Driven by altering purchaser preferences within the wake of pandemic-induced challenges, each unbiased properties and unbiased flooring are seeing a surge in demand, significantly in cities the place the supply of land shouldn’t be a limiting issue.
According to a latest Square Yards report, unbiased properties are as soon as once more in vogue with a 27% share of the entire property searches throughout the highest six cities. Southern cities, specifically Hyderabad and Bengaluru, lead the searches with about 42% demand every for unbiased properties within the cities through the Jan-Mar 2022 quarter.
Similar is the case with unbiased flooring. For occasion, Gurugram and Faridabad — Haryana’s high cities — are seeing a serious housing market development reversal, with unbiased flooring gaining traction put up the pandemic, as per ANAROCK Research.
Santhosh Kumar, Vice Chairman, ANAROCK Group, says, “Gurugram saw a significant change in housing demand trends after the second wave, and independent floors became very popular. Developers have been responding to this demand and have been launching this product with a lot of enthusiasm.”
Last 12 months, unbiased flooring accounted for over a 40% of the entire housing provide in Gurugram and Faridabad. This typology shouldn’t be new in these two cities, and there was demand even earlier than the Covid-19 pandemic.
“However, the desire for safer independent living after this health crisis has boosted demand for independent floors. Also, the Haryana government’s Deen Dayal Jan Awas Yojna scheme permits developers to build and individually sell up to four floors of independent flats. This configuration has, therefore, become popular with players who have sufficient land, and they are now looking to get the right licenses required to develop independent floor properties,” provides Kumar.
Another issue that makes unbiased flooring engaging to builders is the truth that they’ve a a lot quicker turnaround time than high-rises. The possession time can also be quicker, so unbiased flooring may be monetised shortly.
Developers say given the altering demographics of massive metro cities, the actual property markets have additionally seen variable shifts in consumers’ preferences in favour of 1 or different asset courses. Similarly, the service class inhabitants, which is constantly rising in main areas just like the NCR, is selecting to put money into Independent Floors and Low-Density Living. No surprise, gross sales of unbiased flooring and low-rise residences have witnessed a two-fold improve in latest months and their demand is at an all-time excessive.
Independent flooring are mainly single residential models on every ground, largely in low-rise residences inside the precincts of a gated, safe society. The spacious designs and assurance of maximised privateness ranges have attracted the service-class gentry to the unbiased ground format homes.
Nayan Raheja, Director, Raheja Developers, says, “Independent floors provide a sense of discretionary isolation, privacy, large space occupancy, and the luxury to build a quality life. There is a prevalent attitude among buyers today to escape the city noise and commotion and live a peaceful lifestyle, which is evidently possible in independent floor apartments. It is seen as an affordable and value-based investment that does not cost an arm and a leg.”
Pushpender Singh, Managing Director, JMS Group, observes, “Post-pandemic, independent floors reported an enormous increase in customer demand. Sales have gone up, most of them from the service class people. Independent floors have become a top-choice investment for those who want a comfortable, luxurious living as they are bigger in size, whether it’s bedrooms, halls, kitchens, or balconies. It promotes a choice of voluntary intermingling, and at the same time, people do not need to compromise their privacy.”
The propensity of consumers to put money into unbiased flooring has extra prone to do with a tilt towards low-density residing. Post-Covid, individuals select to stay in low-rise buildings with a lesser inhabitants coiled with higher facilities.
Vikas Garg, Deputy Managing Director, MRG World, says, “Investments in independent floors is tantamount to a serene, peaceful living with roomy spaces to lead a great family life. It has been at the top of the radar for both joint and nuclear families looking for permanent settlement in any part of the NCR region. It is affordable, unlike other assets, the prices of which have shot up since the last few months.”
Harpal Singh Chawla, Director, Spaze Group, says, “The remarkable sales figures of independent floors show the increasing financial sustainability and competence of the service class population. There has been an immense growth in the economic prudence and asset investments of the service class people, especially in the NCR region. Independent floors are a naturally-preferable option for nuclear families with kids who want a larger space to build a home and live over there.”
The predilection of the service class individuals in direction of unbiased flooring will also be attributed to the plethora of luxurious facilities offered akin to high-end safe options, EV stations, 24/7 water & energy provide, premium clubhouse, Amphitheatre, swimming pool and a spread of economic and retail retailers inside the gated group.
Ansh Batra, Director, Buniyad Group, says, “Independent floors are much sought-after property in the sphere of realty today. While on the demand side it is driven by a desire for an independent lifestyle as well as an increase in income, on the supply side, it has much to do with developers offering hassle-free ‘see-select-pay-and-move-in’ options. Combined together, both these factors have significantly contributed to this upsurge, especially after the pandemic, making independent floors one of the top-selling assets in the residential markets. Even the service class people have not been left unaffected by this trend, and they are turning out to be its takers especially in the outer regions of Delhi and NCR.”
Another outstanding factor about unbiased flooring being that beforehand, it was largely native builders who constructed unbiased flooring, however now even branded builders akin to DLF Ltd, M3M, Trehan, Signature Global, BPTP and Raheja are energetic on this phase.
Source: www.financialexpress.com”