In continuation with our last piece on home-buying trends changed and evolved in 2021, Square Yards is back with another insightful piece on house hunting trends, not only for the prospective homebuyers but also for people who are on the lookout for rental homes.
Looking at the year 2021 in retrospect, Mumbai Metropolitan Region (MMR) continued to be the hot spot for potential real estate investors. As per Square Yards research, with nearly half of the total online searches throughout the year, MMR held onto its position as the most preferred residential location for both sale as well as for renting.
Adding to its glory of dominating the real estate segment, MMR was also home to the most expensive residential locality (sale) of 2021 ‘Altamount Road’ where the average capital values per Sq. Ft. was a whopping INR 62,000 approx. It rendered it accessible to only a handful of few elite home buyers.
Though owning a home in the ‘City of dreams’ remained a daunting task for mid-income buyers, it seemed that the ‘City of Nizams’ had a lot to offer. Localities such as Shamirpet offered the most affordable home units and residential plots under Rs 20 Lakhs. The locality attracted several prospective home buyers in 2021.
As affordability continues to be the most pressing determinant for home ownership, furnishing trends took a back seat at large in 2021. Among the top cities in view of house hunting, only cities such Noida, Bengaluru, and Gurugram registered about 60% demand for semi-furnished home units, be it for renting or owning a home. This trend could be attributed to the growing millennial working population- who are usually not willing to set up a home from scratch but equally inclined to customize it as per their own preference.
Other than the aforementioned attributes, ticket size for owning a home largely hovered around the mid-income housing segment. Whereas Rs 10,000 -20,000 remained the “sweet spot’ for rental homes. Though more buyers eyed “spacious homes” but in accordance to their budget constraints.
Although the pandemic, for now, appears to undermine critical issues such as climate change and environmental degradation, consumers seem not to be oblivious of the same. As per the polls conducted by Square Yards research in 2021, about 64% of home buyers were willing to pay extra for “sustainable home features”.This clearly indicates space for accommodating more such green concepts in real estate in the future.
To know more such interesting facts and figures, download the report here.
