Infrastructure impetus giving rise to remote homes

                The year 2020 was marked with immense changes and transitions in every sphere of human life. With the virus outbreak, offices adopted work-from-home an option which was usually 
not popular with most businesses. As months passed and the pandemic continued, the culture of remote working seemed here to stay. Before the lockdown, who among us could have 
imagined that the idea of working will transform so dramatically?

During the FY 20-21 Union Budget, the government allocated Rs 20,000 crore to set up and capitalize a Development Financial Institution (DFI)—to act as a provider, enabler and 
catalyst for infrastructure financing. The higher budgetary allocations offer more scope for growth which helps in boosting the economy. With work-from-home becoming a norm for 
most companies, homebuyers today are no longer chasing offerings, which are surrounded by commercial buildings, have extremely high rates and provide limited space. Initially, 
professionals with families would opt for 2BHK-3BHK housing options, with scanty carpet size, just to avoid hours of commute. However, the current events have made the presence 
of in-house work stations mandatory, motivating people to choose those properties that have the suitable infrastructure and facilities to ensure smooth work from their homes.

Through this development of ‘remote homes’ there have been structural changes in business continuity, which will notably accelerate the process of market penetration in the realty 
sector. Steered by the thrust on digitization, and as an aspirational destination, remote cities are now leading the way in promoting luxury sectors like fashion, cars, and jewellery, as 
well as necessities like schools and recreational facilities.

As the country eased the lockdown across cities, the growth of virtual demand for residential properties in smaller cities has grown by almost three times in August 2020, compared to 
the same period in 2019. According to an analysis by Housing.com, interest parameters suggest that there has been a significant increase in interest levels for both buying and renting 
a home in remote cities.

In cities like Mumbai, where residential accommodation is known to leave a massive hole in the buyer’s pocket, the availability of remote housing options has emerged as a great 
boon. These offerings are located away from the hustle and bustle of congested commercial areas and promise an improved quality of life at budgeted rates. Shifting to a house in an 
off-beat locality does not mean living far-away from the main city. These upcoming residential projects are centrally located, providing easy connectivity to all parts of the city via road 
or rail.

The realty industry has welcomed this transformation with open arms. It has skillfully leveraged the work-from-home format and has come up with innovative ways to offer home 
buyers everything they desire at the best price possible. In this new era, affordability and real-estate investment seem to walk hand in hand.

Source: Construction Week Online