In the constantly changing landscape of the real estate sector, a multitude of factors are involved in shaping potential buyers’ home purchasing choices. Although financial incentives unquestionably influence the decision-making process, the type of property and its amenities also significantly impact the preferences of contemporary homebuyers.
In light of changing buyer behaviour and the emergence of new inclinations in the Indian residential market, one trend has become increasingly prominent in recent years: the preference for larger homes.
With shifting socio-economic dynamics in play, the demand for spacious accommodations, particularly apartments with three or more bedrooms (3+BHK), has surged significantly. According to our recent data, search queries for buying apartments with 3+BHK configurations grew a staggering 6 times year-on-year in 2023.
This shift reflects changing lifestyles, aspirations, and the evolving needs of Indian households. Several factors contribute to this growing inclination towards bigger homes in the Indian residential market.
Factors Propelling the Rise in Demand for Larger Homes
With an increase in dual-income households and a rise in the number of working professionals, there is a growing need for dedicated spaces within homes for work-from-home setups. The COVID-19 pandemic has accelerated this trend, with remote work becoming the new norm for many professionals. As a result, homebuyers are seeking properties with extra rooms that can be converted into home offices, study rooms, or recreational spaces.
Another driving force behind the preference for larger homes is the aspiration for a better quality of life.
As incomes rise and lifestyles evolve, homeowners are increasingly seeking homes that offer not just shelter but also comfort, convenience, and luxury. Larger homes provide ample space for customization, allowing homeowners to create personalized living environments that cater to their specific needs and preferences.
Additionally, the growing trend of multigenerational living is influencing buyer preferences towards bigger homes. Many Indian families prefer homes that can accommodate not just immediate family members but also elderly parents or extended family members. This trend is particularly prevalent in metro cities where property prices are high, and space constraints are a significant concern.
New Supply Complementing Shift in Preference
The evolution of the real estate market itself has contributed to the rise in demand for larger homes.
Developers are responding to changing buyer preferences by offering a wide range of housing options with varying sizes and configurations. From spacious apartments in gated communities to luxurious villas and townhouses, buyers now have more choices than ever before.
Furthermore, amenities play a crucial role in shaping buyer preferences in the Indian residential market. Today’s homebuyers are not just looking for a place to live; they are seeking lifestyle destinations that offer a range of amenities and facilities to enhance their quality of life. Projects with larger homes often come with a plethora of amenities such as landscaped gardens, swimming pools, fitness centres, recreational clubs, and community spaces, making them highly attractive to buyers.
However, it’s essential to acknowledge that the preference for larger homes also poses challenges in terms of affordability and sustainability. Larger homes typically come with higher price tags, which may be out of reach for many aspiring homebuyers, especially in tier 1 cities where property prices are considerably steep. Moreover, larger homes consume more resources and energy, raising concerns about environmental sustainability and carbon footprint.
Summing Up
In conclusion, the surge in demand for larger homes in the Indian residential market reflects evolving lifestyles, changing family structures, and shifting socio-economic dynamics. The trend towards “bigger is better” is driven by a desire for spacious living environments, enhanced quality of life, and the need for customization and flexibility. As the real estate market continues to evolve, developers and policymakers must adapt to these changing buyer preferences while also addressing concerns related to affordability and sustainability.
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