New demands of home buyers: Connectivity, Hospitals
Connectivity plays a major role in the way the real estate market behaves. Infrastructure projects such as highways, distance from airport or railway station, and nearby marketplaces are often seen as the parameters to highlight the positives of a place. However, the importance of proximity to hospitals has increased manifold in the current situation.
“Not just hospitals, people are now more aware of the connectivity and ease of commutation that a project provides. In the current challenging time, people are a bit nervous as they witness the difficulties people face due to the remote location. We have always maintained that proximity to civilization is a must; all our projects are located at locations that provide faster access to most basic and important aspects of a relaxed life,” says Dhiraj Jain, Director, Mahagun Group.
People ask for the time distance against the physical distance; the most crucial aspect is that the project should be in an overcrowded place where travelling a short distance takes time. “Importance of reaching to a place faster has always been on the minds of the buyers. We can say that the kind of emergency people are facing now is unprecedented; it was obvious that the inquiries will now be directed towards this aspect followed by the facilities being given inside the premises,” says Vijay Verma, CEO, Sunworld.
The latest target of the real estate sector Post-Covid is modifying the projects with amenities and services that help provide a healthy lifestyle to the residents. “The projects are being planned with consumers’ needs in mind, who have become concerned about the health quotient of their living spaces. Consider a residential project with a world-class hospital or a housing project with weekly doctor visits for routine check-ups. People’s needs have changed dramatically, which has been affected largely by the global pandemic that has afflicted them. Almost all of them have international experience and have seen some of the most innovative housing schemes in other countries that promote a healthier way of life,” says Ashok Gupta, CMD, Ajnara India Ltd.
The development of infrastructure and connectivity has always been a major factor in attracting buyers and investors. Today’s buyers want not only well-planned developments but also a quick commute, so residential and commercial projects near expressways and link roads are more likely to attract interest. “With consumers finding it hard to invest in a property that is away from city centres, improved connectivity is the only solution that a region to emerge as a great alternative for people pursue their dreams,” says Harvinder Singh Sikka, MD, Sikka Group.
People are concerned about the health facilities offered within the projects, and the availability of medical assistance within a safe perimeter, after learning from the current pandemic. “As a result of the pandemic, there is a greater need to live in areas that will provide you with a safe environment. It also occurred to residents that they are not healthy even inside their homes unless the community takes the necessary health precautions. As people try to move into housing societies, this increased sense of security and safety is contributing to a rise in inquiries,” says Yash Miglani, MD, Migsun Group.
“Developers have realized that including wellness facilities in a community housing project is no longer a luxury; in reality, amenities such as fitness centers, indoor game courts, swimming pools, dedicated rooms for card and board games, and dedicated spaces for indoor table games are now needed to gain acceptance from today’s homebuyers,” adds Kushagr Ansal, Director, Ansal Housing.
Just last year, the trend of searching for projects that meet the connectivity criterion picked up steam. Developers have come up with projects in convenient places with amenities that are in line with the need to combat medical emergencies. As a result, the residential sector gained traction in Q1 2021 (January-March 2021), with more new launches and sales. According to a recent JLL survey, new launches in Delhi NCR more than doubled sequentially in Q1 2021. In terms of demand, revenues increased by 23% as compared to the previous quarter. Residential sales in the top seven cities recovered to more than 90% of the levels seen in Q1 2020 (pre-Covid) in Q1 2021 (Jan-March). Buyers favored projects by developers with demonstrated execution skills.
“People are also looking for projects that allow them to walk or cycle to work to stay active and productive. Buyers will want a home that meets their fitness and health requirements. This healthy lifestyle pattern does not necessarily imply that people will opt for higher-end goods, but it does indicate that they will be more aware of the project’s value proposition. Buyers must be provided with the best possible amenities that will assist them in maintaining their wellbeing. Demand is rising across the board in the residential real estate market,” says Dhiraj Bora, Head Marketing & Communication, Paramount Group.
