Changing Homebuyer Preferences: Increase in Demand for Spacious Apartments in India’s Metro CitiesAfter the Covid-19 pandemic, the way we work has changed significantly. Remote work has become more prevalent than ever, leading to a rise in demand for more spacious apartments in major metro cities in India.
The primary reason for this surge in demand is the need for additional space to create a dedicated workspace at home. With employees spending more time working from home, a dedicated workspace has become necessary. Consequently, families search for larger homes to accommodate their workspace needs without compromising overall living space.
As per industry experts, the demand for affordable 2 BHK apartments is still high, but the trend for 3 BHK and 4 BHK apartments is upward.
Although there has been a rise in demand for home mortgage loans, the Reserve Bank of India (RBI) hiked the repo rate, accordingly Scheduled Commercial banks hiked home loan interest rates. Despite this increase, the interest rate of 9.15% to 11% remains within the means of the growing population of affluent young and upper-middle-class Indians with high incomes.
The demand for spacious 3BHK apartments in Ahmedabad has soared by a massive 18%, according to NoBroker, with Seventh Group, a prominent real estate developer, also observing the same trend. It’s a testament to the thriving economic activities that have given people greater purchasing power, allowing them to seek a higher quality of life. With more individuals now looking to invest in large and more luxurious apartments, they can experience improved living conditions with plenty of amenities at their disposal. The low-interest rates on home loans have made it even more accessible for homebuyers to turn their dream of living in a spacious abode into a reality. This surge in demand for spacious apartments indicates a bright future for Ahmedabad’s real estate market.
In response to this increased demand, Seventh Group has launched a dedicated project called “LIVE IN THE RICH COMMUNITY” for people looking for only 3 BHK and 4 BHK premium apartments in Jagatpur, Ahmedabad. The project is earthquake-resistant due to the RCC structure design and offers amenities such as a library, jogging track, gym, 24X7 security, and more. Seventh Group has launched luxury 3 BHK apartments at Seventh Orchid on Jagatpur Road and premium 4 BHK apartments at Stark Torre on Science City Road in Ahmedabad.
However, the changing demand scenario also poses several challenges for real estate developers like Seventh Group. The biggest challenge is to make these apartments affordable for a larger population while still providing premium amenities. Seventh Group is working towards finding innovative solutions to address this challenge and ensure that more people can benefit from the changing demand for spacious apartments.
The future of India’s real estate market is brimming with immense possibilities. It’s expected to witness a phenomenal Compound Annual Growth Rate (CAGR) of 19.5% and could potentially reach a staggering $1 trillion by FY30. It is fantastic news for real estate developers who can seize this opportunity to make their mark in the industry.
As the market expands rapidly, it opens up a new world of possibilities and growth prospects. The sky’s the limit for those willing to take the leap and explore the boundless opportunities in the Indian real estate market.
In conclusion, the hybrid work culture has changed the preference of home buyers towards large and more spacious apartments. The Seventh Group and other real estate developers are working to meet this new demand by building more spacious apartments.
Despite the challenges, the future of real estate in India looks bright, with increasing industrial activities, rising income, and urbanization driving growth.