The real estate sector has seen changes in homebuyers‘ choices as the world gradually gets used to COVID-19. In 2022, the market changed as purchasers rearranged their priorities due to the epidemic, favoring particular features and home kinds.
Demand for large homes with more open spaces surged, which was one of the most significant trends in 2022. Homebuyers started looking for homes with enough space for a home office, study area, or gym as the work-from-home culture spread. Homes with balconies and terraces became more popular since they gave occupants more relaxing outdoor spaces.
Eco Friendly Homes
The need for eco-friendly and sustainable housing was another trend that started to take off in 2022. Buyers who cared about the environment selected homes with energy-saving features, access to green spaces, and sustainable construction. Those aiming to lessen their carbon impact were especially attracted to homes with solar panels and rainwater collection systems.
Smart Home Idea
Another trend that emerged in 2022 was the growth of the “smart home” idea. Many people looking to buy a home are looking for homes with innovative technology, like automatic lighting, temperature control, and security systems. Properties with high-tech security features like facial recognition software and motion sensors have become increasingly popular as the importance placed on safety, and security has increased.
Independent Homes & Villas
Villas and independent homes were in great demand in 2022 regarding property types. Demand for separate homes with gardens and outdoor spaces increased due to the pandemic-induced shift towards remote work. Also, these residences attracted customers looking for a more sedate and private lifestyle.
Developers concentrated on building homes in the mid to cheap sectors in 2022. The demand for affordable housing remained high. Demand for inexpensive housing increased, with purchasers favoring more compact layouts like 1BHK and 2BHK units that were affordable.
Increasingly, credible real estate developers are embracing digital technologies to more effectively manage the buying, selling, leasing, and maintenance of properties. Adopting prop-tech has helped the Indian real estate sector rebound and significantly contribute to the economy, with home sales increasing during the lockdown. Moreover, digital adaptation offers a significant advantage, particularly for millennial homebuyers showing increasing interest in smart homes. With smart homes viewed as a necessity rather than a luxury, realtors can cater to this market through digital adaptation. The Economic Times surveyed that nearly 46 percent of the Indian workforce falls under the youth category. They prefer to own their homes and are drawn to properties that keep up with technological advancements. These individuals prefer owning their homes as opposed to renting.
Finally, the location remained a crucial consideration for buyers of homes in 2022. Properties close to companies, schools, and hospitals are in high demand. Yet, with the popularity of remote work, some purchasers were also lured to homes in more tranquil and beautiful places outside of the city.
According to online search trends analysed by Square Yards, Chinchwad in Pune emerged as the most popular location for homebuyers in Q1 2022. The suburb’s popularity is attributed to its strategic location, boasting industrial and commercial hubs that have made it a desirable destination for homebuyers.
According to Mr. Anurag Goel, Director at Goel Ganga Developments, “homebuyers prioritized large, energy-efficient, smart homes in 2022, concentrating on independent residences with outdoor spaces. Demand for affordable homes also increased, with location continuing to be an essential consideration for buyers. It will be interesting to see how these trends change and influence the real estate market as we adapt to the pandemic.”