Work from home features in new housing projects
The major development that the pandemic brought in the real estate arena was the work from home (WFH). The real estate developers are now mulling incorporating the coworking spaces in their residential projects to align with the WFH realities.
Bengaluru: The major development that the pandemic brought in the real estate arena was the work from home (WFH). The real estate developers are now mulling incorporating the coworking spaces in their residential projects to align with the WFH realities.
"There are at least two possibilities - retrofitting co-working spaces into existing clubhouse, and incorporating such a feature at the very design stage for new projects. Retrofitting calls for key modifications, especially in structures originally intended for socializing and community activities," said Anuj Puri, Chairman – ANAROCK Property Consultants.
Offering coworking spaces as an added feature in residential or mixed-use developments is definitely a timely notion. Many people are finding it difficult to work purely from home due to distractions and space/ infrastructure constraints. Given that work-from-home is now an accepted norm, this added feature will help attract more buyers and help developers sell their product faster. It will further enhance the overall facilities and offerings of the project, which is excellent for branding," he opined.
However, Puri warned that in this feature or facility, the size of the project matters a lot.
"For instance, a mid-segment project having more than 300 units and a sizeable clubhouse could sustain such a facility. It would be harder to incorporate in smaller projects. For high-end projects at prime locations, with the exception of boutique luxury projects built on small plots, the developer could feasibly incorporate a coworking space within a project," he explained.
Puri went on to state that if the developer intends to focus only on coworking spaces for residents, there is no major challenge other than the added maintenance costs in the long run.
"This can be charged as a one-time cost from buyers, or on a usage basis. Moreover, since this coworking space is exclusively for residents, commercial growth is not a factor - rather, it is meant to enhance the appeal of the project and add to its overall desirability.
If the coworking space is to be retrofitted into the existing clubhouse, decisions would have to be made on how much of the available space can be used for that purpose. It is to be assumed that residents may not agree to have the entire space taken up by a co-working setup," he said.