Requirement for dedicated WFH spaces redefines realty market

By Chetan Patel, 

Covid-19 has laid a multi-faceted impact on all walks of life — the ramification, being most evident on the employment front. Increasing number of people are now eschewing a return to the conventional brick and mortar offices, making them keen on setting up a dedicated and effective workplace at home.

This new-found prerequisite is leading to an augmented demand of bigger and more spacious homes, mostly in sub-urban areas. A recent study of the market showed that more and more buyers are now seeking homes with an additional study area or primarily more bedrooms that can later be transformed into a home office. Majority of buyers demand extra space for kids because they also require a dedicated place to carry on their studies from home. Hence, there has been a sea change in requirements of the buyers. People are now more interested in larger homes with smaller, more segregated spaces to accommodate multiple people working from home and children attending school with minimal disturbance to each one.

As per market experts, there has been a definite surge in demand for real estate in the last one year, especially in the residential sector. The consumers are looking to upgrade to more spacious homes in projects with better amenities, therefore the market is expected to grow and witness numerous novel launches in the coming days.

The real estate moguls also vouch for an increased demand in the commercial sector, precisely for shared/co-working spaces. With companies slowly getting back to business while shifting from the traditional way of working, the demand for shared working spaces has been burgeoning in India. One of the major reasons behind this surge in demand for co-working spaces is that people are now acclimatizing to the new style of working that includes flexible timing and proximity to their homes. And often, several businesses and companies make it mandatory for their employees to work from an office-like setting.

As a result, numerous realty developers are now offering small co-working spaces in the clubhouses or community centres of the residential societies. In several upcoming projects the feature is already added in the initial design. This also proves as an attraction for buyers, giving an additional commercial boost to the housing projects. As per market requirements, these real-estate projects with separate co-working spaces are most promising when located in the vicinity of major office hubs or close to public transport junctions.

The resurgence of co-working culture has benefited both parties, the provider and the consumer, majorly because these spaces come at much lower rental when compared to conventional commercial offices. And, along with space, the consumer also gets entitled to infrastructural facilities like robust internet connection, flexible workstations, including meeting and conference rooms and most importantly Covid-19 compliance.

This major shift in the market has opened new prospects, making this an ideal time to invest in real estate, also because lockdown and restriction in movement has led to involuntary saving for most working professionals giving them an extra scope to spend. Another primary reason is that the bank loan rates are at an all-time low presently. And, more and more builders and developers are launching new projects with attractive schemes.

One of the most important things Covid-19 has taught is adaptability. Just like in every other facet of society, real estate developers have also learnt their lesson, post first wave they got better equipped. Quickly grasping the dos and don’ts, most builders and developers have resorted to virtual tours and digitally enabled marketing activities. Nowadays, customer meets are also convened virtually. The discussion, presentation and query redressal sessions are all managed through a screen with the aid of technology. Even a huge change has been noticed in buyers’ behaviour, people are now more comfortable in carrying out the business online, right from viewing the property to seeking information about the projects and even closing the deal, everything happens online. Hence, upgrading as well as, updating the market.

(The author is Director at Gurukrupa Group. Views expressed are personal and do not reflect the official position or policy of the Financial Express Online.)