One example of how real estate wants to reach out to buyers after the pandemic is the recent supply of projects with better amenities. In the initial stages of the pandemic, future planning was put on the back burner as everyone was down because of all the bad news. It was a period when they needed to be shaken up and made to realise that their way of life needed to be reconsidered. The real estate sector highlighted the significance of more space, a safer and cleaner environment.
The communication worked, as people came out for property hunting. The market began to pick up momentum after May 2021, and 2022 appears to be promising. The traditionally investor-driven real estate market is being taken over by end-users. In the residential sector, the transition from investor to end-user began a few years ago, and with COVID, the scale has tipped even more towards end-users.
Following the pandemic, the residential market is seeing green shoots in the form of in-demand locales and preferred configurations. Larger apartments were in the highest demand during the April-June quarter of 2021, followed by affordable units for the nuclear families. During COVID-19, livability features are considerably more important than accessibility to workplaces or affordability in determining where a homeowner wants to reside, and places that met people’s fundamental infrastructural needs received the most attention.
Residential segment got maximum attention as homeowners noticed price stability, availability of well-managed facilities, and easy accessibility. The buyer’s focus is on the project’s overall outlook; the customer wants assurance of a healthy lifestyle. People are prepared to pay a little extra for conveniences that help them get lifestyle upgrade and make their lives easier.