Increase In Sales Of Expensive Homes
Demand for new homes decreased demand for cheap homes.
There has been a huge increase in the demand for expensive homes.
In 2020, 40 percent of the houses were made of the affordable category.
The number dropped to 20 percent in the first quarter.
The demand for 4 BHK flats has increased rapidly in the pandemic.
Luxury homes worth Rs 4000 crore have been sold in Mumbai alone.
There is also a demand for houses worth Rs 50 crore.
New Delhi. The corona pandemic has reduced the option of affordable homes (below 40 lakhs) for home buyers. According to the report of Anarock Property Consultants, there has been a record sale of expensive homes. The overall supply of new homes in the property market has resulted in a decline in the supply of affordable homes.
The share of affordable homes in the total new launches till the beginning of the year 2020 was 40 percent, which has come down to 20 percent during the first quarter (April-June, 2021) of the current financial year i.e. in 2020 if 100 new homes were being built. So, 40 houses were of affordable category in it. At the same time, it has come down to 20 by the first quarter of the current financial year.
Difficult to make affordable project
There has been a sudden boom in most of the raw materials used in real estate since Corona. This has made it difficult for real estate developers to build affordable projects. This has prevented developers from launching affordable projects, which has reduced the supply of affordable homes.
Huge increase in the demand for expensive homes
There has been a record sale of expensive houses between Corona. In the first half alone, luxury homes worth Rs 4000 crore were sold in Mumbai. In Mumbai, the share of houses costing 15-20 crores was 45 percent, 20-30 crores was 40 percent, 30-50 crores had 105 percent and houses above 50 crores had a share of 7 percent.
Change from work from home culture
The demand for homes has increased rapidly in the era of Corona, but the trend of buyers is now towards large size houses. Such a change has happened with the work from home culture. After Corona, the house itself has become an office, so people are thinking of buying a big house, understanding their need.
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