By Nitin Saxena
COVID-19 Pandemic has shown its effect on all walks of life of common man. It has affected spending pattern of common man since more than 85% of the public have affected and their incomes shave fallen badly. As per reports in some villages in Bihar people are worshipping CORONA Mai”(Goddess Corona)We have to change our life style and discipline ourselves to face it. The second phase of Covid 19 has started again and lock downs were again imposed in some rich countries of Europe. But India being poor country does not have the luxury of reimposing lockdowns for longer periods. The pandemic can be controlled by awareness alone, and following the SMS mantra means Sanitisation, Masks, and Social distance maintenance (SMS)by the public at common places. Compared to western countries India is thickly populated, and exceedingly difficult to control masses. Our people are facing the pandemic under the impressions that “nothing will happen to me”, or “let the pandemic attack me, I will see,” and doing the regular work. No doubt it has controlled our habit of eating at food joints in cities and caused life style changes of people of all occupations and all ages alike.
The pandemic also changed the pattern of housing sector policies and concept of living will change post-pandemic. The affordable housing programme sponsored by Govt (PMAY) is also changed. It is difficult to maintain social distancing in affordable housing as they were meant for poorer sections of the people. But the builders are adopting new orientation for the mass-housing and changing plans to maximize day lighting ventilation and thermal comfort as well as cost of living. Plans are also providing for adequate green spaces, mutual shading, and ventilation. This will allow cities for horizontal expansion rather than vertical expansion, which provides for more greener patches in our cities. The investors who are cautions are not going for capital intensive investments like owning houses, and are differing their decision to clarity emerges. Some investors are purchasing the housing taking advantage of cheaper interest rates on home loans and other factors.
The pandemic is driving them back to the desire to own a home. Real estate investments provide a higher sense of security during a crisis, when financial assets come under pressure. Additional space at home, as warranted by work-from-home, is an important consideration as well.
There will be a marked preference for plotted residential developments or a floor thereof (“builder floors”) over apartments due to lesser density, more open spaces and lower cost of acquisition.
The pandemic has forced the builders including those in tier II cities and metros, in the delayed projects and new projects to re-think about next evolutionary step in residential real estate like co-living, student housing and senior living are gaining ground. Technology enables houses which are compact with all modern facilities like co-living who are interacting together in one space. The benefits of these projects are affordable rentals and societies are technosauvy with plug and play eco-system. Special measures be taken to prevent spread of diseases in such societies.
Another new concept the pandemic has popularized is work from home (WFH) and the 90% of our workforce in IT sector are now working from home. Most of the youngsters working in tech cities like Bengaluru and Hyderabad have migrated to their hometowns and working from there. IT giants like TCS, Infosys have allowed their workforce to work from home since lockdown in March 2020 and no one knows when the offices will reopen. Microsoft has allowed permanent WFH to its workforce. This will no doubt cut operating expenditure to the companies in the form of rents and maintenance charges. Now even traditional 9-5 jobs in banks are changing and Banks are adopting WFH policies. As per reports Banks are going to have 50% of their staff from home in the next 5 years. This has also changed the concept of housing. The pandemic may go but WFH will continue forever. The builders are also adopting new methods to meet the changing life styles and adopting new methods to meet the demand and providing for multifunctional use of spaces.
The demand for 2 BHK and 3 BHK is increasing in cities. Covid 19 has also brought improved quality of life for residents. Because of covid schools and colleges are closed and WFH all the family members including children are living together and are within the four walls round the clock. Now the living room or bed room can also be used as yoga room or a study room or office work station depending upon the time and its use by the inmates. Ventilation has also gained importance as all rooms should get sufficient sun light and free circulation of air to prevent infectious diseases, to enable the inmates to get a sense of wellbeing. WFH has prompted the developers to build with in-built complete office space facilities at one or two rooms. Now builders are re-drawing their building plans providing for a separate quarantine room with good ventilation and space. The existing houses are also realigned to suit the present-day requirements like in built office space and necessary electric provisioning. These are some effects of covid on housing projects
