A big chunk of the real estate sector in IT cities like Bangalore, Pune and Hyderabad houses IT employees coming to the cities from various corners of India. While the rents at Pune and Hyderabad are somewhat manageable, rents at cities like Bangalore can often exceed 10,000–12,000 rupees monthly if you are looking forward to a decent place to stay. With the onset of work from culture, most of the IT employees have now returned to their native places, leaving maximum PGs and rented apartments empty. And this has resulted in a loss of revenue for the owners.
IT is one such industry where the employees are enjoying work from home, even today while the rest of the sectors have called their employees back to the office. While on one hand, the employees are happy about it, the PG and flat owners won’t be a happy person hearing this. Their revenue depends largely on these IT employees and if they continue working from home, they are left unemployed basically. On top of that, they need to shell out money from their own pocket to pay for the maintenance and land taxes. Hence, permanent work from home will be affecting them very badly.
One thing for sure, IT companies won’t be calling the full strength of employees any time soon. And if permanent work from home gets declared, we will see a dip in prices of the rented apartments, PGs in these cities. Getting an occupant in these apartments, PGs will be a tough job and they would probably be targeting students and the prices must come down to half or even less. Since colleges are slowly reopening and Bangalore has a lot of colleges, these PGs will be targeting the students only who however won’t be ready to shell out 15,000 thousand rupees monthly for a place to stay. Therefore, the rates will be coming down.
But what worries me more if permanent work from home gets declared is the loss of livelihood of so many small shop owners who sells tea and other snack items near the IT parks! PG owners can still get some occupants sooner or later, but where will those shopkeepers go? How are they even managing to feed their family for the last 10 months?
Picture Source Wikipedia
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