Demand for larger space, flexible layout with multifunctional rooms and open areas have become a priority among the home buyers post-pandemic.

The COVID-19 pandemic has brought changes to our daily life. As work from home and e-schooling have become our new normal, the residential space requirement among the consumers has changed. Today, Liases Foras lists down some of the key changes observed on the ground across the residential market. We will further dig deep to assess changes in some of the tier 1 cities.

Changes observed in the general layout:

a. Need for multifunctional spaces/additional 0.5 bedroom for home office, study room, and workout space.

Post pandemic, the purpose of a house has changed, it can no longer be used for a single purpose. The house is now an office, school, and entertainment area at the same time. Since urban homes are compact, they do not facilitate the additional space required for work/study or other activities. Therefore, there is a demand for extra multifunction space or a 0.5 bedroom that could be used as a home office, study room, or workout space.

There is an increase in demand for higher configurations to cater to the additional space requirement. There have been instances where buyers have bought an extra room for home quarantine purposes as well.   

b. Open spaces and balconies

A complete lockdown during the pandemic has made us realize the importance of open spaces, balconies, good ventilation, and sunlight. We have noticed a higher demand for projects that offer sizeable open landscape areas.

In a city like Mumbai, where balconies are a luxury, it is now becoming a necessity for the masses. The balcony space is used for multipurpose activities such as physical activity (gym, yoga, meditation), reading (personal time), family time, and gardening.

External amenities:

Some of the “good to have” amenities have now become an absolute priority. Some of these amenities are listed below-  

Co-working spaces exclusively for the residents have gained prominence in the market. With work from home becoming new normal, these spaces are provided so that the residents can focus on work without any distractions and maintain work and home balance.  

A health clinic for the well-being of the residents within the premises of the gated community is one of the amenities provided by super large developers. Some of the societies have tie-up with nearby hospitals.

In addition to the basic amenities such as a gym, spa, swimming pool, kids’ play area, etc., the outdoor gym has been observed in many new projects.

 Big basket instant/ Kiosk/ Grocery Stores are making a debut in housing societies.

City Level Assessment in Market trends and changes during Covid:

Mumbai: Balconies are making a comeback

In the post-COVID-19 era, good ventilation, open spaces, and wellness have gained ground, balconies in apartments have once again become a focus area in the real estate markets.

Earlier, the balconies were only seen 3BHK and higher configuration or in luxury localities but are now also being provided to the smaller configurations of 1BHK and 2BHK apartments. In the new launches of 2021, projects by prominent developers are offering both configurations with and without balconies. The shift indicated that balconies are no longer a luxury statement but a necessity amongst all the configurations.

Also, read Pandemic has broken a decade-long compression trend in unit size in Greater Mumbai.

Gurgaon and South Delhi: Increased demand for low-density development-independent floors

The demand for low-density development such as independent floors is gaining traction post-pandemic, as people are now looking for low-density development, larger spaces, and a shorter construction cycle. The concept of independent floors in a gated township offers a luxurious lifestyle and is a good blend of privacy and community living.

The independent floors in the new launches are offering a unique product. The four-floor structure comes with a private terrace with a top-floor apartment and a private basement with a ground-floor apartment. The additional space has attracted more consumers.