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In an interesting trend in the real estate sector in India, the sale of large homes witnessed a rise of 19% between January and March, 2021. Large-sized homes mainly include 3BHK apartments, and larger units. Figures show that during the first quarter of 2021, India witnessed the sale of 30,169 residential units under this category. The same quarter last year witnessed the sale of 25,307 homes of large size.
The trend also reveals that a significant part of India’s working population is looking for larger homes. Besides, many people are working from home, as suggested by the state and central governments to cope with the pandemic. Besides, the launch and supply of housing units witnessed a drop by 30% during this period, with 20,848 units under this category. During the same period in 2020, India witnessed the launch of 29,836 units. This indicates that the developers are either resizing their home offerings, or focussing on inventory clearance.
Some of the metro cities, such as Mumbai Metropolitan Region, Hyderabad, Chennai, Pune, Bengaluru and the NCR are where the home sales in the first quarter of 2021 were more than the same period in 2020. However, the figures in Kolkata were negative during the same span of time. Experts reveal that this trend of purchasing larger homes would continue for quite some time, before the entire Indian population is vaccinated. Besides, a third wave of the pandemic is likely to hit the nation. This is why more homeowners are looking for larger apartments, where they can enjoy the provision for work from home. Experts also believe that India may have left the worst times of the pandemic behind, and the Real Estate industry would recover from the shock.
Industry stakeholders from one of the reputed real estate groups stated that the new normal encompasses the work -from-home culture. Besides, the demand for larger homes has been rising, as employees try to adjust to lifestyle changes while working from home. It was during the lockdown of 2020 that employees started looking for larger homes to make room for office space. Even children need additional spaces to attend online classes, which underlines the necessity of a dedicated space. Evidently, the demand for larger homes would dominate the Indian real estate industry in the coming months as well.
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