Shifting consumer preferences in real estate

By LODHA

The last two years have been filled with life lessons for every individual. This has been a time like none other. A time when each one of us has learnt to appreciate things we have taken for granted. It has also been a time when we have taken stock of our lives and priorities and set the stage for what we ultimately look to take from it.

There have been paradigm shifts in our lifestyle, work choices, and daily routines. So much so that what we expect from our houses also started to change drastically. By the look of things, these changes are here to stay. It has shaped the consumer preferences in terms of the variables that are now deal-breakers when choosing a house. Let's examine few of these deal breakers

-> Space: Residences are no longer just converging points for the family during the evenings and holidays. They are now meeting rooms, classrooms, and even activity centres! The shift to the virtual realm of learning and commerce has necessitated more
space for families - large and small. The need for privacy and physical and mental capaciousness has never been greater. Not only are families looking for larger homes, but also for homes that look and feel more spacious.

-> Safety: Safety and hygiene are now more than just a check list item while looking at a place. Allowing safety for children and seniors is a growing concern among families, as is the need for spaces that can offer better sanitation, waste management, and improved health and wellness measures. With more and more families becoming health conscious, this is considered a given when browsing homes.

-> Amenities: The leisure of taking an outdoor stroll or going to the gym is something we cannot take for granted anymore. However, there has never been a greater need to embrace some fresh air and be able to stay fit. Residential properties in Mumbai with good amenities, including swimming pools, tennis or badminton courts, gyms, parks, and recreation centres, are considered essentials today.

-> Integrated living: Increasingly, there is a marked preference for integrated developments that provide spacious homes set amidst green, open spaces and provide for all the necessities within the development. Newer integrated living townships are being constructed incorporate commercial, industrial zones, thus providing work opportunities at a walking distance from home. While several of these township projects are also build closer to large industrial estates or software parks. Integrated living also provides the comfort of community living, especially crucial in times like these.

The pandemic may have forced us into this space and frame of mind, but the thought behind it is not something that will leave us even after it is over. Most people's offices have moved into their homes, and the very concept of office space has become more fluid. What has emerged as the strongest trend is the conscious consumer shift towards quality. Quality of construction, location, amenities, and lifestyle has become more important than ever in the real estate industry.