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  • Saturday, December, 2020| Today's Market | Current Time: 07:17:22
  • Real Estate and fashion gear up for an optimistic festive season

    Published on November 6, 2020

    by Mr Pankaj kr.Jain ,Director ,KW Group

    The uncertain pandemic times has made everyone very sceptical about the future. Unfortunately, there is a lull in many businesses, and industries are taking big blows in more ways than one. There is a light at the end of the tunnel for some industries, and their tunnel seems to be shorter than the others. The real estate industry especially shopping malls are very optimistic for the festive season.

    Ever since the lockdown was relaxed, shopping malls have gained footfalls gradually. People are following hygiene and social distancing rules, and are supporting local businesses as well as mall-hopping to get the most of the outside world and festivities. The recent festival of Navratri and Durga Puja was met with a zealous crowd who shopped and also made significant investments in retail real estate. Apparel shopping has seen a decent spike as well. Shopping malls are not only taking extra care to ensure customer safety by following all the virus prevention guidelines but, they are also going a step ahead and giving the customer all the necessary assurances that their shopping is uninterrupted and comfortable.

    An interesting twist is seen in the way the industry does business. The quick adoption of the virtual world has become the trendiest way of working. Developers have strapped their projects with virtual visits, video distribution, locality walkthrough, virtual property tours and even video consultations. The projects that are ready to move in and nearing possession are the hot cakes in the market which are seeing the highest demand via virtual and in-person consultations. The projects that are nearing completion are gradually picking steam as well. 

    Luxury projects have also seen a steep rise owing to the pent up demand as well as the latest norms of working from home. It has made buyers feel the need for extra space for office purposes which will be dedicated for office hours and school studies. This one room is becoming one of the most demanded and sacred spaces in these times as people are feeling the pinch of the new norms. The new norms for work from home have not deterred the commercial property segment. Many have begun to invest in the new normal for office spaces as well. This new office space is all about bringing the comfort of a home to the office and ensuring that the staff is well taken care of with enough space for movement and comfort. 

    The ongoing pandemic and slow down have re-instated the value of a profitable business. There is a palpable realignment in buyers’ preferences in terms of locality and amenities, which point to a consumer behaviour shift. Therefore, there is a rise in the preference for a locality close to the city. Developers are also offering payment schemes, discounts and packages to ease the shopkeepers into comfort and making shopping malls more lucrative. The government in different states have also offered some relaxation to encourage buyers and investors for retail stores at shopping malls and retail standalone shops during these times. 

    While everyone is adjusting and accepting the new way of life, we cannot deny that in many ways it is improving lives across the spectrum of lifestyle. People have come to realise their affliction can be meaningless if there is no time to spend with loved ones and nurture the moments with near and dear ones. It thus forces the need for bigger spaces and making the most of the togetherness during festivals. Real estate, especially shopping malls, has become an important aspect of society and the lockdown has shown its importance. Where fashion meets a profitable business, and brands meet consumer to elevated self-expression like never before.