The Covid-19 induced pandemic and the subsequent lockdown considerably altered our lifestyle. While the need for owning a safe haven surfaced more than ever, the requisites accompanying the desirability showed a substantial shift. As we progressively adapt the ‘new normal’, the changing preferences of present day home seekers have significantly affected their purchase and investment decisions.
With an emerging need for a low density living accompanied by the necessary social distancing measures, independent homes are witnessing a rising demand.
A budding choice amongst recent home buyers, independent homes or villas provide the required discretion to customize homes as per one’s preferences along with larger multi-purpose usable spaces. Adding on to these, buyers also prioritize safety and security as an imperative element, alongside an easy access to essential services. Fulfilling such essentials, villas within gated communities have garnered a lot of attention from current home buyers.
Further understanding these evolving factors, Lodha Developers conducted an online survey with about 3000 participants. Clearly demarcating the recent variations in consumer sentiments, the survey revealed that most of the participants feel the need to have their own garden or backyard lawn. The survey participants also considered privacy as an important aspect. In order to encompass the choices pertaining to open spaces as well as exclusivity, completely-owned properties are emerging as the most sought-after category; the demand further backed by 86.8% respondents preferring to live in an independent home or a villa.
The work from home trend has brought in radically drifting demands. Home buyers are now willing to move a little away from the city center to own properties that fit their needs. A property in the peripheries with excellent connectivity ensures a cleaner, healthier lifestyle as well as the much-needed space to offer villas with private gardens. To cite a recent example, markets like Hyderabad and Bengaluru have witnessed an extensive change in these trends post the pandemic outbreak. While Hyderabad sold 100 premium units ranging between Rs 5 crore and Rs 12 cr, including properties on the city outskirts between April and June 2020, Bengaluru real estate market has been receiving increased demand for bigger homes and a renewed interest for villas in gated communities which are being considered as safer places to reside in at the moment.
A recent FICCI-ANAROCK report also states that the demand for plotted developments is on a rise, since self-owned homes (villas or row houses) provide better social distancing. Another ANAROCK report mentions top-notch developers venturing into plotted developments – this further opens up avenues for prospective homebuyers looking for Grade A developers. From an investment standpoint as well, plotted developments offer multiple advantages with potentially good returns on land investment, relative affordability as compared to built-up real estate and especially the proposed infrastructure projects in city peripheries creating a strong rationale for investing in land at present. 79% of the survey participants also voted for landed properties and independent homes as the best real estate investment option with a majority of them inclining towards having an independent home on their own land.
Fitting in a host of consumer demands and having numerous benefits, villa living is definitely the new way to go. A large independent home assuring utmost privacy and security, along with availability of open spaces and essential amenities in close proximity is a dream home that one aspires for. Keeping in line with this upcoming trend and potential in the segment, Lodha Group is seeing growing interest in its recently launched luxury gated community of villas – Codename One & Only – situated off Mumbai-Nashik Highway in Thane.
(By Shaishav Dharia, Business CEO – Townships and Annuity Assets, Lodha Group)