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What Home Buyers Want Most?

COVID-19 HAS DEFIED PRACTICALLY EVERY FORECAST SINCE ITS BREAKOUT, PARTICULARLY REGARDING THE DIRECTION OF THE INDIAN MARKET. GIVEN THE DIFFICULTIES PEOPLE HAD AT HOME THROUGHOUT THE EPIDEMIC, THE DESIRE TO POSSESS A HOUSE IS NOW DEEPLY RISING IN THE PURCHASERSu2019 MINDS.

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What Home Buyers Want Most?

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  1. WhatHome Buyers WantMost

  2. INTRODUCTION COVID-19 HAS DEFIED PRACTICALLY EVERY FORECAST SINCE ITS BREAKOUT, PARTICULARLY REGARDING THE DIRECTION OF THE INDIAN MARKET. GIVEN THE DIFFICULTIESPEOPLEHADATHOMETHROUGHOUTTHE EPIDEMIC, THE DESIRE TO POSSESS A HOUSE IS NOW DEEPLY RISING IN THE PURCHASERS’MINDS.

  3. WHY THE DEMAND FORADDITIONAL ROOMS HASCHANGED? NOONECANDISPUTETHAT,WHILETHEEPIDEMICPROMPTEDMOST FAMILIES TO STAY TOGETHER UNDER THE SAME ROOF. IT ALSO UNDERLINED THE NEED FOR IMPROVED BIGGER HOMES TO GUARANTEE GREATER ROOM, ON THE OTHER HAND. ACCORDING TOGOEL GANGA DEVELOPMENTS, THE LEADING REAL ESTATE COMPANY IN PUNE, INTERNET SEARCH PATTERNS, QUERIES FOR FLEX-ROOMARRANGEMENTSHAVEINCREASEDSIGNIFICANTLYTHIS YEAR.

  4. RISE IN DEMAND FOR EXTRA AREA Due to the various government aided monetary advantages, homebuyersarenowmoreinclinedtowardsbuyingmorebigger homes.Developersarealsomakingmorespacioushomes. Amorethan60%increaseinQ-on-Qdemandfor2.5and3.5BHK flats in the top six cities. This has demonstrated the need for additional such units. Thus, purchasers who previously intend to investin2BHKand3BHKflatsareupgradingto2.5BHKand3.5 BHKhomesinthecomingquarters,evenifthisdesirecomesata premium.

  5. TREND FOR ADDITIONAL ROOMS ACROSS TOPCITIES Despite the fact that demand increased in all six of the top cities, the distribution of different house units differed significantly. For example,demandfor2.5BHKincreasedbymorethan200percent yearonyearinlocationslikeasPune,Hyderabad,andBengaluru. Aside from that, these three cities had a 70 percent quarterly increaseindemandfor3.5BHKhomes.Theyareconfirmingthe progressiveshiftinhousebuyers’preferencesovertheprevious twoquarters.

  6. DEVELOPERS ARE MAKING CHANGES TO THEIR PRODUCTOFFERING Given the continual juggling and uncertainty that house purchasersfacedduringtheepidemic,theonecertaintywas an increase in demand for bigger apartments with additional flex spaces. Taking note, several developers who were previously hesitant to change their offerings appeared to be moreeagertomakewayforextratinyroomswithinthesame unit.

  7. AFFORDABILITY IS THE KEYTENET 2.5 BHK fits both the cost and the benefit of greater room criteria.Affordabilityhasalwaysbeentheprimarymotivatorfor alargeportionofhomebuyers.Thishasbeenexacerbatedby the covid-induced predicament, which has stressed the need for redefining cheap residential units more than ever before. Amongsuchrisingtrends,itisextremelyunlikelytodenythat. While the number of additional/flex rooms has increased, affordabilityisstilldrivinghousebuyers’feelingsingeneral.

  8. DEMAND DRIVEN BY NEW-AGE HOMEBUYERS Previously, buying a ‘farmhouse’ or ‘home-away-from-home’ wasonlyavailabletothesuper-rich.However,thisisnolonger the case post-pandemic. “People who work from home or have adopted a hybrid model, prefer to work in solitude away fromthenoiseandbustleofthemetropolis.Theyalsoneeda decentinternetandtelecommunicationsconnection,commute convenience,andmedicalinfrastructure,amongothers”,says AnnujGoelGanga.

  9. Conclusion Surprisingly,thesaleofsmaller-sizedpropertiesshowedatiny declineinnumbers,whilethosebetween3bhkto5bhkhomes sawanincreaseinthenumberoftakers. As a result of the pandemic, the homebuyer tendency is lookingtoupgrade.Theyaremovingintolargerlivingquarters and will remain strongin January 2022.

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