This Independence Day is different for many reasons. The year 2020 has made us realise the importance of being free and how. It is easy to be bogged down by the COVID-induced lack of freedom in all walks of life. However, we prefer being optimistic and looking at the brighter side of things.
So, here is our take at the various trends that emerged in real estate post lockdown that redefined freedom in some way or the other.
Freedom of working from home
Work-from-home is probably the most important COVID-induced phenomenon that has emerged to have impacted real estate in a big way. It has been a revelation for the entire commercial and office space segment leading to landlords and occupiers re-thinking their strategies. From rent-agreements to office design, everything is being re-looked into. The entire co-working industry is re-imagining its way of operating as per the new-normal.
However, amidst all this, the common man found his happiness and freedom in small things. Woking from home meant, freedom from long commutes and traffic. Working from home also meant the freedom to choose a different workstation every day. While it was the comfort of your bed or couch on a lazy Saturday, it was a serious study table on a Monday morning. Even the balcony served as a work spot when the weather Gods were generous (working with a view finally!).
Freedom from high loan rates
Another COVID-induced measure was the consistent rate cuts announced by the RBI to aid the economy come out of this crisis. What this meant was that home loan rates have been on an all-time low. Thus, this Independence Day, could be your right time to finally buy that home of your dreams as you have freedom from the high interest rates and hence high EMIs.
Freedom from rent
The pandemic has also infused a sense of home ownership, even among those who were quite comfortable with a rented accommodation. Multiple offers and discounts, low home loan rates and real estate being one of most stable forms of investment in such torrid times are reasons enough to buy a home and get freedom from rents and landlords forever.
Freedom from site visits
Lack of actual site visits was considered a deterrent to sales when the lockdown began. However, what this led to was real estate firms and developers amplifying their digital game manifolds. With 3D images, virtual tours, online inventory and salespeople available on call, selecting a property of choice did not seem like a very difficult task anymore.
What it did was giving us freedom to narrow down properties online and hence the freedom from multiple site visits.
Independence Day is also a time when there are multiple offers and discounts in the residential market. Some of the prominent freedom offers currently available in the market include 10-gram gold coin on booking of an apartment in projects like Abode by Arihant Group and Gaur Yamuna City.
Other offers in the market include option of no pre-EMI, no maintenance charges for year, price discounts, no PLC charges, surprise gift on booking etc.
Freedom is all about perspective. While we embrace the different levels of freedom real estate sector trends bring to us this Independence Day, the day also gives hope for a brighter future. As Sanjay Dutt, MD and CEO, Tata Housing rightly puts it, “This Independence Day has built up hope of freedom from lockdown. The unlocking genuinely would free us all from uncertainty, insecurity and instability.”
Happy Independence Day!