The time spent at home has significantly increased compared to pre-pandemic days, leading to a noticeable shift in the housing market. There is a clear trend where people are no longer compromising on the idea of buying their own homes. Despite the risks, many are eager to move from smaller homes to more spacious ones. Additionally, the desire for homes with separate rooms for isolation or holiday homes to spend quality time with family members has risen. According to a recent survey conducted by JLL-Roof and Floor, demand for the housing segment is expected to see further growth in the coming months.
Key Insights from the Survey:
- Increased Demand for Larger Homes: The survey was conducted among 2,500 home buyers from major cities such as Mumbai, Delhi-NCR, Bengaluru, Chennai, Pune, and Hyderabad. A key observation from the survey is the growing preference for larger homes due to the work-from-home culture and online classes. Buyers are now requesting changes in floor plans, with many asking for additional rooms, including isolation rooms or spaces for work-related activities.
- Focus on Ready-to-Move or Under-Construction Homes: According to the survey, buyers are particularly interested in apartments that are either ready for immediate occupation or under construction by reputed developers. Over 80% of potential buyers plan to make their purchases within the next three months, focusing mainly on homes priced in the Rs 75 lakh category.
- Rise in Demand for 3BHK Flats: The demand for 3BHK flats has surged, particularly in cities like Bengaluru, Chennai, Delhi-NCR, and Hyderabad. Investors in these cities are also looking to buy homes for personal use, reflecting the growing trend of individuals wanting more space.
- Growing Interest in Villas and Plots: The survey also indicates a significant increase in the demand for villas and developed plots, particularly in Bengaluru, Chennai, and Hyderabad. These locations have seen tremendous interest from buyers looking for larger, more private properties.
Real Estate Outlook for Hyderabad:
Siva Krishnan, Managing Director of JLL India (Residential Services), stated that with favorable prices, positive market sentiment, and encouraging government policies, there is a clear indication that real estate prices in Hyderabad will rise in the near future. Developers who had secured land during the pandemic are now ready to launch new projects, which is expected to contribute to a growth in home launches during the second half of the year.
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The housing market in India is witnessing a shift in demand, with more buyers seeking larger, well-equipped homes. The need for space, whether for work-from-home setups, isolation rooms, or leisure activities, is influencing buying decisions. The market is poised for growth, especially in cities like Hyderabad, as developers begin to launch new projects, and buyers remain eager to make investments in their future homes.