Homebuyers’ expectations in the wake of the COVID-19 situation
September 5, 2020
The COVID era has changed the way every industry works. What are the evolving homebuyers’ expectations during and post COVID?
We all had many plans for 2020, from starting a new business to owning your favourite car and so on. Some of you might even have had a decision to buy a new home. But, 2020 had a totally different plan for all of us.
Clawing back from the covid-19 downturn is the new blank wall for every industry out there. For the realty sector, the struggle is even harder. Many of the potential homebuyers either want to drop or put on hold their property buying decision. However, some are planning to move forward, but with a reduced budget. For these lot, the current situation might as well turn out to be a blessing in disguise. They now have a chance to negotiate good deals on ready-to-move-in options. What’s more is the bonus benefit
from all-time-low interest rates of 7.5 to 7.8 percent on home loans.
The current boom in technology-led home buying during the covid-19 lockdown can’t be overlooked. It is now possible to negotiate and finalise deals online. Reports say that some states are considering the introduction of e-registration of property documents. Now that even site visits are being done virtually, the buying process has become even more easier and faster.
The post pandemic homebuyers can have a whole new set of expectations from their ream residence. With work-from-home becoming the new normal, people tend to look for more spacious rooms. Even the number of rooms they seek might increase because of the same reason. So there are chances that the demand and supply of 3BHK rooms would increase in the nearby future. There would also be an increase in demand for villa-based projects in India’s big cities.
The lockdown has taught us the importance of entertainment and relaxing spaces. As going out for fresh air has suddenly become a risky thing to do, it is likely that people would now long for more open spaces and balconies in their homes. Now that health has become the major concern of people, they would prefer a housing project with gymnasiums, medical stores, and hospitals than one with restaurants, party halls and cafes. If they get amenities which ensures their health and safety, people are even ready to spend extra.
The virus has also affected the nature of the preferred localities. If projects in the heart of the city had more buyers before the pandemic, they’re now not so much in demand because of the high population density and its increased spread potential. Instead, people are on the lookout for more green spaces located in the suburbs with less population density. This sudden change in the location preference is also bound to affect
the land pricing, average values of projects in the peripheral areas may grow than those in the heart of the city.
As Aakruthi is founded on values inspired by nature, see our projects placed at the heart of the nature and make the choice of a lifetime to live your best life in this changed world.