Introduction of RERA ensured that wide-spread delays and incomplete projects would be reduced. This ensured quality and the organized sector gained market share steadily – thereby also increasing investor/buyer confidence.
COVID-19 had multiple effects on the public. One of the major ones was the priority placed on having more space at home, if possible. According to data from property consultant Anarock, the average size of new houses offered by builders in India increased to 1,300 square feet in 2023 from 1,050 square feet in 2019, as the COVID-19 pandemic increased demand for larger living spaces.
The luxury segment of the Indian real estate market has significantly outperformed the value segment in recent years. It has seen strong growth in demand, average home sizes, and new project launches. This trend appears to be driven by changing consumer preferences and the growing middle class in India.
Our interaction with builders and prospective home buyers reflected one more key change. Earlier a person wanting to buy a 2-BHK house looked for 800-1,000 sq ft space, while ensuring availability of parking, electricity, water and gas. Now, in the aftermath of COVID-19, the society, location, club house, amenities have started playing a major role in decision making. As one of the buyers nicely put – “I want to buy 1000 sq ft but want full access to an operational 25,000 sq ft
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