(Re)searching the post-COVID Real Estate Landscape
In a world drastically changed by COVID-19, the Indian real estate industry must move on, rebuild, reinvent and reimagine its future. Thanks to a microscopic virus, the world has become more connected, but the business landscape ahead is opaque and uncertain at best. Across industries, research teams have had to change gears quickly to help industries navigate this strange new world. Data-led research is no longer just an option – it has become a core necessity.
The lockdown period itself saw a scramble for informed insights into how the real estate would behave in the months – and perhaps years – ahead. More than raw data, the requirement now is for research-based conclusions, predictions and advice. Across the real estate value chain from developers to banking institutions and from government agencies to private equity players, industry stakeholders are investing heavily in such research.
Their prime focus areas – how to navigate a marketplace which will no longer behave as accustomed, and how to harvest a new and potentially fertile field of opportunity.
New data – The light in a dark tunnelIn the post-COVID-19 world, real estate research must go beyond real estate supply and demand parameters. In an unprecedented epoch of change where most old business formulae go out of the window, new business strategies specifically geared to decipher this strange new landscape must come in their place. New strategies can only emerge on the basis of new insights.
To gain the requisite understandings, research will need to be based on the most recent data. A lot of data is already available and, in the past, collating and analysing historic data helped decode the unfolding market scenario.
Today, historic data has limited utility. For instance, Anarock ran two consumer sentiment surveys in a space of three months. The first showed customer preferences before COVID-19 struck, while the second one was conducted during the current lockdown period. There were some profound differences.
What new data revealsComparing the results of these pre-and-post-COVID-19 survey editions throws up interesting insights:
Pre-COVID-19 data is still useful to understand what has already happened - such as how much supply exists – but only more recent numbers can reveal how exactly this supply will be absorbed in this completely transformed marketplace. Current data is still limited since the COVID-19 pandemic itself is only about three months old. However, available new data shows some remarkable trends emerging.
Such data, and the inferences that can be drawn from it, will help us understand how the real estate market will behave going forward – and how the industry needs to respond.
About the Author:Prashant Thakur is Director & Head-Research at Anarock Property Consultants.
- post-COVID 19
- real estate
- supply and demand
- Prashant Thakur
- Indian real estate industry
- real estate industry
- Indian real estate
- government agencies
- private equity
- private equity players
- real estate supply and demand
- market scenario
- asset class