News: Demand spikes for larger houses in Bengaluru-14-07-2020

https://economictimes.indiatimes.com/wealth/real-estate/demand-spikes-for-larger-houses-in-bengaluru/articleshow/76955110.cms

BENGALURU: The pandemic appears to have made the average city resident realize the worth of his home, which is now doubling up as oice.

And since that arrangement is unlikely to change in the foreseeable future, home buyers are looking for bigger units – to ensure adequate space and comfort.

The shift in priorities is evident in the demand pattern. Queries at property builders in Bangalore showed that space and size have pushed utility down the priority rung. Builders and brokers have noticed a spike in queries for ready-to-move larger homes priced between Rs 80 lakhs and Rs 1 crore after the Covid-19 outbreak.

“Around 80% of the demand is for 3 BHK homes from serious home buyers in the past two months,” said Pradeep Joe, chairman, Confederation of Real Estate Associates of India. This trend is likely to continue for the next 12-18 months and is expected to gradually exhaust the ready-to-move inventory. Further extension of six months by RERA for completion of existing projects should dry up the supply of larger – and built – homes.