KOCHI
: It has more to do with ‘happiness quotient’ than with lack of money. Architects and interior designers in the state are of the view that people are ‘unhappy’.
According to them, even people who have money and resources are unwilling to pump it into the realty sector. “More than not having money, people do not want to construct anything new during the
pandemic
as the happiness quotient associated with a new beginning is missing. It is a kind of mental block. The fear of an uncertain future stops them from constructing a new house or launching a new project. The general mindset or the mood is negative, and they postpone the decision-making process,” said Kochi-based architect S Gopakumar.
With the realty sector hitting doldrums due to the pandemic, architects and interior designers say people are not even keen to undertake renovation work and interior designing of houses or commercial spaces. “We get 30%-40% of work from builders and the rest from other projects. With work from home becoming a regular future, the need for maintaining these spaces have reduced. It is expected that in future office spaces might remain vacant. The entire sector is hit,” he added.
According to V Shivaji of Cauvery BuildTech, people are happy to spend when they have surplus or disposable income. It is this surplus income that goes into building houses, developing commercial properties and doing interiors. “Withdrawals of deposits from banks and pledging of gold are indicators that they are generating money from reserve funds or resources to ensure cash flow. It is not an income or floating revenue. People are not spending on anything that is not essential or urgent,” he said.
Psychologists say the uncertainty created by pandemic has pulled back people from venturing out with a constructive spirit of risk-taking. The social psychology that scripts a lack of comfort is slowing the revival of economic activities and economy.
Noted psychiatrist C J John says there is a need for an online “Kerala summit” to brainstorm business innovations during this pandemic period and resultant uncertainty. “Both the government and industry bodies can take a lead to give a positive comfort signal.” He further said an eye for opportunities has been blinded with a self-imposed negative mindset that uses uncertainty as an excuse or as a bad omen. Though it’s important to avoid wrong decisions, it sadly takes away the spirit that ignites action in right opportunities. “Unlike the often-stated Japanese mindset, our cultural mindset is to venture into something new only when everything looks good and auspicious,” he said.