Need for larger homes has in turn pushed demand towards the suburbs where these options are more affordable
The pandemic has changed expectations of homebuyers as many are working from home and preferring bigger houses with an extra room, real estate broking firm Square Yards said in a report.
“Larger residences are in demand more than ever with nearly 70% of the online searches on Square Yards inclined towards larger housing units. As per our data, we have seen more than 40% rise in demand for three and four BHK units in H2, 2020 as compared to H1, 2020," the report said.
People are preferring houses with a separate room which can be used while working from home. “A prominent trend that has emerged post covid is the need for an added room such as a study or home office. A study room that can be used as home office has become a must have for 48% of the home buyers post-covid," it said.
Square Yards' sales figures showed 46% of the total properties sold offered an added room.
As affordability may be an issue, people are even open to shifting to suburbs. “Need for larger homes has in turn pushed the housing demand towards the suburbs where these options are more affordable. Unlike, pre-COVID times when people preferred staying near the city centre, work-from-home has now pushed up housing demand in the suburbs. Suburban localities across top cities such as Mumbai, Pune, Hyderabad and Bangalore witnessed a growth in capital values owing to this demand," added the report.