"LIVE & WORK"

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COVID-19 PANDEMIC IS GOING TO MARK A TURNING POINT IN THE REAL ESTATE SECTOR

  

“LIVE AND WORK” IS ABOUT NOT MAKING MONEY, OR ABOUT WINNING AWARDS, IT IS NOT WINNING COMPETITIONS.IT IS REALLY ABOUT AN IMPACT OF COVID-19 PANDEMIC ON THE WORLD TO “LIVE AND WORK”, CHANGING THE WAY THE PEOPLE WILL EXPERIENCE  POST COVID-19 PANDEMIC TO “LIVE AND WORK” WITH A “NEW NORMAL”

 

HOW COVID-19 WILL CHANGE THE FUTURE OF “LIVE & WORK”

COVID-19 PANDEMIC IS A HUMANITARIAN CHALLENGE THAT WILL HAVE LASTING EFFECTS ON HOW PEOPLE “LIVE & WORK". BY ACTING TODAY, WE CAN BEST SERVE END USERS.

IN A MATTER OF WEEKS, THE LIVES OF SO MANY HAVE CHANGED IN WAYS THEY HAD NEVER IMAGINED. PEOPLE CAN NO LONGER MEET, WORK, EAT, SHOP, PLAY AND SOCIALIZE AS THEY USED TO. THE WORKING WORLD MOVED RAPIDLY FROM BUSINESS AS USUAL TO CAUTIOUS TRAVEL, OFFICE CLOSURES, WORK-FROM-HOME MANDATES AND JOB LOSSES.  INSTEAD OF TRAVELING AND GOING OUT TO EAT AT RESTAURANTS, CONSUMERS ACROSS THE WORLD ARE TIGHTENING THEIR PURSE STRINGS TO SPEND ONLY ON ESSENTIALS—PRIMARILY FOOD, MEDICINE, AND HOME SUPPLIES—AND GETTING THESE DELIVERED MUCH MORE OFTEN.

PHYSICAL DISTANCING HAS DIRECTLY CHANGED THE WAY PEOPLE INHABIT AND INTERACT WITH PHYSICAL SPACE, AND THE KNOCK-ON EFFECTS OF THE VIRUS OUTBREAK HAVE MADE THE DEMAND FOR MANY TYPES OF SPACE TO GO FURTHER DOWN, PERHAPS FOR THE FIRST TIME IN MODERN MEMORY, AND THIS HAS CREATED AN UNPRECEDENTED CRISIS FOR THE WAY TO "LIVE & WORK". 

WITH OVER 34% POPULATION LIVING IN CITIES IN INDIA, THEY ARE IMPORTANT FOR SCALING SOLUTIONS ON COVID-19 PANDEMIC AND THE NEXT ONE. CITIES HAVE ALWAYS EXHIBITED THE CAPACITY TO EVOLVE AFTER CRISES. THERE'S A REASON WHY PEOPLE SAY THE CITY IS WHERE THE FUTURE HAPPENS FIRST.  BUT REVERSE MIGRATION MIGHT PROVE THE THEORY WRONG AND REDUNDANT, DAYS TO COME.

BEYOND THE IMMEDIATE CHALLENGE, THE LONGER THIS CRISIS PERSISTS, THE MORE LIKELY WE ARE TO SEE TRANS FORMATIVE AND LASTING CHANGES IN HUMAN BEHAVIOR AND APPROACH TO "LIVE & WORK" IN URBAN AND RURAL AREAS.

THE ADVANCED USE OF PRESENT AND FUTURE TECHNOLOGY WILL BE BASED ON MAKING IT FIT IN TO "LIVE & WORK", SO THAT IT WON'T REALLY EVEN  NOTICED . AND IT TO BE A PART OF EVERYDAY LIFE TO "LIVE & WORK" MORE SCIENTIFICALLY.






WE’VE BECOME INCREASINGLY USED TO CONNECTING EVERYDAY DEVICES IN OUR HOMES AND WORK PLACES TO THE INTERNET AND TO EACH OTHER TO MAKE THE PLACES WE "LIVE & WORK" MORE COMFORTABLE, ECONOMICAL, ENTERTAINING, SAFE AND SECURED. 

