that provide a microcosm of all social and other facilities.

“Home should be an anchor, a port in a storm, a refuge, a happy place in which to dwell, a place where we are loved and where we can love.” – Marvin J. Ashton

In a post-pandemic world, people are seeking comfort within the 4 walls of their homes which has impelled home buyers to upgrade their existing homes into an abode that offers a wholesome lifestyle. ‘Home’ is no more just a place to sleep at night, it is a safe haven that provides emotional security and retreat. Unmatched infrastructure, opulent experiences and resort-style lifestyle are the renewed definition of ‘home’ for the buyers.

Keeping up with these changing demands, developers are looking at providing modern and luxurious living with remarkable architecture that support the buyer’s vision. As we make headway towards a post-COVID era, the ‘new age of living’ will help developers forge their real estate narrative which will result in a massive transformation in the design and architecture of a project.

Let’s look at some of the trends that are shaping the homebuyer’s decisions:

Community building and open spaces

A club house or community zone is no more a fancy facility. During a time when people are forced to be inside their homes, home buyers are looking at improved amenities and infrastructure such as gymnasium, games room, library, mental-wellbeing zones etc that nurture the physical and emotional aspects of life. Additionally, open spaces like parks and large fields provide an air of fresh breath to adults and pose as a playground for children which are a rarity in most residential projects.

Sustainability & green culture

In order to relish the feeling of doing good for the environment, sustainability and eco-friendly practices are driving the decision-making power of individuals across industries and sectors. The real estate sector is no different. Home buyers prefer homes that use sustainable practices right from the construction phase. EV charging ports, carbon monoxide sensor, solar panels, energy saving bulbs and elevators that reduce the carbon footprint are small aspects that make a huge difference in selecting the ‘right’ home.

Safety & wellbeing takes centre stage

As we continue to grapple with the new normal, home buyers prefer a safe and hygienic environment for the wellbeing of their family members. Touchless entry systems and elevator travel, temperature screening, air-purifiers etc. are making the common areas safer for residents. Installation and implementation of such measures now play an important role in choosing their ideal home.

Location, location, location

While accessibility to the road, rail and airways will always been a determining factor in the buying decision, a trend towards accessible healthcare services, retail and restaurants are being witnessed. Customers now place a higher value on projects that provide a microcosm of all social and other facilities.

With the change in customer mindset and preferences induced by the pandemic and developers shifting their interests towards creating projects that fulfil the altering needs of the customers, the residential real estate market is expected to witness a boom in the coming months.

(By KT Jithendran, CEO, Birla Estates)

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1No proposal to merge public sector general insurance companies: MoS Karad
2Are you saving enough? Find out
3Income Tax Return: Along with tax on gains, software compatibility issues bother equity, MF investors