Hyderabad: It is a known fact that the pandemic has changed the way people buy or rent apartments. The need for extra space at home for multiple reasons has been the driving force for the real estate market in the last two years. Nuclear families are preferring apartments that are 2.5 BHK, 3BHK, or even 4BHK to have an extra room to be used either for office work or to accommodate extended family members.
Hyderabad residential property buyers have also joined this trend wherein many are moving away from compact or penthouse kind of homes to spacious homes with an extra room.
“Once we realised that work from home or even a hybrid model – wherein we will have to alternate between working from office and home – is a reality, we decided to opt for a spacious home. We were staying in a 2BHK apartment before 2020 and then post Covid, our office declared work from home. It was becoming a little difficult for us to have a dedicated office room as both of us are working. So, when we thought of purchasing an apartment, we opted for a 3BHK so that we can have an extra room dedicated for office work,” says Arun Kumar, who recently bought an apartment in Madhapur.
Recent reports by property consultants have also indicated that when compared to the previous year, the demand for 3BHK apartments has significantly gone up. A customer survey by JLL, in association with RoofandFloor, showed that the preference for 3BHK apartments was 25 per cent in the first quarter of 2020 and this has gone up to 37 per cent in the same quarter this year. The preference for 2BHK has fallen from 51 per cent to 39 per cent in the same period, the survey informed.
“The work from home culture has pushed the need for a larger home. Covid-19 has kind of made everyone look for bigger homes with spacious balconies and communities that provide access to open and green spaces. Apartments above 2.5BHK with two different bathrooms have become the need of the hour and with a lower rate of interest many buyers are looking at owning these apartments rather than staying in rented flats,” says G Ram Reddy, national V-P, Credai.
A recent report by DataLabs, PropTiger Research also showed that the demand for 3BHK apartments is at 45 per cent of the overall demand pie and for 4BHK+ apartments, the demand stood at 49 per cent in Hyderabad for the second quarter of 2021.
“While affordable housing will always have its share of buyers, the pandemic has kind of pushed many to stretch their budget to live in larger homes. People want to stay in apartments that have more than 2 bedrooms and this has also increased prices for such properties,” says Kalisetti Naidu, real estate space analyst, Yards and Feet Property Consultants.