After-Covid, WFH Situation, Can SOHO Meet India’s Real Estate Needs?
Greater Noida West real estate developer found it difficult to sell his 2BHK inventory despite offering it at an appealing price of Rs 32 lakhs. Even when the developer tried out numerous sales methods and flexi-payment arrangements, the ready-to-move-in property in the market remained largely unsold.
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Another developer in the same neighbourhood was successful in selling his units quickly despite having originally designed a project with 1BHK units & then converting it into a corporate suite. The decision by the developer to turn the project into office/home spaces paid dividends, even though the property was still some distance from gaining its occupancy permit. This seems to suggest that SOHO was prefer in the micro-market.
What exactly is SOHO?
Small-office-home-office, or SOHO, is an accepted reality all over the world. The design and placement of these structures is intend to prevent getting caught up in a race. To utilize the maximum permitted density and then wait for the buyers, especially in metro areas where the cost of land is skyrocketing. These structures utilize space in a way that is similar to how service apartments do.
A tiny home with a lot of characteristics for a small office can be provided thanks to SOHO, and vice versa. It is essentially the first choice of young couples on a tight budget, corporations, professionals. Who work in multiple cities, and young people interested in a certain lifestyle.
India’s market for SOHO
Numerous developers’ conundrum, which stems from the post-Covid need for an office within the home, is also resolve by SOHO. This goes against the industry notion that Indians require larger homes in addition to working space.
Many developers are finding it challenging to attract customers who could afford larger homes. Due to a lack of understanding of the market or the purchasing power of the customers. Indians in the middle class are currently looking for small homes with an office space due to inflation and income reduction. In the current climate, SOHO provides an ideal response to India’s urban housing needs.
A well-known real estate expert concurs, but asks to remain anonymous. Because advocating SOHO while promoting large-sized flats might constitute a conflict of interest. He claimed that developers began building larger apartments to appeal to purchasers who were immune to economic slowdowns. However, for them, this has just been a temporary fix; the long-term solution comes in connecting with the customers whose numbers accurately represent India’s housing need statistics.
“Home owners who were recession & slowdown-proof suffered the least during the Covid epidemic. They actually acted as a catalyst for the housing market’s recovery since, after the epidemic, they could afford larger homes, which increased demand. However, in order for the housing market to be accessible to all. Developers must close the gap between supply and demand. The necessity for a home office has increased as a result of the wide range of purchasers having limited budgets and the work-from-home trend. SOHO is the solution, without a doubt.
How the SOHO idea has changed
Over the years, the meaning of the phrase SOHO has also changed. When it was first coined, the term “SOHO” referred to a tiny business that was frequently operate electronically or out of a small office. These companies were frequently refer to as micro-enterprises. Historically, SOHO has been the preferred option for business owners who are primarily self-employed. And do not require substantial office spaces for day-to-day operations.
The term “SOHO” is no longer just used to describe small offices or businesses operate from homes. Today, SOHOs are a smart housing solution in major cities all over the world. While the idea may sound somewhat akin to a studio apartment, one-bedroom apartment, or loft, it is unmistakably distinct in terms of design, utility, and usage. Today, a lot of developers provide buyers customised SOHO solutions, and the services are define by the price range. The SOHO might very well be a full-scale service apartment at the upper end.
It remains to be observe if SOHO might be the solution to India’s housing scarcity and/or demand-supply imbalance in the country’s major cities following the pandemic. But one thing is certain: in the current environment, SOHO has the potential to become a need-based housing solution.
Can it assist home buyers & developers to have a small office/home office?
The Corona virus pandemic popularized the idea of WFH and hybrid working. And most people now recognize its importance in the efficient use of resources. People now prefer using a modest space in their houses for work, without a doubt as a result of this. During COVID-19, we had noticed a sharp rise in the number of modest yet roomy homes, and the motivation was clear: to meet the needs of every family member.
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