Working professionals would always prefer buying or renting a house near their workplace, but covid-19 and the new work-from-home culture have changed it all. This new normal has increased residential demand in the suburbs as well as the prime cities. Areas that were not previously considered by working professionals are now in great demand.
Potential home buyers now have started to look for homes in areas other than the ones located near their workplaces. According to various reports, the resurgence in residential demands has led to a 5 % increase in prices across various cities. The main eight cities that have seen a rise in real estate prices are Mumbai, Delhi-NCR, Chennai, Kolkata, Bengaluru, Hyderabad, Pune and Ahmedabad.
Delhi -NCR has seen the highest rise in residential prices rising by 10 per cent in the first half of 2022. Increased bank rates along with an increase in input costs are reasons observed for the property price hike. Officials have also said that prices are likely to be range bound, and with discounted EMI schemes, there can be early signs of developers absorbing the impact of increasing interest rates.
The housing prices in Ahmedabad have been the highest in the past 3 years. The Gandhinagar suburb has seen the highest rise.
In Bangaluru, localities which are now gaining greater interest from homebuyers, are Horamavu, Yelahanka, RT Nagar and Hebbal. These areas are not located near major IT hubs but The prices in areas that are not strategically located around IT hubs are more affordable and living conditions are better as they experience less traffic.
Similarly in Chennai, where the popular areas were Velachery, Madipakkam, Pallikaranai, Porur, and Choolaimedu. The demands have now shifted to areas like Ambattur, Perambur, Kolathur, Mylapore and Valasaravakkam and their rates have also increased tremendously since demand is more.
Even in the national capital, Delhi, the demands and rates of properties have changed. Pre-covid the working class would prefer to stay in the Gurgaon area, but now the demands and rates have risen in areas like Rohini, Dwarka, Okhla, and Indirapuram.
The new normal- work from home has also resulted in Kolkata southwest and Howrah, seeing a sudden rise in real estate prices with 13 per cent.
The areas in these cities which never had residential colonies, now have new buildings being made up and also people are preferring to take houses in these areas as most people work from home or have flexible working options, no longer bother about the distance from their house and workplace.
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