THE WORLD OF REAL ESTATE FOR HOME, BUSINESS AND COMMUNITY DESIGN AND DEVELOPMENT IS EVOLVING FROM DISTINCT "LIVE AND WORK" SPACES TO A CONVERGENCE OF OVERLAPPING SERVICES, EXPERIENCES, AND CONVENIENCES.

UP UNTIL VERY RECENTLY, NEW BUSINESS UNITS AND APARTMENT BUILDINGS WERE MOSTLY DELIVERED ON ABOUT SQUARE FOOTAGE, SUPER BUILT-UP AREAS, VIEWS, UNDECLARED AND HIDDEN COST AND FACTS. COVID-19 PANDEMIC HAS FOREVER CHANGED OUR LIFE. IT WILL CHANGE OUR APPROACH TO WHERE AND HOW WE “LIVE & WORK” AND GET MORE, IT MIGHT BE “AATMA GAAV KI HO AUR SUVIDHA SHEHAER KI HO”

TODAY’S GENERATION OF LIVE AND WORK SPACES ARE MORE ABOUT CONNECTIVITY, AMENITIES, AND EASE OF LIVING. IN “DESIGN BUILD AND DELIVER” THE HOME, BUSINESS AND COMMUNITY OF THE FUTURE, THE BACKBONES OF THESE BUILDINGS MUST ANTICIPATE 5G MOBILE TELEPHONE CONNECTIONS, HI SPEED INTERNET AND WI-FI AVAILABILITY, AS WELL AS EMERGING TECHNOLOGIES AND SERVICES INTENDED TO MAKE LIFE MORE CONVENIENT AND SEAMLESS AS WE MOVE BACK AND FORTH FROM WORK AND HOME.

BECAUSE SO MUCH OF OUR MODERN LIFESTYLE IS NOW IN SYNCHRONICITY WITH THE CONVENIENCE OF MOBILE TELEPHONES AND NOTEBOOK COMPUTERS, WE ARE SEEING THE BUSINESS AND HOME ENVIRONMENTS BLEND IN A WHOLE NEW WAY.

FOR INSTANCE, IN THE SAME WAY THAT YOUR FACE IS YOUR PASSWORD ON THE NEW MODEL i Phone, FACIAL RECOGNITION TECHNOLOGY WILL ALSO BE THE KEY TO OPEN YOUR APARTMENT BUILDING AND OFFICE DOOR. 

CONSTANT VIDEO FEEDS OF YOUR HOME AND BUSINESS WILL BECOME COMMON, WHICH INFORM YOU WHEN SOMEBODY VISITS WHILE YOU ARE NOT HOME OR BUSINESS CENTER. SMART DOOR BELL CAMERA THAT LET YOU KNOW WHO IS AT YOU DOOR. EVEN CAMERAS THAT LET YOU CONTROL SO YOU CAN PLAY WITH YOUR PETS WHILE YOU ARE AWAY! 

INTRODUCTION OF THE USE OF DIGITAL TECH, COLLECTION OF DATA ON THE SMART PHONE ABOUT ‘MICRO-ENVIRONMENT” TO MONITOR THE MOVEMENTS OF EVERYONE AND EVERYTHING IN THE SURROUNDINGS, SMART PHONES PROVIDE INFORMATION ABOUT MOTION, ACCELERATION, LIGHT, AND OTHER ASPECTS OF THE PHYSICAL SURROUNDINGS. IT USES PRECISE LEVELS OF AMBIENT LIGHT AND OTHER CHARACTERISTICS OF THE ENVIRONMENT.

ARTIFICIAL INTELLIGENCE TECHNOLOGY (AI) WILL ANTICIPATE THE LIGHTING, MUSIC, AND TEMPERATURE YOU WANT IN YOUR APARTMENT, SHOP OR OFFICE AT THE PRECISE TIME WHEN YOU ARE EXPECTED TO ARRIVE OR UPDATE THE CONTENTS OF YOUR REFRIGERATOR. INTERNET OF THINGS (IoT) WILL DOMINATE AT EVERYWHERE IN LIFE. THE NEW BUSINESS BUILDINGS WILL ALLOW YOU TO RESERVE YOUR PARKING SPACE, BOOK YOUR AFTER-HOURS AIR CONDITIONING, AND EVEN DARKEN THE GLASS ON YOUR WINDOWS FROM YOUR SMART PHONE.

