Changes in realty sector after COVID-19
Due to global pandemic COVID-19, Indian realty segments have to find new ways to work which is the need of the hour too. The same would be to deal efficiently with the current proportions to continue itself. There is no denying that the global coronavirus has COVID-19 has affected every sector and individual in many ways comprising the values, way of life, work culture, and faiths remarkably.
According to Mr. Kushagr Ansal, Director, Ansal Housing & President, CREDAI Haryana, “Given that our combined remembrance is short, as indicated by past events, this virus is still going to have a long-lasting consequence on all of us. And some of this will be a absolute part of our sentiment, the ‘new normal’. The way we live, and more so, the way we would want to live is going to impact the realty sector in a big way.”
According to Dhiraj Bora, Head Marketing and Communication, Paramount Group, “Indian realty segment will have to remake itself to know, grasp, prepare, and execute in the latest innovative ways to meet the cope up with the needs going at present. One thing to clearly understand that the time for regular business is over and inventive interference will be in the culture. However, it will remind the Indian realty segment to go back to the drawing board and will give the latest avenues to survey discoveries along with the fast use of advanced technologies including IoT, AI, construction technologies, and home automation. The planning would need to include adapted norms like social distancing, mobility, health considerations, and work from home.”
The idea of work from home has sped up over the spectrum but is important for the millennials working in various sectors including realty, IT, communication, and allied such segments. After coronavirus, all the offices shall bustle again, and surely not as before. This will greatly affect the commercial and residential segments, which will also thing in the need for more spacing and required health concerns. The e-commerce picking up in an increased way at the time of pandemic and national lockdown is also going to basically have an effect on the malls and warehousing in many ways. A decrease in the requirement for travelling for work or tourism will reduce demand for the hospitality sector requirement of space. The disturbance during the pandemic would also drive the potential buyers to go in for nearly completed properties rather than during launch, except for for the brands they trust. The real estate sector would need to work out new ways to effectively deal with the emerging dimensions to sustain itself.
Kapil Kapur, Director - Sales, Strategy & Business Development Bullmen Realty India said, “Presently, the realty trend with a large inventory of delayed and still not completed projects would drive the buyers towards the completed and ready to move projects which need the builders to put in much larger investments into their projects. Servicing of such growing investments will provide additional financial burden, which will involve finalizing the projects in less time for them to be able to sell their properties to the buyers to create resources.”
Rajat Goel, JMD, MRG World said, “To reduce construction time, the use of the latest construction technologies would be crucial. The technologies for modular construction like precast systems, formwork systems, steel construction, etc are already in vogue to some extent, but post-Covid will become a norm. These latest technologies would also be compulsory by the non-availability of labour, majorly migrant workers who may not return fast enough. The need for quality for the much aware customers of today, also calls for industrialized construction in a big way. The Covid pandemic would fast track this process of transition to new technologies.”
No one across the globe is sure when we shall get over Covid or at least the fear of it, but it is going to change the reality sector extensively, most probably for the better. This might be the inflexion moment for the real estate sector enabling it to think afresh and reimagine in this COVID reality