With Covid-19 influencing many of us to make several life-changing decisions, home-buyers’ inclination towards purchasing spacious homes is affecting the demand pattern in the real estate market.
Here’s why the real estate market for larger houses is booming in Bengaluru.
Homes doubling-up as offices
With the onset of the pandemic, many city residents have realised the importance of owning a house and with social distancing and WFH becoming the norm globally, individuals are planning to move into bigger homes to accommodate their home-office needs, and to ensure adequate space and comfortable living.
Spiked queries for bigger homes
Property builders and real estate brokers in Bengaluru have noticed a clear change in buying patterns as residents enquire for ready-to-move-in homes that have more space and ones that are bigger. Although the rise for larger homes, priced at INR 81 lakhs and above, has increased, the demand has dipped low in the priority list as home-buyers are now more interested in buying homes with adequate space.
Increase in demand for spacious homes
Experts have noticed an 80% rise in demand from serious home-buyers for spacious 2 and 3 BHK homes in the last 2 months, and with companies moving to a WFH set-up in the foreseeable future, home-buyers are inclined towards buying spacious homes to suit their current needs. However, experts also feel that this trend will continue for the next 12-18 months until the ready-to-move-in inventory is gradually exhausted. RERA’s decision to provide a six months extension for completion of existing projects should reduce the supply for bigger and ready-to-move-in homes.
Drop-in construction of new houses in Bengaluru
Research states that no new launches have been announced since the nationwide lockdown that was imposed from the last week of March, due to which Bengaluru is facing a limited supply of large apartments or ready-to-move-in homes. Moreover, fresh completions are also unlikely to hit the market due to high input costs and reduced labour.
Although the Real Estate sector has taken a hit, the Bengaluru market is witnessing an increased interest in larger space that can accommodate a dedicated study/office space and many buyers have shown an inclination for spacious units.
Bhuvi by Amsha comes with spacious apartments that will effectively complement the requirements of homebuyers. In addition to that, homebuyers can also benefit from state-of-the-art amenities that are well thought out and implemented to suit the most demanding needs of a large family. Get in touch with us to know more.