5.1 Objective of the Thesis This Thesis aims at exploring residential design in the light of the new normal. With Work from Home becoming a long-term possibility, and the threat of Pandemics reoccurring, our homes need to resilient against the situation be equipped to enable us the comfort we need. The project will embody design details that can be retrofitted within exiting residential architecture and new project plans to carter to social distancing, minimising foreign contact and enabling self sufficiency in a compact space.
5.2 Why Bengaluru? Bengaluru, formerly known as Bangalore, is the Capital of the state of Karnataka. It is the 2nd fastest growing major metropolis. The 3rd most populous city and 5th most populous urban agglomeration in India. It is the 5th largest city in the country with an area of 709m2 approx.
Figure 10: Map showing Bengaluru in India
According to Knight Franks 2020 report on India’s real Estate: Bengaluru residential market gained prominence in the country’s residential landscape over this past decade. From being the fourth largest market in terms of sales in 2010, with sales of 48,076 units in 2019, it stood at second place in the country featuring just behind Mumbai. The Bengaluru residential market had shown resilience in the overall weak residential market in the country over the past few years by recording the fastest sales growth of 27% in 2018 and 10% in 2019 in a group of top 8 cities in the country. The year 2020 started on a positive note with strong sales momentum in January and February. However, as the COVID-19 pandemic became a primary societal concern in early March 2020, the adverse impact on homebuyer sentiment became palpable. With pandemic induced market disruptions, pricing environment has become weak now. However, instead of a headline price reduction, customers are being offered a variety of indirect price benefit schemes. The schemes, which include pre-EMI reimbursements, stamp duty and registration waivers, and developer subvention schemes, translate to an indirect discount of around 10%. Therefore, schemes like flexible payment terms, price protection in case of price fall until possession and free cancellation (which earlier cost as much as 5%) are now being offered to convert the worried homebuyer. 12
12
India Real Estate Report: Residential and Office. Knight Frank. Issue January – June 2020
Post Pandemic Residential Architecture Anoushka Shome | 1DT16AT005 | SOA DSTAM
12
