The real estate demand in Noida and Ghaziabad has shot up exponentially in the festive season, recording the sharpest spike in more than two years of the COVID-19 pandemic. As per a report by India Today, the real estate in the cities has grown to over 30 per cent in the festive season. The demand spike has been the sharpest in recent history.
With the work-from-home (WFH) and a hybrid model of working gaining a stronghold, customers are looking for bigger flats with separate rooms for home offices. “We are also in a process to make a society, especially for people working from home because the WFH is going to stay, people will be working on a hybrid mode and that’s why the demand for such homes is high,” told Sanjay Sharma, MD, SKA builders, to India Today.
He added that home buyers were looking for spaces that would offer better personal space and privacy required during work from home.
However, the spike in demand is not just limited to the usual housing options. The demand in the luxury housing space has recorded an upward trend. The significant reason for the heightened demand for luxury housing is the forced confinement of people behind four walls amidst the pandemic. People, who waited for two years amid the lockdown, upgraded their budgets and are looking for luxury options.
“People who were about to buy flats worth Rs 90 lakh to one crore are now opting to invest in luxury housing. We have witnessed a spike of 30-40 per cent during the festive season,” Yukti Nagpal, owner of Gulshan Homes was quoted as saying.
The notion of WFH being a driving factor in the spike in housing demand also receives support from the fact that the demand for office and commercial space has remained stagnant.
A spike in aggregate rental demand in 2022 has also been witnessed in major cities across the country. As per the Magicbricks Rental Index for Q3, 2022, the aggregate rental demand (searches) jumped by 29 per cent year on year. Meanwhile, the average rent in India also moved up by 5.2 per cent quarter on quarter.
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