Working from home makes people buy bigger homes: Prestige Estates
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- State of Prestige in ET NOW: There will be a need for more office space as de-densification can be seen in the picture
- Prestige States in ET NOW: Depending on affordability levels, there has been a higher gradation in terms of home size
Mumbai: Prestige Estates in a conversation with ET NOW is confident in the future of residential, commercial and rental assets underway, Irfan Razack also noted that depreciation trends will improve demand for space of the office going forward.
Here are the key takeaways from contacting ET NOW at Prestige Estates:
- The realty demand is always there.
- People with smaller homes felt the need for more space.
- People with smaller houses started upgrading to bigger houses.
- State governments have also helped revive realty sentiment.
- Reducing the Maharashtra stamp duty is a great step to start realty demand.
- The Bengaluru housing market has remained very resilient.
- Depending on affordability levels, there was a higher gradation in terms of home size.
- IT sector employees have shown a strong appetite for home buying as the sector is evolving.
- Low interest rates also help the resurgence as people want to make a longer commitment.
- The revival of the real estate market will contribute to a strong economic revival.
- A lot of aggregation is happening even in realty space.
- The resurgence of real estate will lead to a multiplier effect on the economy.
- Real estate development must continue to be geared towards the end consumer.
- Expect huge growth potential in e-commerce channels, but don’t worry for physical retail demand.
- The look and feel of retail malls carries footfalls.
- Expect a hybrid version going forward in terms of shopping and entertainment.
- Expect the hobby and F&B part to go up in the future.
- Office space requirements have not diminished.
- There will be a need for more office space because de-densification can be seen in the picture.
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