Real Estate Will have to rethink at work, home and work place

Real Estate
Will have to rethink at work, home and work place

When the effects of the pandemic diminish, some of our old ways will return. But the changes in official functioning will remain largely intact. There will be a big change in the real estate sector. Demand for real estate will be lower in consumer-facing businesses where continuous customer contact is required. Assessing its impact at office sites is complex but demand is bound to decline.

Talking about the commercial real estate sector, offices are also undergoing significant changes. Now a lot of work is being done from home. Will the old ways of functioning return when the epidemic goes away? Many home work experiments have proved unsuccessful in the past. But now business conditions have changed where traditional methods are not as useful. Marketing through video calls is now commonplace. Due to continuous work from home, many companies have to adopt a management practice where they can work together in teams that do not sit together. Reducing physical presence has its benefits. Many companies say that working from home has increased their productivity while at the same time, the cost of traffic has come down. Not only this, one of the advantages of getting work done from home is that senior officers can now talk directly to the employee with whom it is necessary to talk among all the employees. Keeping these things in mind, we can say that the process of working from home will remain intact to a great extent.

All these factors will affect the residential real estate market. Accommodation will increase in areas far away from the office. Also, the demand for full-fledged housing will increase so that there is no problem in working from home.

In every market, the price changes until the imbalance between demand and supply is resolved. The fall in price triggers a slow adjustment of demand and supply. An important feature of the real estate market is lack of flexibility. It is not easy to make a commercial building residential because it has obstacles not only at the physical but also at the government level. Our country lacks flexibility. When there is no flexibility in supply and there is a change in demand, the effect of the adjustment is on the price. As soon as this global balance takes shape, the Indian real estate market will see a huge change in prices.