The COVID-19 outbreak has led to numerous changes in the needs and preferences of customers, and one among them is the desire for owning a home. However, with the new health and safety concerns, homebuyers are now giving more emphasis to the location of the property. Smart designs and hassle-free access to green spaces and daily necessities has become a 'priority' for customers. Therefore, considering these changed demands, real estate developers are mulling to alter their project designs.
With the new norm of physical distancing, homebuyers are now looking for projects that are located in thinly populated areas and provide access to open spaces both inside and outside the property. The presence of a deck or a balcony has become an imperative criterion for potential homebuyers. Similarly, outdoor facilities such as gardens, walkaways and sports complexes among others are extensively influencing homebuyers' decisions, as the quarantined lifestyle has reiterated the need for breathing space to maintain an excellent physical and emotional health. According to an industry poll on homebuyer behaviour, 91.9 percent of participants prefer owning a house with decks/balconies and 82 percent have shown an affinity towards outdoor spaces such as gardens and sports complexes.
The rise in demand for integrated townships
Green spaces in the vicinity to residences have a plethora of benefits and availability of such areas in development is a blessing, especially in the current times. During the lockdown, people have faced significant restrictions in movement, and everyone craved for open-air and some extra space for recreational activities. Therefore, open spaces such as a terrace or deck that ensures proper ventilation and improves mental and physical health is a crucial parameter for potential homebuyers. Athletic tracks or playground facilities are also on the list of potential homebuyers considering the health benefits they offer. It is perhaps for the altered preferences in the new normal that the integrated townships and gated communities with all facilities within the compound radius have become a top choice for new homebuyers.
Besides, post the pandemic, there has been an increased demand for homes with larger carpet area. As the ‘work from home’ culture becomes more prevalent, people are looking at re-designing their internal spaces for setting up a home office, bigger study area, workout zone and even separate section for full-time staffs. And, customisable spaces allow the much-needed convenience of modification.
Peripheries may remain the cynosure
The current requirement of homebuyers for larger spaces at a relatively lower cost may spike the residential demand in city peripheries. According to a recent consumer survey by Lodha Group, 69 percent of the respondents are looking for ready homes in Thane and Western Suburb region owing to which many offices are planning to relocate towards the peripheries. This shift in the commercial spaces along with an increased population influx will be a booster to the peripheral markets.
The post-COVID-19 world will inculcate major design reforms in real estate space, and health and wellness factors are at the top. Buyers may also pay a premium for homes that incorporate new wellness concepts and technological innovations. All-in-all, mental well-being is as crucial as good physical health. Thus the availability of open spaces with a larger green area will continue to be an essential demand driver for homebuyers.
Article by Deepak Chitnis, Chief Designer, Lodha Group as published in 99acres.
During the last few decades, we have grown as a company, and a nation, at an unprecedented rate.
Over the past couple of years Mumbai has undergone a sea of transformation. With several key infr
The last two years have been filled with life lessons for every individual. This has been a time
The first commercial tower of Lodha Group’s Palava, recognized as India’s No.1 Liveable City*
Given that real estate is always under scrutiny, it is evident that most people don’t understan
RERA is an Act to establish a regulatory body for regulation and promotion of the real estate sec
With meticulous planning, attention to detailing, focus on quality & great craftsmanship we h
A larger, more popular subject usually overshadows a small one. This can be true for people, plac
Shaishav Dharia, Regional CEO, Lodha Group, welcomes Ms. Ashima Bhat , Country Head - Finance, St
As the world of luxury has shifted away from a high price tag and brand/product-centricity and mo
Lodha Group, India’s largest residential estate player, today announced that it will be launchi
With an emerging need for a low density living accompanied by the necessary social distancing mea
Mint’s Pivot or Perish webinar held last month focused on the impact of COVID-19
The right balance between nature and modern infrastructure has inspired people to live in one of
Lodha Pay is introduced to provide safe and secure, online payment option to our customers.<
A child’s environment plays a major role in their development because it includes the surroundi
A home is no longer just a substantial investment – it offers the security of a much deeper, mo
Here we take a look at the benefits of investing in real estate, the various sops available for w
When moving to a new city for employment, rather than buying a house people preferred renting a h
One of the finest locations in the city of Mumbai - South Central Mumbai is house to some of the
Owning a home is an essential priority for each individual and an aspiration that one desires to
With the world progressively adapting towards the post Covid-19 lifestyle, consumer needs are als
Amidst the uncertainty that has engulfed the world, we understand you maybe in two minds about pu
Aside from the obvious financial benefits of home ownership, there are also many social, psycholo
As we start thinking of living in the post-COVID world, there are diverse perspectives on how cit
Since the outbreak of COVID-19 pandemic those staying on rent are left questioning their choice.
Lodha Group: India’s No. 1 Real-Estate Developer announces the sale of INR 3000 cro
In these unexpected times where the country is facing simultaneous health and economic challenges
If you’re in the market looking to buy a house, it’s likely that you may have been charmed by
COVID-19 has made us realise the importance of owning a home. The sense of security and comfort d
A recent consumer research done by Lodha Developers with active home seekers in Mumbai region dur
At Lodha Group, our passion is to create landmarks that meet global standards. Every one of our d