Pandemic leaves imprint on home buying

After two years and three waves, the pandemic appears to be on the wane. But developers believe it'll leave its impress in home-buyers' minds for several times more, leading to advanced demand for larger homes than was previous to the pandemic. While the largest pie of home deals comprised two-bedroom homes the pandemic saw the home buyers willing to invest further to buy bigger homes. Accordingly, demand for three bedroom homes excelled that of two-bedroom apartments in 2020. In 2021, demand for three-bedroom apartments increased further. 

The lockdown from March 2000 that forced people to stay confined in their homes for months and work and study out of there led to a demand for bigger apartments with a spare room that could act as a virtual office or classroom, depending on the demand at the time of the day. Also, people understood the value of balconies that provided a safe connection with the world outdoors. The Covid and lockdown has been such a jolt that people will not forget it in a hurry. The pandemic made many realise the value of home. Prospective buyers are still willing to invest the fresh amount on a bigger house and secure their future.  

While the share of 2BHK units that was nearly 48 in 2019 has declined to 40 in 2021, that of 3BHK units has gone up from 44 to 54 during this period. While the pie of 4BHK units remains small, sources said the numbers have actually gone up more than two- times from just below 2 to4.7. 

And home-buyers are willing to spend that much further for larger units. Apartments in the Rs 51 lakh to Rs1.5 crore type have all witnessed an increase in demand with those in the Rs 51-60 lakh going up from lower than 8 to 17. 

By LNN (Liyaans News Network)