The coronavirus pandemic has disrupted every aspect or segment of life as we all know. It has permanently changed several aspects for the real estate industry as well. Home buyers, tenants, sellers, landlords, developers and other players are now using tech-driven real estate platforms and digital tools most of the time. People are requiring higher space at home owing to online WFH and schooling. As per online research data from Square Yards, demand for flexible configurations like 1.5 BHK have witnessed growth of 54% after COVID-19 in comparison to 1 BHK units, while 2.5 BHK and 3.5 BHK units have posted growth of 150% and 132% respectively throughout India’s leading 6 cities.
Homes with 3BHK and plus saw such huge demand from January last year, with WFH and e-learning becoming predominant parts of life. Square Yards research also held a poll recently where 37% of buyers selected the size/space as a key factor while purchasing any home while 25% also prioritized proximity to healthcare facilities. The CO-Founder and Head, NRI Sales, Square Yards, Anupam Rastogi, stated that the pandemic has led to a major paradigm-shift in the behavior of consumers, sparking a trend inclined towards immediate ownership of homes and higher demand for spacious homes that boost overall quality of life without compromising on the luxury factor.
He also stated that lack of open spaces, higher capital values and density within major cities are leading to more people shifting to the outskirts for being able to afford better lifestyles and bigger homes, prioritizing wellness, hygiene and health alike. Another poll by Square Yards found 56% of buyers considering homes in suburban zones with ample greenery, open spaces and fresh air. The pandemic has also led many buyers to consider buying second homes amidst nature for taking more fulfilling breaks.
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Published Date: Jan 06, 2022
