The Demand for Spacious flats Increases post COVID

.

Since the onset of the pandemic, concepts such as work from home and e-learning have become the new normal. As people are spending more time at home, they are looking for properties with spacious balconies, one or two extra rooms that can be converted into a study area or home offices. As per the Prop Equity data, there was an increase of 19% in the sales of 3BHK units in the first quarter of 2021. The hike in the sales of spacious properties in India mostly happened at top cities like NCR (12%), Pune (34%), Mumbai (53%), and Chennai (43%).

How the pandemic changed the demand for real estate in India?

Restricted movements and imposed lockdowns during the period reflected an increased demand of home buyers towards spacious spaces. Most Indian families are non-nuclear. Thus there is a surge in demand for extra rooms where both the couple can create their separate workspace, their kids can take online classes, and the elderly members of the family can engage themselves in past-time activities. Commenting on the same, Founder and CEO of AddressofChoice Ltd, Mr. Pawan Kumar confirmed that it is vital for developers to adapt to the needs of buyers shifting towards work from home culture. To sustain in the current times, a real estate agency needs to realign its strategies as per the changing market needs.

NRI buyers also adapt the sophisticated approach of luxe living and work from home concept. In the post COVID era, there is a rise in the number of premium real estate investments by NRI couples. They want to buy residential properties in India that reflect opulence, comfort, and wide spaces. The checklist of features and amenities expected by buyers reflects preferences for townships in top cities like Mumbai, Pune, Bangalore, Noida, and Delhi. The broader sense of the priorities feels right, given the work-life choices of modern-day couples.

Potential buyers are more interested in things like homes with decks and balconies. Higher preference has been given to larger balconies where one can have their private gardens or the must-have fresh air in times of pandemic. Secondly, priority is given to integrated developments where buyers find multifunction space. Along with an extra 200 square feet of space on the floor, potential buyers are inclined towards developments where there is a park in the surrounding area. Due to the rising culture of work from home, there is a spurt in demand for ready-to-move properties as well. There are more queries for spacious homes with an extra room or two in metro cities. Buyers are even ready to pay extra to own a home at ready-to-move properties in cities like NCR, MMR, Pune, and Bangalore.

Additionally, the investment inclination towards extra seating space, more expansive balconies, workout space, and office space is widely noticed due to the increased savings by potential buyers. Considering the restricted movement for an extended period by now, buyers have saved money on travel expenses. They want to invest the savings in owning a home where the functional space is better utilized. Buyers expect that they can get their private space and perform independent activities without getting a disturbance.

What's there for the future?

Along with health and hygiene, the topmost priority of people these days is safety. They prefer to invest in ownership rather than renting a home. Considering the uncertainty of the future, most buyers have already made investments in spacious units in metro cities. The real estate industry is endeavoring to fulfill the huge hike in demand for spacious homes by adapting to technological innovation. Many companies are reaching out to potential buyers with the help of digital marketing communication. Additionally, real estate giants are well aware of the accommodation crisis faced by many potential buyers during the time of lockdowns. Thus mutual benefits are emerged out of the situation. Potential buyers are looking for approachable and functional spaces, and builders are adapting to the needs by offering amenities like home automation and internet connectivity to help homeowners deal with future uncertainty and imposed norms of social distancing.

Bottom line

There is no place like home! Rather than living in uncertain times in a rented apartment, people are now encouraged to search for properties with one or two extra rooms which they can convert into an office, study, gym or yoga space. Homeschooling culture is likely to stay for some time, whereas work from home is also not going to change soon. In this given situation, the amplified demand for bigger spaces is beneficial for buyers as well as developers. Weighing up the ratio of increased demand, it is expected that government might reconsider the tax rebate assessment to encourage investment in spacious properties in India further.