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Bengaluru’s real estate market has always been a resilient one despite the pandemic. Even though the home buying sentiments were dented in the second quarter due to the second wave of Covid, the sector bounced back by the end of the year.
Healthy home-buying trends visible
Statistics reveal a healthy growth of 16 percent in the number of new residential units launched in Q4, 2021 as compared to the Jan-Mar 2021 quarter, in spite of the looming threat of the Omicron wave, indicating that the sector is well equipped to handle any future contingencies caused by the pandemic. Home-buying sentiments also improved consistently as the year drew to a close. Home buying trends have been evolving ever since the pandemic took over the world. For the past two years sentiments of prospective home buyers have pendulated between the urge to own a home and trying to hold their savings under uncertain economic conditions.
Demand for bigger homes
With improving economic conditions, buyers are gradually gaining back the confidence to invest. This was clearly reflected in the demand trends wherein a clear shift from affordable housing to the middle and upper-middle segments was noted over the years. There has been a consistent growth in demand for a little extra space in the form of an added room, flex rooms, or larger balconies, thanks to the changed working and living circumstances in the Covid era.
For instance, more than 40 percent of the total property searches in 2021 were for 3BHK and larger configurations homes. Further, 35 percent of the online property seekers looked for a home-sized between 1000 and 2000 sq. Ft. in 2021, a considerable shift from the pattern noted in 2020 wherein the share was less than 20%.
This shift also meant the gaining popularity of larger ticket sizes in the post-pandemic era. While mid-segment housing still drives the major demand, it has been extremely pertinent to note that especially in Bengaluru, properties priced above Rs 1 Crore formed 33 percent of total online searches in Q4, 2021 a rise of 6% from Q1, 2021.
The search for larger homes also meant property types other than apartments gaining back in popularity. For instance, consistent Q-o-Q growth was noted in the share of demand for independent homes in 2021. There was a 14% rise recorded in the demand for these in Q4, 2021 over Q1, 2021. The trend was particularly prevalent in the southern cities of Bengaluru and Hyderabad.
Bengaluru towers above all
The city recorded the launch of more than 7,000 new residential units, clearly showing the signs of rising developers’ confidence towards the end of the year. At the same time, this also signified that the residential segment in Bengaluru was relatively less impacted. Throughout 2021, the new supply segment in Bengaluru remained quite promising. The credit for this goes to the home buyers in the IT-dominated market that rendered the city resilient with little residential price change.
Early return to normalcy
According to real estate experts like Manjusrii Manilal, GM and Head of Marketing at HM Constructions https://www.hmconstructions.com/ , construction work across project sites continues to be normal and is unlikely to be hit significantly as realty developers like HM Constructions, based on their experience and learnings from the last two waves of the pandemic, are managing their laborers with medical assistance, accommodation and other services. “All registered construction workers have already received both doses of the vaccines and are back at work with greater enthusiasm. It’s a win-win for both, the workers who are happy to get back into their work mode and are confident about re-skilling to keep with the current construction trends, and we developers who are committed to the timely delivery of our homes to homeowners who have bought their dream homes from us,” she says.
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