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covid impact on property prices: COVID-19 increases demand for residential properties in suburbs

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BENGALURU: The Covid-19 outbreak has triggered the demand in the outskirts of cities like Bangalore, Chennai,, Delhi-NCR and Pune as working professionals need a home that can accommodate workstations along with a study room for kids.

In the wake of the pandemic, many companies have mentioned that their employees would continue to work from home until June 2021. Consequently, homebuyers are looking to buy properties that are not only more spacious but also located in less populated areas, irrespective of their distance from the workplace.

Saurabh Garg, Cofounder and Chief Business Officer of NoBroker.com said, “The work from home culture has helped demand spread more evenly across the cities of Bangalore, Chennai and Hyderabad and suburbs are seeing a surge in demand. This is a good change as it has helped price correction in a couple of localities and people do not have to compromise on space, size and locality in order to stay close to their workplace. It gives builders also a good opportunity to build and develop more areas and not fixate on areas around IT hubs only. But the key thing is that this change is bringing people closer to buying a house. They can buy with the available corpus instead of compromising on lifestyle to save up to buy in high demand areas. The pandemic has given people an understanding that the satisfaction that comes from owning a house is equal to none other.”

This trend is reflected in the fact that in Bangalore, localities such as Whitefield, Marathahalli, HSR Layout, and Electronic city which were high in demand pre-Covid, have experienced a decrease. Conversely, new localities that are attracting greater interest from homebuyers post May 2020 include Horamavu (32%), Yelahanka (56%), RT Nagar (42%), and Hebbal (36%).

A similar pattern is being observed in Chennai as well. The platform has received more queries for localities such as Ambattur (46%), Perambur (105%), Kolathur (77%), Mylapore (31%) and Valasaravakkam (26%) in Chennai. The data at the platform also indicated a similar trend in Hyderabad where areas such as Malkajgiri (26%), Kothapet (18%), Nagole (19%), Toli Chowki (9%) and Ramachandra Puram (12%) are more in demand than ever before.

In Delhi-NCR, some of the regions that are experiencing a spike in demand in the post-pandemic landscape include Rohini (126%), Dwarka (73%), Vaishali (69%), Okhla (53%), and Indirapuram (53%). In Pune, the regions that homebuyers are showing keener interest in include Baner (28%), Ambegaon BK (16%), Wadgaon Sheri (31%), Hinjewadi (68%), and Wagholi (25%).

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