SOME OF THESE CONVENIENCES ARE TECHNOLOGICAL, NOT SEEN BY THE NAKED EYE, AND SOME COMBINE THE TECHNOLOGICAL WITH THE TRADITIONAL CONVENIENCES. WE ARE INCORPORATING MORE OF HOSPITALITY ELEMENTS INTO OUR BUSINESS AND RESIDENTIAL PROJECTS, A HIGH STANDARD OF AMENITIES AND LIFESTYLE ELEMENTS ARE BECOMING MORE AND MORE STANDARD THROUGHOUT THE EVOLVING COMMERCIAL RESIDENTIAL AND COMMUNITY PROJECTS OF FUTURE.

COVID-19 & REAL ESTATE"

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COVID 19 | FUTURE SMART "LIVE & WORK" SPACES

THE COVID-19 PANDEMIC WILL UNDOUBTEDLY CHANGE THE WAY WE ‘LIVE & WORK’ FOR THE FORESEEABLE FUTURE, AND NEW TRENDS WILL EMERGE THAT WILL BECOME PART OF OUR 'NEW NORMAL.'

BUT WHAT ABOUT THE MORE FAMILIAR STRUCTURAL TRENDS WHICH HAVE BEEN SHAPING THE WORLD OVER THE PAST FEW DECADES? 'MEGA TRENDS' IMPACTING THE REAL ESTATE SECTOR FOR MANY YEARS – THE GROWTH OF CORPORATE OUTSOURCING; RISING CAPITAL ALLOCATIONS TO REAL ESTATE; RAPID URBANIZATION AND CITY BUILDING; THE ADOPTION OF NEW TECHNOLOGIES; AND THE IMPERATIVE TO BUILD A MORE SUSTAINABLE FUTURE AND TO TAKE URGENT ACTION TO COMBAT CLIMATE CHANGE. THEIR ROLE IN SHAPING THE SECTOR HAS BEEN UNDENIABLE OVER THE PAST DECADE BUT, LOOKING TO THE NEW POST-PANDEMIC WORLD, WHAT INFLUENCE WILL THEY NOW EXERT?


 


1. HISTORY SHOWS THAT PEOPLE OFTEN MOVED TO CITIES AFTER PANDEMICS BECAUSE OF THE BETTER JOB OPPORTUNITIES AND THE HIGHER WAGES THEY OFFERED AFTER THE SUDDEN DROP IN POPULATION.

2. AROUND 95 PERCENT OF PEOPLE WITH COVID-19 LIVE IN URBAN AREAS. THIS HAS BROUGHT INTO SHARP RELIEF SOME OF THE FUNDAMENTAL INEQUALITIES AT THE HEART OF OUR TOWNS AND CITIES. COVID-19 WILL HIT THE MOST VULNERABLE THE HARDEST, INCLUDING DENSELY POPULATED INFORMAL SETTLEMENTS AND SLUMS, AS WELL AS OTHER PEOPLE LACKING ACCESS TO ADEQUATE, AFFORDABLE, AND SECURE HOUSING. WITHOUT A HOUSE, IT IS IMPOSSIBLE TO HEED THE CALL TO STAY AT HOME. WITHOUT SAFE SHELTER AND ACCESS TO BASIC SERVICES, THE ORDER TO SHELTER IN PLACE HAS NO MEANING.

THE RICH WILL WITHDRAW EVEN MORE BEHIND THE PROTECTION OF DOORMEN AND GATED COMMUNITIES. SANITIZED CARS WITH DRIVERS ON CALL. EVERYONE ELSE WILL BE MORE FEARFUL OF ANY PUBLIC CONTACT, AT LEAST FOR A NUMBER OF YEARS, IF NOT A DECADE OR MORE. REMOTE WORK WILL DRAMATICALLY ACCELERATE.

