new Delhi. Due to Coronavirus Pandemic, the demand for large size homes has increased rapidly. This has changed with the introduction of social distancing and work from home culture. According to the report by Anorak, inquiries for 3 BHK and 4 BHK flats in Noida, Bengaluru, Gurgaon, Hyderabad and Kolkata have gained momentum. Homebuyers in these areas are now looking to buy larger homes. At the same time, looking at the trend of the overall property market in the country, the demand for 2 and 3 BHK flats is the highest.
Real Home Buyers Increased
According to the report, in the lockdown, the questioning of the house-holders by the lax has reached 50 per cent earlier than the Corona period. In Noida and Ghaziabad, real house buyers inquiries have increased by 40 per cent. Noida has the highest demand for flats ranging from 50 lakh to 1.2 crores to 1500 to 2500 square feet. At the same time, in Ghaziabad, it is up to 80 lakh rupees. Talking about Gurugram, the demand for a flat worth 75 lakh to 1.25 crore is the highest here. Demand for property is also increasing rapidly in Jaipur, Bhopal, Patna and Ranchi, which are included in Tier-II cities including Delhi-NCR.
Demand for large flat increased from work from home
Rakesh Yadav, CMD, Space India, said that in the midst of the Corona crisis, the house itself has taken the form of an office. This trend will not end in the coming time. Along with this, due to social distancing, people are trying to get out of the crowd and take home in open space. Due to this, the demand for large size flats has increased. He said that after the relaxation of the lockdown, the number of large size flat buyers and queries has increased. Homebuyers are looking to buy a bigger house by increasing their budget. These are also good signs for real estate.
Expected to return to the track in the festive season
Rishi Singh, director of real estate consultant company Induma Group, said that now people are learning to live with coronavirus. In such a situation, the real estate sector can get a boost in the festive season. Sales have declined in the last few months due to Corona but bad times do not last forever. There are indications that the real estate sector will see a big jump in sales during the festive season.
Demand will come from Tier Two and Three Cities
Property experts say the impact of the Corona epidemic has been less in Tier Two and Three cities than in Metro City. This will increase demand in these cities rapidly. Along with this, several steps have been taken by the government and industry to increase demand. On the other hand, with prices stable, the demand for affordable homes will certainly increase. Also, cheap home loans and subsidy available under the Pradhan Mantri Awas Yojana will also increase the demand for affordable homes.