The second wave of coronavirus has redefined the Indian realty landscape, according to Vineet Nanda, one of the leading infrastructure and real estate experts. According to Nanda, coronavirus has heralded a shift in consumer behaviour with private vehicles and personalized homes emerging as sought-after assets. It has also provided a fillip to ready-to-move-in luxury and semi-luxury condominiums. The intricate architecture and contemporary living are the key hallmarks of such residential offerings.
“Customers are now beginning to veer towards multifunctional working space, with contemporary amenities and safety provisions, in community living format at high-end locations. Looking at the trend, it is being projected that the maximum chunk of the potential buyers, post 2nd wave, would range between 1CR to 2.5CR in urban cities in India,” said Vineet Nanda.
“Prior to the pandemic, young executives generally stayed in rental accommodations and saved money for the future. A major shift in perspective and preferences happened post-pandemic. The youngsters especially are now renouncing the option of rental accommodation and would rather opt for a ‘work from home space’, that is conducive to their holistic wellbeing,” he added.
It is noteworthy that 80% of residential purchases are by the end-users, out of which the majority of them are first-time buyers. With social distancing emerging as the key concern during the pandemic, homebuyers increasingly opt for self-owned independent homes, villas, or raw houses in convenient locations. Additionally, smaller plots, in the range of 1500- 2000 ft., are predicted to witness an uptick in sales across urban and semi-urban locations.
With the trust, quality and value for money gaining currency, the professionally managed companies will command an edge over the conventional players.
The COVID-19 pandemic has also heralded a paradigm shift towards digitization in real estate. Developers are leveraging social listening, social listening, social insight, customer satisfaction index & CSAT to gain an in-depth understanding of their target audience.
A seasoned marketer Vineet Nanda has achieved sales worth over 3 billion dollars for leading real estate firms. He transitioned from automobiles to real estate a decade back, creating many case studies in his pan-India experience.
He turned around businesses at Usha (Auto Components), Omaxe, Central Park, M3M Delivered Residences and shaped their V-shaped trajectory. In his tenure, Omaxe Indore & New Chandigarh blossomed into 1,000-acre mega townships. Another highlight of his career is the Central Park Resorts, wherein he conceptualized a new product, The Room, Delhi-NCRs first fully serviced apartments with 5-star hospitality services. His tie-up with Maruti Suzuki & other MNCs for expat stays in over 200 apartments is a historical residential capitalization that shaped its meteoric rise as the brand.