~ Independent homes that provide space beyond is the trend, as it is no more about the space within ~
Mumbai has been a vastly dynamic landscape for the residential real estate industry – be it owning a penthouse within a large complex in the heart of the city, to purchasing an apartment in a single building society. 2020, however, has transformed the very perception of a home. With spending months together indoors, the pandemic has altered our lifestyles, and has had a long term effect on a buyer’s purchase decision within the real estate sector.
With a foreseeable future of a prolonged work-from-home culture, buyers are now actively looking for larger properties at affordable prices. According to a recent industry research, 90.2% of the research participants demand homes with decks or balconies, over 80% seek multi-purpose usable spaces and consider open spaces a ‘must have’ in developments. Over 75% were inclined towards integrated, gated developments & consider additional spaces to accommodate full time help an absolute necessity. Owing to this rapidly growing demand, buyers are now willing to move further away from the city center to own properties that fit their needs. For example, some markets like Hyderabad and Bengaluru have witnessed an extensive change in these trends. While Hyderabad sold 100 premium units ranging between Rs. 5 cr to Rs 12 cr including properties on the city outskirts between April – June 2020, Bengaluru real estate market has been receiving increased demand for bigger homes and a renewed interest for villas in gated communities which are considered as safer places to reside in after the pandemic outbreak. In addition to space being the immediate motivation, these influences on the purchasing power are accompanied with a number of benefits.
In a clustered city like Mumbai, larger homes have always enjoyed the outlook of housing members from well-to-do backgrounds. However, the one thing that surpasses all social status in the city of dreams is, owning an independent home/villa. An independent home has more often than not been an ancestral property of the wealthy families of Mumbai. This being said, with the new lifestyle that has birthed the rising demands for more space, home buyers started to look at villas located away from city center as a preferable option since it meets the present-day requisites.
With a significantly low density of population, the peripheries of Mumbai hold the ability to offer spacious villa properties unlike any within the city itself. A home owner in such a property can modify this space as and when they like basis the need of the hour. They can also enjoy the best of both worlds – while situated away from the hustle bustle of the city; they enjoy excellent connectivity, therefore also ensuring a cleaner, healthier lifestyle. The properties also offer an exclusive, spacious, healthy, and secure lifestyle that comes with a gated community. Attracting like-minded families, these properties have a strong sense of community, and therefore provide a wholesome and comfortable living space. These properties can very well also become ancestral lineage, where a part of the family lives and a home to watch the next generations grow up in.
A house goes beyond just four walls. It is a safe space, a place for you to build memories with your loved ones in. Our dream house, more often than not, includes a large bungalow with a lot of greenery, in a secluded, yet inclusive part of the city. However, we always consider buying it “later” or “in the future”. If there is one thing that this pandemic has taught us, it is the importance of a comfortable home for our families to live in, right now. With the real estate sector adapting to these demands, there is no better time to buy your dream house than now.