Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
Live Now : Nifty Banker 3.0 | India's First Retail Index Traders Online Conference.
Budget 2023
Budget 2023

COVID-19 impact: Demand for 3BHK housing units on the rise

Buyers are largely working couples with children, most currently pursuing the WFH and e-learning options. In many cases, their budgets have not increased - rather, they are willing to settle for peripheral locations

better interiors_35_84516367

better interiors_35_84516367

Larger homes are not just a preference but a necessity in a work-from-home and study from home environment in COVID-19 times. Sales in the 3BHK category have increased due to homebuyers’ preference for larger homes even in peripheral locations.

The sale of 3BHK housing units has increased by 19% on a year-on-year basis, according to data accessed by PropEquity, a real estate data analytics firm. As many as 30,169 3BHK units were sold in the first quarter of 2021 while 25,307 units were sold in the first half of 2020, it said.

Mumbai Metropolitan Region has seen maximum sales of such units at 53% with 2781 3BHK units sold in the first quarter of 2020 and 4272 units sold in the first quarter of 2021. Chennai witnessed a 43% increase with 2387 units sold in Q1 2021 and 1665 units sold in Q12020. NCR saw a 12% increase with 4988 units sold in Q1 2021 and 4433 units sold in Q1 2020. Pune saw a 34% increase in the sale of 3BHK units with 4171 units sold in Q1 2021 and 3107 units sold in Q1 2020, the data said.

As per ANAROCK Research, pre-COVID trends indicated that demand for 2BHKs was the highest ranging between 40-45%, followed by 3BHKs with 25-30% in most of the top cities excluding MMR.