Increasing Demand for 3BHK Apartment in Delhi-NCR Post-Pandemic
The landscape of housing preferences in Delhi-National Capital Region (NCR) is undergoing a significant transformation in the wake of the COVID-19 pandemic. The shift in how people work, study, and live has prompted a surge in the demand for larger living spaces. As the work-from-home and study-from-home culture becomes the new norm, homebuyers are now prioritizing additional rooms and more spacious accommodations.
According to insights from PropEquity, a real estate data analytics firm, 3BHK housing units have seen a substantial uptick, constituting 49% of the new supply and 44% of unsold stock in 2022. In contrast, the demand for 2BHKs has dwindled, representing only 12% of the new supply and 36% of unsold stock. This marks a significant departure from the pre-pandemic scenario, where 2BHKs enjoyed the highest demand at 40%-45%, while 3BHKs ranged between 25% and 30%, excluding the Mumbai Metropolitan Region.
The demand landscape has shifted post-COVID-19, with homebuyers now favoring larger homes, particularly 3BHKs. The data reveals that across major cities, the demand for 3BHKs has surged to 30%-35%, compared to the 25%-30% in the pre-pandemic period.
This shift in preference towards larger homes has not only impacted buyer behavior but also influenced the real estate market. Developers and builders are adapting to this growing demand by focusing on high-end residential projects, offering a variety of luxury homes, including spacious villas and high-rise apartments with premium specifications and finishes.
With remote work becoming a prevalent trend, homebuyers are emphasizing the need for dedicated home office spaces, leading to an increased demand for homes with additional rooms. Larger living rooms, bedrooms, and kitchens equipped with features like yoga spaces and decks for natural light and ventilation are also sought after. Outdoor spaces, such as balconies and terraces, have gained popularity as people seek ways to enjoy the outdoors from the comfort of their homes.
The impact of the remote work trend extends beyond urban areas to peripheral locations, including suburbs. These areas are witnessing a surge in demand for more extensive homes offering ample space at affordable prices. Suburbs like Noida and Gurugram, located in Delhi’s outskirts, have experienced an increased demand for 3BHK apartments.
Gurugram, a flourishing suburban area in the NCR, has seen a notable rise in demand for 3 BHK apartment in Gurgaon. The city’s rapid development and increased employment opportunities have attracted families seeking larger homes to accommodate their evolving lifestyles and needs. Connectivity and access to social and retail amenities further contribute to the appeal of sought-after neighborhoods in Gurugram.
Another noteworthy trend is the growing interest in real estate as an asset class. While Indians traditionally preferred alternate asset classes, residential real estate has gained prominence since the pandemic outbreak. Large homes are now considered a valuable investment option, offering tangible assets that can appreciate over time.
Historically, real estate, especially larger properties in prime locations, has delivered favorable returns on investment. Beyond capital appreciation, owning a large property provides the potential for rental income, making it an attractive investment option. Additionally, real estate is perceived as a secure investment during times of economic uncertainty, offering stability and serving as a hedge against inflation amid market volatility and low returns on other investment avenues like stocks and mutual funds.