Homebuyers’ preferences have shifted due to the pandemic. Many now choose to live in gated communities on the outskirts of cities that are self-sufficient and have plenty of green and open space. Following the first wave’s trend, the number of launches in peripheral locations has increased in Q2 2020, according to real estate consultant ANAROCK. According to its report, about 57 per cent of homes launched in fiscal 2021 were in the outskirt regions such as Gurugram’s Sohna and Sohna road, and Gautam Budh Nagar’s Yamuna Expressway area and Greater Noida (West).
Sohna, Sohna Road and Dwarka Expressway are some of the most preferred areas among the buyers. Previously, most of the sales in the periphery were made by investors or buyers planning to relocate in future. However, they are now willing to accept the distance between their homes and their workplaces. According to reports, the decision is not based on a hunch, as infrastructural advancements on Gurugram’s outskirts have reduced travel time to the city centres.
The projected link between the forthcoming Jewar Airport and the Delhi-Mumbai Expressway is the newest and most important connectivity driver, which will boost real estate on the outskirts of Gurugram. Reports say that by the end of 2022, the full eight-lane, access-controlled 1250 Km long Delhi-Mumbai Expresswaywill become operational. With the first phase of the Delhi-Mumbai E-way set to open by the end of 2021, Gurugram real estate in general and Sohna, in particular, will benefit from improved connectivity. Additionally, the six-lane access-controlled Sohna to Rajiv Chowk E-way on NH8 will also be operational.
Better connectivity, improved infrastructure and urbanisation are the main reasons for the growth in the real estate sector of Gurugram. Connectivity accompanied with being an educational and health hub with the presence of prominent schools, colleges and premium hospitals and even prominent hotels, Sohna has emerged as a self-sustaining region with upgraded infrastructure and amenities of all kinds.
Before Covid-19 struck, homebuyers explored the best neighbourhoods to buy a property near their place of employment. Data shows how this demand trend has evolved since the pandemic began. Previously, accessibility to work was the most important factor for homebuyers. However, since Covid-19 outbreak ushered in the new normal and work from home became the norm, demand has grown in locations other than those near office hubs.
Many businesses have stated that their staff will work from home for an extended time due to the pandemic. As a result, homebuyers seek more spacious residences located in less densely populated locations, regardless of their proximity to employment. The work-from-home culture aids the rise in suburban demand; this is an improvement because people no longer have to sacrifice space, size, or location to be close to their workplace.
(By Amarjit Singh Bakshi, Founder, Chairman & Managing Director, Central Park)
Source : Financial Express