“As the corporate world embraces work-from-home culture, many homeowners are seeking to upgrade their homes. Thus, we can expect 1.5/2.5/3.5 BHK models to gain prominence as the extra ‘half bedroom’ can be converted to workspace or study space depending on the changing needs of homeowners,” said Ram Raheja, Director, S Raheja Realty.
In an exclusive interview with RoofandFloor, he spoke about how the company is realigning their business strategies to sustain in the coming times, challenges due to the pandemic, and much more.
Here are the excerpts.
Firstly, how has the pandemic changed the way real estate operates in India?
Residential real estate is one of the top asset classes today. Demand is, in fact, higher than ever as people are realising the value of owning a home in a bleak global scenario such as the current pandemic. People have realised the importance of basics, and the concept of ‘Roti, Kapda, Makaan’ is back once again.
As the corporate world embraces work-from-home culture, many homeowners are seeking to upgrade their homes. The rental culture, which had gained some prominence with the young buyers earlier, has witnessed a sea change in the past few months. The demand for ready-to-move-in and luxury homes has increased as customers are looking forward to investing in quality homes.
As there has been a downfall in jobs and income, the upgrade may not be instant, but they will inevitably happen; as no matter, what-aspirations always have a value. With many Indian citizens residing in foreign countries planning to come back to their land; real estate in India is undoubtedly going to see a boost.
Now that you have resumed operations, how are you ensuring timely completion of projects?
More emphasis will be on quality and timely delivery of projects. We at S Raheja Realty use Mivan technology that minimises the dependence on labour.
Have you started receiving enquiries?
Interestingly, our ongoing project ‘NewLight’ has seen a good response from buyers. We have made sales for over Rs 50 Crores already. We closed the majority deals in the last quarter.
How are you planning to launch new projects in the coming times?
Launches are going to take place no matter what because not only developers but no person in a business can wait too long. However, the mode and process will be a little modified. I believe virtual visits will still be a trend, and technology will play a massive role in the new normal.
Do you think homebuyers’ preferences will change in the times to come?
As mentioned earlier, people have realised that owning a home is one of the necessities that brings a sense of security and comfort. The pandemic has changed the buying patterns. Everybody wishes to live in a house with complete safety and security.
Most importantly, buyers will ensure that their surroundings have proper sanitisation facilities, educational institutes are closeby, and a locality where social and lifestyle amenities are vibrant.
Should home seekers wait for property prices to correct or take the plunge?
Keeping in mind the current scenario, the prices are not likely to decrease as there is no margin. Hence, it is the right time for people to invest in real estate.
In fact, prices will eventually get stronger, as supply will be limited, and demand will be high.
Your take on the future of residential real estate post-Covid.
Given the shift towards the work-from-home culture, there is a rising need for more space within our home to adapt to the new normal. People are looking to upgrade and buy houses which provide much larger space. Home designs will be recalibrated keeping this in focus.
- We are looking at 1.5/2.5/3.5 BHK models where the ‘half bedroom’ space will be important and can be converted to workspace or study space depending on the buyer’s need.
- Another trend emerging in the post-Covid world will be dedicated business centres within the residential complex for holding virtual meetings, conference calls, and work-related events.
- Apart from the lifestyle amenities, homebuyers will now also look at the health and safety measures. Now is the time to rethink methodologies and advocate for a future where the world is in-sync with nature for a more resilient and healthy way of living.