Real estate outlook for H2 2021: Will developers change strategy to ensure upward momentum in realty sector?

The sentiment has turned positive due to a host of reasons and considering the outcome from H1 2021

By Ram Raheja

Globally, a new consumer is emerging — one that is financially evolved, more advanced in their use of digital technologies, more thoughtful and selective in their decision-making, and keen to see COVID-19 as an opportunity to reset values in the world. The changes we are seeing are not likely to be short term. Most consumers believe they will be living their lives very differently for the foreseeable future.

Consumer behaviour around buying homes in the post-pandemic era has changed significantly in terms of the requirements in design, facilities, overall lifestyle, etc. The COVID-19 induced pandemic has significantly transformed and impacted industries across the globe. It has brought about a new culture in the making – the work from home culture. Most companies are adopting the same for longer periods and even introducing a hybrid model of working.

Developers have analysed this trend and have shifted their interests towards creating projects that fulfil the changing needs of new-age buyers in post-Covid times. People now want a holistic living space, an oasis that can provide them with a healthy lifestyle. Projects like integrated townships are in huge demand due to facilities like recreation, parks, gardens, and daily essential stores all located within the society premises. What resulted in an upswing for realty was the need and demand for a safe space that arose in the pandemic era. Ensuring constant evolution and remaining relevant to the changing demand will be inevitable for keeping up the momentum of the realty sector.

Developers are therefore all set to embrace the changing needs and mindsets of buyers and are working towards customizing their projects. COVID 19 has made people realize the importance of living in a pollution-free and healthy environment. Now the homebuyers are looking to invest in societies that provide healthy amenities along with the increased green cover. Sports and fitness activities will also form an important part of the daily lifestyle to nurture strong immunity.

To ensure that the customer expectations are surpassed, developers are roping in top architects and getting more involved than ever in meticulously planning each detail. Developers want to offer more than just four walls to their customers; they want to offer a space where people feel truly safe and happy and call it home. It is important to be design-wise and deliver with wisdom. Along with smart-home technology, architects are also looking to incorporate better ventilation frameworks, no-touch elevators, and sensory doors as essentials instead of only add-ons.

People are living differently and, in many ways, thinking differently. Consumers across the globe are looking at products and brands through a new lens. The sentiment has turned positive due to a host of reasons and considering the outcome from H1 2021, the sector hopes to end the year on a good number while stabilizing the sector at large. With the ongoing trends and increased demand, expect the real estate sector to rejuvenate itself and maintain its charisma in the coming months.

(Ram Raheja is Director at S Raheja Realty, Views expressed are the author’s own.)