Sale of large-sized homes in Jan-Mar rise in India: PropEquity

New Delhi, June 2
Sale of large sized housing units (3 BHK and above) rose by 19 per cent across top seven cities in India in the first quarter of 2021 to 30,169 units, according to data from PropEquity.

During the same period last year a total of 25,307 large sized units were sold.

The PropEquity report noted that many of the working population in India are now looking to get larger homes as 'work from home' (WFH) is still a recommended suggestion by the central and state governments to follow for corporates.

The new supply or launches of housing units decreased by 30 per cent in the same period to 20,848 in Q1 2021 units from Q1 2020 at 29,836 units as developers were clearing earlier stock and resizing home offerings.

Bengaluru, Chennai, Hyderabad, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune are the cities where home sales witnessed a growth in Q1 2021 versus Q1 2020 at 10 per cent, 43 per cent, 14 per cent, 54 per cent, 13 per cent and 34 per cent respectively.

Only Kolkata witnessed a downfall of 12 per cent in home sales during the same period.

"This trend of looking to buy larger homes will continue in India as complete vaccination of the eligible Indian population is still some time away. There is also expectation of the third COVID wave, which effectively means that WFH is here to stay. We believe the the worst in terms of the latest COVID wave is behind us and normal real estate transaction will bounce back in a gradual manner," Samir Jasuja, founder and managing director at PropEquity said.

Ankush Kaul, President (Sales & Marketing), Ambience Group: "Work from home culture is a new normal and also, it has added demand for larger homes. Post Covid and the first lockdown last year, people wanted larger homes as even schooling for their children from home needed a dedicated space along with working space for the parents.

Many of the queries that received for several months now are for larger sized units, or to setup one room as home office, Kaul said, adding that this trend is likely to continue in 2021 as well.