Consumer demand is getting modified owing to many factors, leading to a rise in demand for larger homes.
Most of the people living in rented accommodation faced challenges and decided on buying their own home.
The global pandemic has brought to fore the importance of real estate, especially residential segment. It is not that in the pre-COVID era, people were not purchasing homes. In fact, there was an upsurge in the younger generation showing interest in home buying than ever before. Millennials, who favour rental rather than self-owned homes, started looking for freedom from a lifelong rental trap.
According to reports, housing sales improved 13% in the first three quarters of 2019 combined as against the corresponding period in 2018, and by 23% in that period two years ago. ANAROCK data revealed that the three quarters of 2019 collectively saw sales of nearly 2.02 lakh units in the top 7 cities (during the same period in 2016, it was 2.07 lakh units).