According to a recent report by Anarock Property Consultants, people are now eyeing larger homes or functional and flexible homes that can accommodate working spaces due to forced lockdown and continued Work From Home (WFH) and online schooling. Also, demand for plotted developments, weekend homes and farmhouses are on a rise as the people have started believing that self-owned homes (villas or row houses) provide better social distancing compared to the apartments, says the report.
The report also foresees a rising preference to live, work, and play in controlled environments. “As a result, we may witness a rising interest in townships in the years to come.”
The pandemic and the lockdown have also impacted homebuyers’ preferences. Homebuyers are now looking to purchase units that can be seen, views that can be assessed, and homes that are readily available. As a result, there’s a huge demand for ready-to-move-in units. “It provides them a feeling of comfort that their investments will not go in vain and the houses will be delivered as promised,” says the report. Buyers are willing to pay a premium for the projects developed by established developers to mitigate any risk of execution and ensure quality. As a result, it is imperative to establish the brand and stick to the promises.
Social distancing norms have also affected homebuyers’ site visits. According to Anarock report, homebuyers are finding it convenient to do virtual site visits and discussions and come in close contact with the real estate developers only during the final stages. As per estimates, out of 10 virtual site visits done for prospecting, homebuyers are now physically visiting only the top 3 shortlisted projects.
In another interesting development, depreciating rupee and homecoming have made property purchases extremely lucrative for the NRIs, says the report.
The report foresees that affordable-to-mid-segment housing would continue to remain in demand as homebuyers having an appetite for new property purchases would look to rationalize their quantum of investments. “Nearly 70% – 75% supply has been in this segment across the top 7 cities of India and that is where the demand lies as well,” says the report.