Towering Demand for Spacious Homes
There were a lot of changes that COVID brought along with it. From the crash of the economic markets to retail businesses, and everything in between took a hit. Sooner or later, everything was bound to bounce back and catch up at a good pace. But the Real Estate market made an astonishing comeback and how! According to research, housing sales increased by 29% and new launches by 51% in the 2nd half of 2021.
With an increase in demand for homes, there was also a demand for better functionality and planning. More than a preference, larger homes have become the need of the hour. The pandemic has managed to keep people home, but the routine was bound to catch up. So, people have started looking for functionalities like ‘Work-From-Home Friendly’ and ‘Study-From-Home Friendly’ in their life-spaces. Hence, the focus of homebuyers shifted from compact 2BHKs homes to relatively larger 3BHKs. In the 1st Quarter of 2021, a total of 58,290 units were sold in the top 7 cities of India in comparison to 45,200 units in 2020.
A recent study of data has revealed that sales of 3BHK Homes took a phenomenal leap by 19% as compared to the previous year. The mid-segment homes priced at 40-80L had a prominent 43% share of new launches while the affordable segment had a 30% share. The luxury housing segment too rose by a staggering 31% in the first quarter of 2021 against the corresponding period in 2020.
With the numbers and statistics that we’ve all been seeing, it seems like the pandemic not only was fruitful for real estate developers for a chance to explore spaces, but it also made the buyer ask for more than just the ‘same-old home. With every need arises an opportunity, and every opportunity grabbed, results in a satisfaction of the end-customer.
In the end, it all comes down to how much you, as a real estate developer, can provide and if your project is worth it for your audience to invest/buy. Because as we can see, the buying/spending power is quite strong in the market; it’s just about how you have developed these spaces and what all do you provide a homebuyer with.