The pandemic has touched on many sectors of businesses, including the real estate business. Over the last 12-15 months, an interesting new pattern has emerged where home buyers are now increasingly preferring to buy homes in the city’s peripheral areas.
Developers are also more focused on the city’s peripheral areas to ensure supply and demand balance. According to data from an Anarock research on 7 major property markets, about 58% of the 149,000 homes launched in the year 2020/21 are in peripheral areas. Of the 229,000 homes launched in 2018/19, around 51% were in peripheral areas and the subsequent year 2019/20, about 53% of the total 207,000 new units. Though this growing trend has been rising over the last 2 years, the pandemic has interestingly accelerated the trend.
According to Anuj Puri, Chairman, Anarock Property Consultants, “Home preferences have changed perceptively post-pandemic. The previous walk-to-work concept no longer leads home buying decisions. Instead, bigger and more affordable properties in greener, less polluted areas have found favor – driven by work-from-home and e-schooling compulsions, as well as safety concerns’.
Developers have also adjusted to this new trend with more launches happening in cities’ peripheral in recent times. Among the top cities, Pune saw the highest launches in peripheral areas, leading with 76% of it’s 29,950 units launched in 2020/21. According to Ashok Chhaje, chairman of Arihanth Superstructures which focuses on affordable housing, there is also an increasing buyer preference for gated communities. They sold 260 apartments during the COVID-19 pandemic, out of which 106 units were interestingly sold through soft digital launches of its projects.
India’s leader in IT and tech industry city Bangalore, has also witnessed a real estate boom, especially in the suburban areas of the city. With excellent infrastructure and connecting roads, metro rail and highways, northern Bangalore has emerged as the most-preferred destination for real estate investment. Close proximity to the airport and top IT giants, areas like Devanahalli are the hottest residential real estate destination.
For those on the lookout, the luxurious ‘Under the Sun’ villas located within a lush fruiting orchard in Devanahalli offer great residential options. These green and serene homes are within easy access of the best facilities and infrastructure too.