In what seems to be just a beginning of a new buying trend, buyers are getting inclined towards bigger homes. According to a recent study, prospective home buyers in some major cities are looking for bigger flats at an affordable price.
The study has concluded that the average unit size demanded across the major cities has increased by 4 percent to 1,300 sq. ft in the last one year. The cities in the study include Mumbai, Kolkata, Chennai, Delhi, Bangalore, Hyderabad, Noida, Gurugram, Greater Noida, and Pune. The research, done by Housing.com and Makaan.com, definitely rings an alert bell for the developers and sellers alike.
“With increased aspirations and changing lifestyles, most prospective homebuyers in India want bigger and better homes… Indians are looking for homes that are 1,300 sq. Ft, up by 4 percent in January-March 2018 in comparison to January-March 2017,” Financial Express quoted the report.
According to the study, Hyderabad is seeing the most surge in the demand of bigger homes followed by Gurugram and Bengaluru. While the average size demanded by Gurugram buyers is 1,600 sq ft, homes as big as 1,322 sq ft are in demand in Greater Noida, while Noida buyers are also demanding homes as big as 1,319 sq ft.
Although Delhi has seen a growth of 1.5 percent over last year, but the average size of a unit demanded remains under 1,000 sq ft at around 900 sq ft.
The report also stated that developers in some of these cities are already addressing the buyer’s demand. While Bengaluru’s average house size of residential projects are now in the range of 1,428 sq ft., developers in Chennai have also tweaked their strategy to build bigger homes.
In simpler words, buyers now are looking for bigger homes as well as affordability. The trend can be attributed to the rise of salaried and educated next-generation home buyers. Quite obviously, the real estate companies as well as the brokers need to rise to this new buying trend and be ready to change their approach and adopt smarter strategies to tap this opportunity.