Covid -19 Boosts Demand For Bigger Homes
Covid -19 has boosted the demand for Bigger Homes amid Increasing sizes of 1-2 BHK Properties: CREDAI MCHI – CRE Matrix Report
By Varun Singh
Covid -19 has led to a boost in demand for bigger homes. Work From Home trend is compelling homebuyers to seek bigger flats with an extra 50-80 sq ft.
In the last 1 year, owing to new work from home trend amid the COVID-19 led pandemic, homebuyers are now seeking bigger 1-2 BHK units to accommodate the ‘new normal’ practices requiring more space at residential properties.
The average size of flats now being built by developers has also increased to 542 square feet, signaling the flexibility of developers to cater to the demands of homebuyers during an unprecedented era.
CREDAI MCHI, in association with its Knowledge Partner CRE Matrix, recently unveiled the ‘MMR Home Size Report’, tracing the most pertinent homebuying trends of MMR residential real estate transactions in the last 6 years, including the post Covid -19 era.
Divided into the most important housing markets in MMR, the key takeaways from the report are as follows;
- In South Mumbai, Units sized between 630-1150 account for 47% of homes booked in the last 6 years, with 3-3.5 BHK ranging between 801- 980 sq feet garnering maximum demand
- In Central Suburbs, Units sized between 385–750 sq ft account for 54% of homes booked in the last 6 years, with 3-3.5 BHK ranging between 1087- 1170 sq feet garnering maximum demand
- Similarly, in eastern and western suburbs, demand for 2/2.5 BHKs between 420-880 sq feet witnessed the highest demand
- In Navi Mumbai, 2/2.5 BHKs between 340 – 640 sq feet have been the most sought after, accounting for 74% of the total housing demand in the region in the last 6 years
Deepak Goradia, President, CREDAI MCHI, said “What we’ve primarily discovered through the comprehensive report is that while small housing units still see maximum demand from homebuyers, developers have been flexible enough to increase the carpet area of the newly constructed flats in the past year or so to ensure that homebuyers are able to accommodate the ‘work from home’ adopted model more seamlessly in bigger homes. Hence, we’ve witnessed sizes of 1-2 BHKs expand while 3-4 BHKs become slightly more compact, signaling the changing trend in MMR Real Estate.”