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Need for space propels demand for layouts in suburbs, Real Estate News, ET RealEstate

Need for space propels demand for layouts in suburbs, Real Estate News, ET RealEstate
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BENGALURU: The pandemic has impacted the way we buy a home. It has also caused us to look seriously at physical distancing, healthy living and growing our chemical-free food. This brings forward the shift towards owning land away from congested urban clusters and residing in a spacious farm or country home.

Need for space

In Bengaluru, people earlier looked at weekend getaways and short holidays at nearby resorts dotting the outskirts in the north, south and west zones of the city to take a break from city life. Thereafter, citizens gradually began to buy farms and holiday homes. Senior homes steadily mushroomed as the younger generation explored careers abroad and sought to leave their parents in secure environs of these assisted living spaces.

Larger apartments available for lesser the cost than those in prime neighbourhoods are being lapped up by earnest first-time home-buyers. This need for space has seen a dynamic transition over the last few years alone. In the wake of the pandemic, however, this trend of seeking land and constructing a house has gained traction.

“Covid-19 has altered home-buyers’ preferences and their housing requirements due to which we are likely to witness trends such as demand for larger and functional homes, townships, plotted developments, weekend homes, and farmhouses. Also, one has to remember that the market is now driven by end-users only and so product offerings must be appropriately planned,” shares Anuj Puri, chairman, Anarock Group.

Get the plot

A FICCI-ANAROCK Indian Housing Sector joint report released earlier this year underlines the rise in demand for plotted developments. The report mentions that self-owned homes (villas or row houses) provide better social distancing compared to apartments. As a result, demand for plotted developments is on a rise.

With smaller plots in the range of 1,500 to 2000 sq ft now being offered within secure gated premises, there is higher demand for such projects. Besides, with many professionals working from home, one can work from anywhere and need not stay within city limits.

Shantanu Mazumder, senior branch director – Bengaluru at Knight Frank India, says, “Plotted development in peripheral locations of Bengaluru is now picking up pace. Of late, more established developers who conventionally concentrated on apartments, are emerging in this segment. Post-pandemic, customers are also looking out for non-city centric locations, which have good connectivity to the city.”

Locations in focus

Rahul Pai, co-founder and MD, Property Angel, a property management firm, gives a bird’s eye view of the locations in demand. “Hosur Road’s proximity to Electronics City’s Phase I and II and the industrial areas of Bommanahalli, Jigani and Attibele, including Metro rail connectivity has seen land rates maintain a steady climb of eight-10 per cent per annum.

Mysore Road, with the Metro rail and NICE Road connectivity, and road widening for the proposed Mysore Expressway, will contribute to land rates seeing appreciation of a minimum of 10 per cent per annum once the pandemic subsides. Metro connectivity has given the Peenya-Dasarahalli stretch a fillip for sure and land rates have risen by 20-30 per cent since it became operational,” he explains.

Source – Times Property


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