The pandemic has essentially transformed the world as we know it. Nowadays, people are thinking from different angles and living differently. Be it a home or just a water bottle, consumers across the world are buying everything through a new lens. A pandemic has changed the home buying trends in India as the appetite for residential properties has grown with people shifting under subsequent houses. Especially people living in crowded cities like Mumbai or Bangalore have started to seek spacious houses for the purpose of health and hygiene. Scroll down below to see how did covid impact the housing market!
India’s Residential Real Estate Market after COVID-19
Along with the reasonings, below we have drafted a true picture of the residential real estate market India after COVID-19.
- Demand for better and bigger houses
COVID impact on real estate 2022 has come as a drastic demand for bigger houses even in the suburbs or nearby hilly areas of metro cities such as Karjat or Borivali near Mumbai or anywhere in the country. The reason behind this is that people have adopted digital technology due to working from home or online studies, so they now require separate rooms to continue their work. As per several online search trends, the demand for compliant room configurations like 1.5 BHK has been raised by 54% post-Covid as compared to 1 BHK pre-Covid.
- Buying A House Out of the City
Considering the high capital values, the shortfall of open spaces, and high density throughout the cities, people started to move out of the city to afford better lifestyles and bigger houses. The importance of wellness, hygiene, and health has also moved homebuyers in the direction of peripherals. People started purchasing houses on the outskirts to enjoy open green spaces and fresh air. Also, people nowadays feel the need for a second home in the environs to connect with nature to break their hectic and mundane day-to-day routines.
The Residential Real Estate Future After COVID
- One of the real estate market’s future determining factors post-COVID is the market’s affordability. Reportedly, in India’s leading housing markets—Mumbai, Bengaluru, and Delhi NCR—the ratio of the household income EMIs has declined significantly in the years post-Covid, which has increased the purchase of residential properties.
- The pandemic has taught everyone a lesson about the importance of owning a home in hard times. For this reason, homeownership has encountered multiple changes during COVID-19 as the pandemic has changed the mindset of people, specifically millennials, who now prefer to own a home on their own instead of just renting a luxe apartment.
- Post-Covid, there’s an acute change in the preferences of people as they’ve started aligning their priorities with the traditional ideology of “Roti-Kapda-Makaan”. So that’s how the pandemic has brought about a change in home-buying trends in India.
- The residential real estate future after COVID is now marked with health and wellness aspects as people are preferring societies with ample open green spaces, gated communities, a choice of recreational activities, and the best connectivity to the city. These smart communities with enhanced safety are what people are now seeking after Covid.
The above-detailed are the key factors that have led to new home buying trends in India, especially in metropolitan cities like Mumbai, Delhi, and Bengaluru. So, if you want to make the right decision to balance your health and wealth, you’ve come to the right place because Indextap now allows you to find your ideal accommodation. For more exciting analyses and details on real estate, visit IndexTap.
