Must-Know Facts About The Demand For Independent Homes In India: Global Trends

Canada is the world’s second-biggest country running out of land. Canadians dream of a detached home and own a piece of land, which generations have taken for granted. Buying a home has long been seen as the surest path to middle-class security. Additionally, Canadians, on average live in some of the biggest houses in the world. They post higher rates of homeownership than in the U.K., or France, or even the U.S. The effort to entice new immigrants may soon be out of reach in the country.  The Covid-19 pandemic has resulted in premium rates on independent homes with extra space and backyards. It has also transformed how a homebuyer does everything from raising families to saving for retirement.

Canada needs more apartments as it has a shortage of land for independent homes. According to a recent report from the Bank of Nova Scotia, the country has the lowest number of housing units per 1,000 people among G-7 nations. As a result, there is an increase in the property value and demand for independent homes in Canada.

Villas and Independent Homes: The Emerging Trends in India

Considering the demand for independent homes, as compared to Canada, the Indian real estate market is easily fulfilling its need. The lifestyle of individuals was altered with the pandemic and the subsequent lockdowns. In India, the requisites accompanying the desirability showed a substantial shift. The main reason is the need for owning a safe haven surfaced more than ever. Progressively, the changing preferences of today’s homebuyers have affected their purchase decision.

There is an emerging demand for a low density living. This is very much fulfilled by the independent homes, which are witnessing huge demand. Independent homes or villas provide the necessary choice to customize homes as per buyer’s preferences. The budding choice amongst recent homebuyers post-pandemic is the multi-purpose usable space. In addition, homebuyers also prioritized safety and security as an imperative element. They also need easy access to essential services. Luxury gated community villas have enormously garnered a lot of attention from current home buyers. Such essentials are very much fulfilled in today’s luxury and premium villas in the outskirts of Bangalore city.

There are exclusive offers for open space provided by real estate builders and developers. This will encompass the choices of homebuyers pertaining to independent homes with open space and a backyard. It is emerging as the most sought after category as they prefer independent homes or villas.

Independent Homes on the Outskirts of the City

Homebuyers are moving towards the outskirts of the city to own independent homes as per their financial needs and convenience. Alongside, work from home has extensively bought radical shifts. It is a well-known fact that a property in the periphery of the city with excellent connectivity can ensure a cleaner and healthier lifestyle. Additionally, it will offer much-needed space for builders to construct villas with private gardens and a backyard.

Apart from the apartments, cities like Bangalore, Hyderabad, Chennai has witnessed an increase in demand for independent houses. It was mainly directed for investment and rental purposes.

In the absence of being able to step out from the house, homebuyers desire spaces that are more open. The demand for independent living spaces has also risen in the city. As there is a need for social distancing, spacious and open homes on the outskirts have gained huge traction across various major metropolitan cities.

Online schooling and remote work arrangement have eliminated the need for migration. It does not need the students and professionals to reside near their workplace. Prior to the pandemic, there were several factors that triggered a migration. Professionals would move from peripheries of the city limits. Along with the availability of land parcels, fresh supply and affordability of homes as compared to the city are other significant reasons driving demand for housing in the peripheries.

Villas offer Luxury and Safety

Luxury living and safe living are the main trends in today’s home seekers. Homebuyers have become more cautious and have started opting for individual homes over apartments. This helps them to maintain social distancing with spacious living. Builders and developers also prefer developing more independent luxury living spaces. Their customers choice is spacious individual homes rather than sharing the lobby and floor amenities with others homeowners.

Both real estate investors and tenants are looking for spacious accommodations towards the peripheral areas, such as Whitefield, Attibele, Devanahalli, and Gottigere. As per the real estate survey, the major reason for renting a spacious place is the need for a bigger house. In terms of zones, Bangalore West has emerged as the frontrunner, witnessing a seven per cent higher average per day query.

With the changing priorities, the trends for larger homes is likely to stay for long and generate a considerable part of sales in Bangalore, at least for the next few months.

Property Prices in India after the Second Wave

Property prices in India did not witness any major decline in the year 2020, in spite of the huge demand caused by the COVID-19-led slowdown. The real estate market had witnessed correction to a certain extent followed by phenomenal growth this past year. With home loan interest rates at an all-time low, it led to an accelerated demand. Furthermore, improved the housing affordability across major metropolitan cities like Bangalore, Mumbai, Pune and Chennai. In most metros, demand far exceeds supply for independent villas.

Check out NVT’s Villa projects near Whitefield and Sarjapura.