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In the past, individuals would strive to find accommodations near their workplaces, with the sole motive of saving time, energy and resources involved in travelling. Understandably, because of the huge demand and limited supply, housing options close to office areas were seldom pocket-friendly. Even though one could easily find more affordable housing options in the peripheries, the takers for such projects were not many before the year 2020, which brought about changes and transitions in every sphere of human life.
How home buyers’ preferences have changed, post-COVID-19
The COVID-19 pandemic forced offices to adopt the work-from-home format, which was conventionally not an appreciated form of working in India. However, as remote working became the norm, employers experienced improved productivity, reduced overheads, minimised wastage and more efficient output. For employees, this new work culture helped them to maintain a work-life balance, enhanced their motivation and assisted them in saving money than they would have otherwise spent, on travel or for paying for rental accommodations. Now, many large companies in India have announced or are likely to announce plans to ask a majority of their staff to operate from home, even though India has launched its vaccination programme against the Coronavirus.
For example, Tata Consultancy Services, India’s most prominent infotech and outsourcing company, recently announced that it would request 75% of its workforce to operate from their homes by 2025.
See also: Will 2021 be the year of real estate in tier-2 cities?
Impact on remote working on real estate
The growing popularity of the remote working concept has marked a sea change in residential real estate. Home buyers are no longer chasing properties surrounded by commercial buildings that are extremely high priced and provide limited space.
While professionals with families would earlier opt for 2BHK or 3BHK housing units, with scanty carpet area, just to avoid hours of commuting, individuals are now choosing properties that provide them with the opportunity to operate seamlessly from their home offices.
This has attracted a lot of attention towards the peripheral locations, especially in cities like Mumbai, where residential spaces are known to leave a massive hole in the buyers’ pockets.
These offerings are located away from the congested commercial areas and promise better quality of life at affordable rates, while also providing easy connectivity to all parts of the city via road or rail.
Moreover, these houses are meticulously designed, keeping the needs of space, proper ventilation and peaceful environs, in mind. They come well-equipped with state-of-the-art fittings and fixtures, making one’s idea of their dream home a reality.
Amenities offered by projects in the peripheral areas
Owing to the availability of space in such locations, these projects even cater to the residents’ relaxation and rejuvenation needs, with parks, yoga centers, gyms, spas, play areas and other amenities in the complexes that allow one to unwind. The location of these projects also mean that home owners can find all utilities nearby, from schools, colleges, libraries and hobby centers, to hospitals and eateries.
College graduates and young couples, who have moved away from their hometowns, to work in these commercial capitals, also find umpteen number of options in the peripheries, in the form of serviced accommodations. If an individual is aiming to relocate for work, all they have to do is pack their personal belongings and move into these apartments. These houses are designed, keeping in mind the requirements of young professionals and provide services such as laundry, housekeeping, meals, uninterrupted internet connection, etc. With customizable packages, these properties are available in a wide range of options.
See also: What is a serviced apartment?
In the overall analysis, the real estate industry has leveraged the work-from-home format and has come up with innovative ways to offer home buyers with everything they desire, at the best price possible.
(The writer is group promoter, Goodwill Developers)