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COVID impact on housing? Trend shift?


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COVID made lot of impact on our lifestyle. 
Some of the major companies unofficially extend work from home till 2021 December.

In Silicon valley, heart of IT. Many companies started canceling their lease terms.

mumbai-1983484_1280.jpg

 

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Pinterest is canceling its upcoming lease to move into a San Francisco office that it doesn't need because its workers will be working from home, a report Monday (Aug. 31)

 

The plan was for the social media tech giant to lease a near-490,000 square-foot office at 88 Bluxome, in San Francisco's SoMa neighborhood. The neighborhood is involved in the redevelopment of the old San Francisco Tennis Club.

 

However, with the pandemic's shift to working from home, Pinterest decided to pay $89.5 million to terminate the lease, the report said. The reasoning, according to a statement from the company, is that its workforce will now be more "geographically distributed." Pinterest is planning to keep its current headquarters on Brannan Street, just one block away.

 

With this move, Pinterest joins fellow tech giants like Apple, Facebook and Twitter in allowing employees to keep working from home — which wouldn't have happened in pre-pandemic days.

 

The allowance to keep working from home is extended at least through the end of this year, and possibly longer — Twitter made headlines in May by announcing that its employees would be allowed to work from home forever if they choose. Source PYMNTS

 

 

Some of the families started moving to suburbs. 
Huge demand in city outskirts. 

 

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It is too early to predict. People expected share market to collapse but no major impact till now. End of the day, it all depends of vaccine. Dynamics of IT are very different here compared to Silicon valley. 

 

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In continuation to the previous discussion the average EMi for an apartment is between 40-80 and the rent in a villa also depending on the area is around 50-1L ... except for the emotional factor of owning a house I feel renting in a villa is a cheaper option.

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Our company recently did a survey.

Are we(team) are comfortable with complete work from home process. Most of the team members agreed for permanent work from home.

 

Initially there was lot of uncertainty on productivity. But it is other way around. Productivity improved a lot during COVID WFH.


There is definitely a shift in trend, it is too early to judge.

We should get more clarity in couple of months.

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5 hours ago, Gowtham said:

 

10~15 years down the lane, rent may become 2L but EMI stays at 80K

and the need for a new home may also be there in 15 years considering change in the way work related functions are happening..

 

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“Real GDP growth at (-)23.9% in 1QFY21 was much lower than what markets were expecting. The print indicates that the trough in the economy was much lower than expected and the pickup will likely be more elongated. Production side was pulled down by deep contraction in manufacturing, construction, and trade, hotel, transport sectors while the expenditure side was clearly pushed lower by heavy contraction both in consumption and investment. Going forward, given the gradual improvement in activity indicators (remaining well below pre-Covid levels) the growth recovery will be gradual and contracting for all quarters in FY2021. Further, growth recovery will also be hinged to the curb of the Covid spread and removal of even localized lockdowns. The choice for the government will be on whether the consumption or the investment side needs to be pushed. Given the limited fiscal space and the need to stimulate a more durable growth, the growth recovery will be gradual and is likely to continue into 1HFY22.” Money control

 

GDP signs are not encouraging. But recovery should be pretty quick. It all depends on vaccine. 
Impact will be more felt for housing under 40 lakhs. Big projects and big brands can sustain couple of years without any major issues. 

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I have received a few interesting answers during my recent visit to one of the builders in Hyderabad. 
They claim that the COVID has not effected the price in the market but the prices have become stagnant instead of getting hiked up while the people think that the market must have got depreciated.

They have claimed to propose the same price which was quoted 4 months ago.

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  • 2 weeks later...
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VMware Inc. employees who take up the company’s offer to become permanent remote workers will get a pay cut if they move from Silicon Valley, one of the nation’s most costly areas to live, to a less-expensive city.

The software maker has joined technology companies such as Facebook Inc. and Twitter Inc. in letting some of its office staff choose to permanently work from home in the wake of the coronavirus pandemic. But employees who worked at VMware’s Palo Alto, California, headquarters and go to Denver, for example, must accept an 18% salary reduction, people familiar with the matter said. Leaving Silicon Valley for Los Angeles or San Diego means relinquishing 8% of their annual pay, said the people, who asked not to be identified discussing internal policies. by Livemint

 


This is the situation in global IT Hub. In our country we will see some impact pretty soon. It is not business as usual my friends. Lot of middle class investors who will shy away. Few people I know migrated to their home states recently. 

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