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The consumer lifestyle has changed dramatically in the last two years, and home buying is no exception. The iterations of lockdown, followed by gradual market opening and recovery periods, have resulted in some significant changes in Indian home buying. A steady and visible shift is taking place, from searching for a home to purchasing the appropriate product type.
Some of the changes, such as the shift to online, were a natural progression of previous habits. Others, such as a growing preference for larger living spaces, are more recent.
Shift to digital: Online real estate is becoming increasingly popular. Digital real estate has moved beyond the realm of corporate jargon and is now a reality. Homebuyers are increasingly turning to the internet for everything from search and discovery to transaction. Iterative site visits were the norm in the past. Today’s savvy buyers use augmented reality and virtual reality devices to virtually tour homes and make informed decisions. AR can also be used to fill in the gaps between actual physical visits. Buyers can use augmented reality to better visualise their homes and test them by trying different interior décor options, designs, and furniture before making a decision. Digital real estate adds tremendous value to the homebuyer’s lifecycle in this way.
Because of homeschooling and the work-from-home culture, there is a noticeable increase in affinity for larger apartments. Homebuyers are looking for an extra room, half-room, or work space. Additionally, buyers are looking for additional space for yoga and wellness. Buyers in today’s homebound culture want larger spaces to live a more relaxed and comfortable life.
Similarly, second homes, villas, and row houses near seashores and hill stations are becoming increasingly popular. Many buyers now want to avoid the congested city lifestyle and spend more time in the calm, peaceful, and serene environment, thanks to the growing WFH culture. Even those who cannot afford them now prefer to rent them for extended periods of time. As a result, demand for second homes is skyrocketing in places like Goa, Ooty, Shimla, and Lonavla.
Increased community living: The pandemic has highlighted the importance of living in a community. Sustainable real estate with better communities and increased comfort is becoming increasingly popular. Increased and meaningful social interaction, improved safety standards, and a healthy lifestyle are all part of the community living concept. Similarly, buyers are looking for better infrastructure and amenities, as well as open spaces, community centres, and other amenities. They prefer local sporting and recreational activities so that they can spend time with their friends and family without having to travel far.
