Covid-19 impact: Young people look at home buying more seriously

Posted by jeus berry on November 25th, 2020

The Covid-19 pandemic has led to overall chaos and turmoil in the residential real estate sector and many have sighted a dim outlook for the realty market. However, the pandemic has also led to a change of outlook among India’s young who’d previously not considered owning a home to be very important. Millennials now realize that it is important to own a home as it provides a sense of stability during chaotic times like these.  Along with this change in attitude, there is also a greater acceptance and openness towards buying homes in newer areas that might have been overlooked earlier. Residential projects in previously unexplored locations in Mumbai such as Chembur now hold immense potential. And an increasing number of young buyers are now opting for 1 and 2 BHK flats in Chembur and other such upmarket eastern suburbs.

Mumbai has traditionally been one of the most expensive cities to own a home in, but over the years, some of the most coveted areas for homebuyers in the city have become saturated and overcrowded. Added to this is a change of working patterns caused by the pandemic; most offices are now exploring some form of work from home (WFH) for employees, this means that buying homes that are close to the workplace is no longer a prerequisite.  Hence, more and more real estate project developers are now looking to set up projects in new and upcoming localities that have untapped development potential. Residential projects in Chembur and other such areas also come with the added advantage of more spacious homes and greater access to open spaces. People looking to invest in 2 BHK flats in Chembur have direct access to the area’s 30 green spaces and parks, and ample of other such spacious locales that are often unavailable in other cramped areas.

The price factor also plays an important role. The cost of a 2 BHK flat in a locality like Chembur could start as low as 1.49 Cr or 2 Cr. For most people who are familiar with Mumbai’s skyrocket residential real estate costs will know that a 2 BHK flat costing around 2 Cr in an up and coming neighbourhood is a steal.

Hence, real estate developers and home buyers are entering a new phase that is marked by significant change due to the novel coronavirus pandemic and its impact.