Covid-19 pandemic brought shift in home-buying trends: Knight Frank

By: |
August 26, 2021 2:15 AM

The survey analysed the impact of Covid-19 on residential buyers' attitudes towards purchasing homes. Around 32% of respondents in the mid-income segment in India were looking to buy a home, the report said. Of these, around 87% respondents were looking to move within the city.

Mumbai and Pune top the charts where people seemed more inclined to move to another city after the pandemic, according to property consultancy Knight Frank.

The appetite for residential property in the mid-income segment is growing, with people looking to move homes in the next 12 months because of the pandemic and subsequent lockdowns.

Mumbai and Pune top the charts where people seemed more inclined to move to another city after the pandemic, according to property consultancy Knight Frank.

Around 14% from the high-end segment in India indicated a desire for relocation. Outdoor space and the need for greater privacy have pushed homebuyers in the global Indian segment to evaluate second home purchases in India, the UK and the US, followed by Singapore, Dubai and Australia, the Knight Frank Global Buyer Survey said.

The survey analysed the impact of Covid-19 on residential buyers’ attitudes towards purchasing homes. Around 32% of respondents in the mid-income segment in India were looking to buy a home, the report said. Of these, around 87% respondents were looking to move within the city.

Around 26% of mainstream Indians had moved their residences within the pandemic period. Another 32% were inclined to move residences in the next 12 months.

The report emphasises that the future of work would play a significant part not only for the commercial sector but also for the residential. Shishir Baijal, CMD, Knight Frank India, said the pandemic has changed the outlook towards ownership of homes across different income strata in India. “Our buyer survey confirms that across the spectrum of Indian homebuyers, 32% showed interest in relocating from their pre-pandemic homes. Healthcare and proximity to workplace have started playing an important role. Energy-efficient homes are also gaining traction,” Baijal said.

Rajani Sinha, chief economist and national director – research, Knight Frank India, said homebuyers’ preferences had been influenced by the pandemic-related changes and they have induced the need to upgrade homes. While features such as good air quality, proximity to green areas and access to good healthcare have become more important, factors such as being within walking distance to a public transport hub have slid down in the order of ranking for the global Indian segment, Sinha said.

Residents of cities like Ahmedabad, Bengaluru, Pune, Hyderabad and Mumbai have rated accessibility to green areas as the most important feature.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Explained: How MSME exporters are impacted due to global shortage of shipping containers
2Airtel will opt for moratorium to redirect cash flow to build network: Sunil Mittal
3NCLT approves amalgamation of Lincoln Parenteral & Lincoln Pharmaceuticals