Demand For Bigger Houses
Real estate saw higher demand for bigger homes in Gurugram after the second wave of covid-19 pandemic.
As the vaccination drive sees a traction across the state, mid-and higher-income groups are likely go for bigger homes with more amenities due to work-from-home trends.
Commenting on this trends, Amarjit Bakshi, CMD, Central Park, said: “Due to the pandemic, people have realized the importance of having larger homes. With work-from-home (WFH) being prevalent, changes in home design are also on the horizon. The demand includes a home office, yoga space. decks offering natural light and ventilation among other things. People are aspiring to live, exercise, and entertain in new ways after the Covid pandemic swept across India and the rest of the world.”
“Even though the pandemic affected almost every industry, real estate, especially luxury properties, saw a surge in demand. Due to the pent up demand, luxury house sales will further rise as the pandemic fades and vaccination programmes are rigorously executed. People are also prepared to look outside of the city limits for larger homes at a better location,” Bakshi says.
A recent Magicbricks study shows that 3BHK and over 3BHK units are the most preferred property types in the city. Prospective buyers are ready to spend more for comfortable and bigger-size housing options.
In Gurugram, there has been a marked increase in the sale of luxury residential wilts in the latter half of last year. after the 1st wave of the pandemic abated, and before the 2nd wave, which took the country by storm in April-May of this year.
People appear to look for houses in secured gated condominiums offering lifestyle amenities. Large complexes where residents can enjoy open interactive spaces with natural light, air, and gardens are gaining preference.
Rajat God, joint managing director of MRG World, says: “In comparison to the first wave, there is more interest in real estate during the second wave. The real estate sector has also taken notes from 2020 and is employing techniques to attract buyers and investors. The most significant development has been the greater use of technology The effective use of the Internet to send relevant messages has provided a fertile atmosphere for the sector to thrive.”
The market continues to see newer trends in the times of the pandemic. As the lockdown is lifted again with some conditions, the real estate sector is expected to come back on track soon. —Ravi Kumar Diwaker, Magicbricks Bureau