Homebuyers Shifting to Suburbs as WFH is Here to Stay!

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Mohit Gupta, VP – Sales, Piramal Realty What is the present home buying trend? Homebuyers today are looking for spacious homes to create a convenient office space for work from home and thus, are beginning to move to peripheral areas. Many companies, these days, are allowing work from home (WFH), and this has resulted in many people looking for expansive houses. According to reports by a real estate portal and self-regulatory body National Real Estate Development Council (Naredco), the consumer sentiments indicated that over 40% of buyers are looking to upgrade their homes and looking for amenities that allow them to work from home, conveniently. These upcoming factors and trends are making real estate developers, and home designers take a note and incorporate the following aspects to drive demand. Are customers looking for space and upgrade in lifestyle? Currently, space has become a significant concern for working-class couples as they are looking for houses that can accommodate workstations along with a study room for kids. As per JLL's Home Buyer Preference Survey 2020, over 90 per cent of the prospective homebuyers surveyed want a study room to enable optimum productivity. Thus, resulting in demand for larger homes than pre-COVID era.] A separate workspace is therefore essential, and many homebuyers are willing to shift to an affordable suburb to live in larger homes. Why suburbs are becoming popular among homebuyers? Mumbai, New Delhi, Bangalore, Hyderabad - these major metros are known for traffic, resulting in homebuyers staying close to their offices trying to save their commute time, often at the cost of their lifestyle-related preferences. All this is gradually changing with homebuyers today, looking to buy apartments in less populated areas that have projects with efficient layouts, irrespective of their distance from their workplace. Is there a Preference for townships? Integrated townships are in huge demand due to various facilities being offered, such as commercial complexes, essential stores located within the society premises. Urban areas are getting increasingly overcrowded and falling short on space for further residential and commercial developments; integrated townships are therefore an ideal solution providing large space and emphasize on creating the ultimate living ecosystem for their residents and workers. The increased adoption of remote working practices, rekindled focus on health and well-being, the unwillingness to travel long distances for work and the desire to stay in an integrated environment are factors that are driving demand for the residential market in the suburbs.