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Coronavirus impact: Realty sector sees rise in demand for larger homes

Thanks to the shift to work from home, a section of the home buyers market is looking  for larger homes with a renewed sense of urgency

Rukmini Rao | October 26, 2020 | Updated 20:52 IST
Coronavirus impact: Realty sector sees rise in demand for larger homes
In most cities, homebuyers are opting for 2.5-3 BHK configurations wherever they can purchase them within their budgets

While work from home has been an offshoot of the global pandemic, and now with businesses extending this mode of working well into next year and many making it a permanent style of functioning, the real estate sector is now seeing an increased demand for larger homes across India. Homeowners are looking at multifunctional spaces, which helps them separate work and life for optimal productivity. In most cities, homebuyers are opting for 2.5-3 BHK configurations wherever they can purchase them within their budgets.

"The peripheral areas of our cities are invariably cost-effective - and even a larger home amounts to an added expense, homebuyers correctly see it as a secure investment for what are currently less-than-certain times," says Santhosh Kumar, Vice Chairman - ANAROCK Property Consultants adding that some were even willing to shift to cheaper suburbs and even to smaller cities to get larger homes.

Developers  also allude to the new needs, "The pandemic situation has given rise to a new style or necessity of working and that is Work-from-Home (WFH), the new projects are offering that extra space that can be used as a dedicated office from home to take care of any unprecedented events like the current pandemic," said  Dr Niranjan Hiranandani - Founder & MD- Hiranandani Group and National President - NAREDCO.

This demand is largely being seen with salaried people who either already own a home or was in the process of finalising their first home purchase. Apart from the salaried class, the demand for larger homes is also being seen among entrepreneurs, with many small-time business owners are now relocating their previous workplaces to their homes to save on office rental costs and the daily commute.  

"The consumer having to spend a lot more time at home with the family, is looking to use the home for work, study, leisure and also to accommodate the extended family on occasions. Therefore, having larger common spaces within the apartment the additional two bedrooms, family spaces and amenity rich community has much appeal," says Swaroop Anish, Executive Director - Business Development  at Prestige Estates Projects Ltd. Leading the trend are cities like Bengaluru and the Mumbai Metropolitan region.

"For instance, over the last few months, enquiries for larger homes in Bengaluru have increased up to 40% with property seekers predominantly scouting for 3BHKs (avg. 1,800 sq. ft. built-up area) as against the previously-preferred 2 BHKs," said Santosh.

Also read: Tata Housing announces new home loan scheme; valid till Nov 20

Also read: SBI announces special benefits on home, auto, gold, personal loans

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