This COVID-19 has drastically changed the era of the real estate market as it is changing the homebuyers’ preferences in terms of purchasing the homes to accommodate new market realities. Many future homebuyers and even the millennial are transforming their mind-set for buying bigger and better homes even if they are located in peripheral areas. These areas offer bigger homes and a better lifestyle – at more affordable prices.
Apart from changing real estate consumer preferences in a strengthening Work from Home environment, purchasing an affordable home is an on-going concern especially to the backdrop of an ailing economy and job loss/uncertainty. The outlying areas are more affordable both from a rental and purchase viewpoint. For this now, more and more developers should settle on a bigger unit size of apartments and make them affordable to attract the millennial homebuyers. The rise of the WFH culture, many may now prefer to live in more spacious and cost-effective homes in less central areas.
Mr. Pradeep Aggarwal, Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development, Founder and Chairman – Signature Global Group said, “Affordable Housing has come out to be as a boon to the millennial homebuyers, they can easily afford the bigger homes of their own without digging a hole in their pockets and experience a better lifestyle. Even in affordable segment people are looking to shift to 3 BHK houses, this is the most prominent new residential real estate trend of the COVID-19 era.