3. THE PANDEMIC WILL CHANGE URBAN LIFE FOREVER. URBAN AREAS WILL COME BACK STRONGER THAN EVER AFTER THE PANDEMIC. 

4. BUT WHEN THEY DO, IT WILL BE DRIVEN BY A NEW MODEL OF GROWTH THAT EMPHASIZES INCLUSIVITY, SUSTAINABILITY, AND ECONOMIC OPPORTUNITY. EVEN BEFORE THE CRISIS, URBAN COMMUNITIES AROUND THE WORLD WERE DEMANDING LOWER COSTS OF LIVING AND STRONGER PLANS TO TACKLE CLIMATE CHANGE. SOME ARGUE THAT THE GLOBAL PANDEMIC IS CAUSED BY DISRUPTIONS TO NATURE SYSTEMS CAUSED BY AN ALTERED CLIMATE.

5. REVIVING URBAN POPULATION GROWTH AFTER THE PANDEMIC WILL START WITH RESTORING CONFIDENCE IN URBAN PUBLIC HEALTH AND IN THE SAFETY OF DENSE LIVING. BUT WHEN PEOPLE DO RETURN TO CITIES—AS THEY ALWAYS HAVE IN THE PAST—WE MUST LEVERAGE NEW POLICIES AND TECHNOLOGIES TO MAKE URBAN LIFE MORE AFFORDABLE AND SUSTAINABLE FOR MORE PEOPLE.

6. OUR CURRENT TREND OF HOUSING INEQUALITY IN THE REGION NEEDS TO BE ADDRESSED WHEN THIS IS OVER ! IT MAKES NO SENSE TO CONTINUE A TREND WHERE INCREASINGLY THE RICH LIVE IN CITIES AND WAGE EARNERS WHO PROVIDE SERVICES TO THE CITY (TEACHERS, HEALTH CARE WORKERS, FOOD INDUSTRY WORKERS) ARE ALL BEING FORCED FURTHER AND FURTHER TO LIVE IN INFORMAL SETTLEMENTS AND SLUMS. IN TIMES OF PANDEMIC THIS INEQUITY IS INCREASINGLY GLARING BECAUSE IT ENDANGERS COMMUTING WORKERS AND INTERFERES WITH THE SMOOTH FUNCTIONING OF THE CITY. WE NEED CONSTRUCTION OF THOUSANDS OF NON-MARKET HOUSING UNITS —TO PROVIDE HOUSING FOR OUR WAGE EARNERS.

7. THE ONGOING HEALTH CRISIS SHOULD ACCELERATE THE TREND OF OUTSOURCING OVER THE LONG TERM. OCCUPIERS WILL INCREASINGLY SEEK THIRD-PARTY REAL ESTATE SERVICES TO SUSTAIN BUSINESS CONTINUITY. THERE WILL BE INCREASED DEMAND FOR NEW WORKPLACE DESIGN, INCLUDING MORE DIGITAL, FLEXIBLE AND HEALTH-ORIENTED WORKING SOLUTIONS.

8. THE PANDEMIC IS UNLIKELY TO SLOW THE LONG-TERM TREND IN GROWING URBANIZATION, BUT WILL PROMPT A RETHINK IN URBAN DESIGN, INCREASING THE IMPERATIVE TO DEVELOP TRULY SCALABLE SMART CITY SOLUTIONS, TO PUT A MUCH GREATER FOCUS ON PUBLIC HEALTH AND SAFETY, AND TO DELIVER GREATER INVESTMENT IN PUBLIC INFRASTRUCTURE.

9. THE MASS ADOPTION OF REMOTE-WORKING TECHNOLOGY THROUGH THE PANDEMIC PHASE WILL LIKELY INCREASE THE PACE OF THE FOURTH INDUSTRIAL REVOLUTION, INCLUDING EVEN MORE EMPHASIS ON ROBOTICS, THE INTERNET OF THINGS (IOT), BIG DATA, AND UNMANNED VEHICLES.

10.THE ENTIRE WORLD NOW UNDERSTANDS THE IMPORTANCE OF STAYING SIX FEET AWAY. ACROSS THE GLOBE, WE’RE IN DIFFERENT STAGES OF EXPERIENCING THE “THE 6 FEET RULE” AND ISN’T GOING AWAY ANY TIME SOON AND HOW CRITICAL IT IS TO NORMALIZE THIS GUIDELINE INTO EVERYDAY LIFE. EVENTUALLY, WE WILL ALL RETURN TO"LIVE & WORK", BUT WE MUST NOT FORGET THIS GOLDEN RULE.