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Innovations in construction is key to selling real estate amid COVID 19 crisis

Innovations in construction is key to selling real estate amid COVID-19 crisis

Innovations in construction is key to selling real estate amid COVID-19 crisis
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By CNBCTV18.com Apr 29, 2020 9:07:19 PM IST (Updated)

Developers are coming up with new formats of properties to capitalise on the changing environment and keep buyers engaged online throughout to generate or progress demand.

The real estate sector in India seems to be in a state of flux, given the change in the national and global economic scenario and the proposed real estate laws. As the economy is undergoing a sea change, the sector is consistently grappling to progress; ensure sentiment is in check and making efforts to generate demand from buyers.

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Hence, in this sort of evolving environment, both buyers and developers are embracing change. Developers are coming up with new formats of properties to capitalise on the changing environment and keep buyers engaged online throughout to generate or progress demand. Buyers are also becoming more discerning and are using online as the platform to express opinions and demand better quality and services. Having said that demand for real estate is driven by economic growth.
While looking for a house online, homebuyers are typically looking at social infrastructure and wellness-focused surroundings beyond the project. As 2020 progresses amid the coronavirus crisis, its aftermath will ensure health and immunity become key; so wellness, in turn would take precedence. Today, green homes are considered healthier, durable and energy-efficient than conventional homes. These homes are run on solar panels, have eco-friendly toilets and rainwater harvesting systems to conserve natural resources.
Some such facilities that come up in the online search include:
Places of worship: An important determinant that pulls in a high weightage in the decision-making process, especially amongst elderly home-buyers, is the availability of place of worship in the vicinity of the project. In micro markets like Goregaon, Kandivali, having a Jain temple can provide incremental value to the residential asset class. As per Knight Frank’s Wealth Report – Insight Series 2019, wellness-based living spaces witness almost one-third more in value when compared to neighbouring properties. An open space with a walking track is on the desired list of consumers.
Medical facility: When it comes to wellness, another aspect is the number of physician clinics, medical stores, and hospitals outside the home. Having seen this trend, as National Association NAREDCO, we are working towards creating a platform HousingForAll.com that will address these queries of a home buyer and inject details with insights basis buyer needs.
The impact of housing portals on home buyers is not limited. Therefore, NAREDCO’s endeavour with Housingforall.com will be to ensure that we move towards the mission of housing for all and address the need-state of affordable housing, semi-luxury, luxury housing and follow up on their queries via various communication methods using technology at the centre.
Note: Ashok Mohanani is the author of this article. He is Chairman at EKTA World, and Vice President NAREDCO Maharashtra.
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