October 4, 2021
The second wave of the COVID-19 pandemic has been much more severe than the first. Individuals were forced to work, stay, and function within the confines of their homes for months – forever changing the lens through which they look at their living spaces(housing paradigm). For many, activities that involved going outside – commuting, shopping, and socializing – have stopped, and living a healthy lifestyle has taken precedence.
All these factors contributed to individuals realizing the merits of being able to have their own space. This, In turn, has translated to a shift in real-estate trends on account of the COVID-19 pandemic, such as:
Earlier, HNIs in Mumbai, Delhi, and Bangalore were prepared to spend top dollar to rent or buy apartments in posh localities, or in locations that were convenient to commuting to the workplace. This is not true anymore. Today, the pandemic has emphasized the need to acquire a better standard of living – clean air, green surroundings, safety, space, and good connectivity.
This is only possible in places like Goa, Chandigarh, Nasik, Himachal Pradesh, and India’s various hill stations. For example, Rainforest Woods, the latest real estate project by Rainforest Estates offers six 4-BHK villas surrounded by greenery in Assagao, each with a rooftop pool. The features it offers – natural light, good ventilation, safety and greenery, make it an attractive option for those looking to buy a luxurious home in Goa. Given the demand for properties in exclusive gated communities, the project sold out in record time.
Home buyers today wish to purchase homes (and second homes) that are large and spacious. The fact that ‘school’ has moved the kitchen table and ‘work’ has to be taken up in the bedroom has created the need for more rooms in the home. (Read our post on how to create an inspiring home office). Additionally, many fitness centres have closed down and parks are now unsuitable for kids and seniors to remain socially distant. Hence, individuals are gravitating towards homes in exclusive gated communities in Goa, that offer space for adults to exercise and provide play areas for children.
According to PropTiger, there has been a 20% increase in the demand for ready-to-move-in homes. Investors have been worried that uncertainties posed by COVID-19, such as a shortage of labour force or delays in the shipment of construction materials, may be hurdles to gaining possession of the property quickly. Rather than losing out on potential income from rentals, investors have given more emphasis to timely possession and ready amenities, especially in the case of smaller developers.
Business and job losses on account of the pandemic, coupled with high rent to be paid on time have reinforced the belief that to buy is better than to rent. While the notion that rent money could be put to better use to pay EMIs on one’s own home was not a foreign concept, it was the pandemic that pushed potential home buyers to take the leap. City dwellers and NRIs have now begun acting on their dream – to escape congested city life, move to Goa, and buy a home close to one of the most beautiful beaches in the state.
How long the pandemic will continue is anybody’s guess. Since vacationing abroad may not be a wise decision at the moment, home-buyers are looking for a safe base, far enough from their city apartments, yet close enough for a quick getaway. For those in Mumbai, Bangalore, and Pune, and even in Delhi, Goa is an attractive option, because of its culture and lifestyle. To them, what was previously a ‘want’ has now become a ‘need,’ as a second home not only provides a secure, luxurious haven in Goa but is also a wise investment decision.
Today, COVID-weary buyers are looking for an abode with an environment in which they can work, relax and entertain. Hence, they are zeroing down on areas away from the busy beach belt. Luxury villas in Siolim, Assagao, Parra, Pilerne, and Saligao offer the best of both worlds, and demand for property in these areas is on the rise.
Read our post on the most beautiful places to own a home in Goa.
As the best real estate developer in Goa, Rainforest Estates has always been committed to providing our clientele with surroundings and amenities that promote healthy living (housing paradigm), even before COVID-19 took the world by storm.
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How has Covid-19 has Changed the Housing Paradigm?