WFH (work from home) has proved to be a major demand driver for bigger homes in several parts of the country. India’s foremost real estate broking firm and ecosystem, Square Yards, highlighted how the coronavirus pandemic clearly changed homebuyer expectations with many of them working from their homes and requiring larger homes with extra rooms. The report released by Square Yards states how bigger homes are witnessing higher demand with almost 70% of online searches on the Square Yards platform being inclined towards bigger units. Based on the company’s data, demand has gone up by more than 40% for 3 and 4 BHK housing units for the second half of 2020 in comparison to H1.
Square Yards also states that people are choosing units with separate rooms that can be used for working or studying from home. A trend emerging in the post-COVID era is the need for an extra room for a home office or study room. A study can double up as a home office and this is a must for almost 48% of buyers in the current scenario. Sales figures at Square Yards indicated 46% of properties sold with added rooms.
Affordability may still be a pressing point for several homebuyers. They are more inclined towards shifting to suburbs of major cities. The requirement for bigger homes has also shifted residential real estate demand towards suburban locations owing to greater affordability as per the Square Yards report. The report also states that unlike the pre-coronavirus phase when people wanted to stay in proximity to the city center, WFH has now propelled demand throughout the suburbs. Suburban locations in major cities like Hyderabad, Bangalore, Pune and Mumbai are also witnessing capital value growth on account of present demand.
For a detailed report on this read the articles we were featured in:
Mint – https://bit.ly/3sQ7wQp
Published Date: March 27, 2021
