The work-from-home (WFH) culture and e-mastering traditions in the course of Covid-19 have drastically influenced homebuyer’s preferences and the current trends show an enhanced inclination of possible homebuyers towards bigger 3BHK spaces even in emerging peripheral localities. According to information accessed by Prop Equity, sales of 3BHK housing units have enhanced by 19% on a year-on-year basis and as numerous as 30,169 3BHK units have been sold in the very first quarter of 2021 as against 25,307 units sold in the very first half of 2020.
As per a study performed by ANAROCK Consultants, NCR witnessed a 12% enhance with 4988 units sold in Q1 2021 and 4433 units sold in Q1 2020. Pune saw a 34% enhance in the sales of 3BHK units with 4171 units sold in Q1 2021 and 3107 units sold in Q1 2020. The information also showed the maximum sales of units at 53% with 2781 3BHK units becoming sold in MMR in the very first quarter of 2020 and 4273 units in the very first quarter of 2021. Chennai saw a 43% enhance with sales of 2387 units in Q1 2021 and 1665 units in Q12020.
Commenting on the very same, Pankaj Bansal, Director, M3M, stated, “The residential real estate sector has always been a buyer’s market. The interest rates are at an all-time low and reduced property rates, health and wellness concerns and promise of an indulgent lifestyle have driven demand among the buyers who are now ready to settle in premium locations. Ready-to-move-in spaces in high rise apartments, gated townships and luxury towers in high growth corridors like Golf Course Road (Extn.) with excellent connectivity are now parts of a buyer’s wish list. The extended work-from-home culture and the e-learning period are likely to stay and people will continue to demand more spacious homes that incorporate dedicated study rooms, workspaces, and workout and entertainment zones with modern amenities that match their opulent lifestyle.”
Buyers are now hunting for 3BHK residences thinking of the elements of affordability and monetary feasibility across the topmost cities. During the pre-COVID period, the demand for 3BHK residences ranged involving 25% and 30% as compared to the present variety of 30% and 35%. As per PropTiger Data Labs, 15,998 units in the 3BHK category have been sold in Q1 2020, which enhanced to 17,200 units in Q1 2021, clearly indicating that there was momentum in sales in this segment.
“Since the onset of the pandemic, there has been a shift in demand for bigger spaces across all segments. Anyone who can afford is looking to upgrade to bigger spaces given the fact that they are spending more time at home. The COVID-19 has reinforced the significance of spacious homes for comfortable living and also as a stable investment. The extended work from home will continue to nurture the buyers’ decision of purchasing a home,” stated Karan Kumar, CMO, DLF Ltd.
He added, “Today more than ever, buyers are looking for bigger balconies, an extra bedroom or perhaps that half an extra room that could be converted into a study, a workouts pace, or a pooja room, or possibly a little more seating space within a bedroom where they can set up their own temporary workstations. The focus is also on multi-utility rooms. The pandemic has directed the demand for residential real estate moving beyond the metros, to micro markets, mini metros, as well as tier II and III cities. Buyers are now preferring homes in the peripheral areas of cities as they offer a bigger space at a more competitive price.”
As per a current Anarock report, there has also been a sharp enhance in demand for an added ½ area for making a mini workplace, study area, yoga, health club and so forth. As movement is now restricted due to COVID19, there is a rise in demand for 2.5 BHK and 3.5 BHK residences exactly where the homebuyers are hunting to convert the added space as per their require and specifications.
“The Covid-19 pandemic has established the fact that there is no place like home and that owning your own space is more acceptable in contrast to living with insecurities in a rented house. A strong majority of the population would prefer a fully-equipped workspace, a dedicated area for fitness and related equipment, a private space for their weekend meetups, a play area for children while considering other important factors such as location, ticket size, thoughtful design, and cutting-edge technology, etc. This has led to disruption in the overall approach adopted by developers while considering it as an additional component in their product offering. Anticipating this trend at the beginning of 2021, we at Krisumi launched a new asset class 2LDK + personal workspace in our flagship project, Krisumi Waterfall Residences, Gurugram,” stated Ashok Kapur, Chairman, Krisumi Corporation & Krishna Group.
The enhanced work-from-home and home-schooling culture is most likely to keep, which is why enhanced queries for larger spaces across the cities are taking impact in an enhanced ratio. The demand for larger residences in peripheral areas along with a want for a greater life style has amplified demand in the segment which is most likely to continue all through 2021.