In key property markets including Mumbai Metropolitan Region (MMR) and Bengaluru that are conforming to the new work from home reality, a rising number of enquiries are being made for larger configurations.
Over the last few months, enquiries for larger homes in Bengaluru have increased up to 40% with property seekers predominantly scouting for 3-bedroom apartments with average 1,800 sq ft built-up area as against the previously-preferred 2-bedroom units, showed data from ANAROCK Property Consultants.
“The current buyers are largely working couples with children, most currently pursuing the WFH and e-learning options. In many cases, their budgets have not increased – rather, they are willing to settle for peripheral locations to secure bigger homes and a better lifestyle at a more affordable price,” said Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants.
In Mumbai, the country’s most expensive property market, the trend is more visible in projects that are located in the peripheral areas. According to developers, many homebuyers are considering of upgrading from one-bedroom apartments to 2 bedroom units and upward.
“We are witnessing spurt in demand for 3-bedroom apartments and prospective homebuyers are also keen on upgrading from 1 and 2-bedroom units that they had booked earlier in the same project. This is certainly being considered by them given the emergence of work from home option,” said Rajesh Prajapati, MD, Prajapati Constructions that has 3 ongoing projects in Navi Mumbai.
In Noida and Ghaziabad, an increasing number of buyers are looking for 3 or 4 bedroom apartments, as opposed to the previously-preferred 2 bedroom units. Those with lower budgets are showing interest in 2 bedroom units with a study totaling around 1,200 sq ft of built-up area.
While demand for both 2 and 3 bedroom units in Gurgaon is as consistent as before. In Hyderabad, the preference for large homes of minimum 3 bedroom units was in place even before the pandemic and its fallout, Santhosh Kumar added.
Homebuyers in India usually begin their homeownership journey with small starter homes with an intention to upgrade to a larger pad at a later stage. These upgrade decisions are usually taken when affordability improves. According to property brokers, the current record low home loan rates, attractive discounts and offers by developers are prompting many of them with stable finances to take the decision.