While 3BHK configurations formed more than 40% of the residential supply in Bengaluru and Gurugram following demand for larger housing units after three waves of COVID-19, 2BHK units continued to be the most preferred by homebuyers in Q1 2022 with 42% of the total demand share, a new report has said.
The demand for 1BHK units is also inching up. The recent announcements of property tax waivers on smaller configurations in MMR and adjacent areas and speculations around expected property price appreciation are the most likely factors behind the trend, showed a report by Square Yards titled ‘India Residential Overview: Jan-Mar 2022.
Even though home buying trends in the post-Covid era has been largely influenced by the need for space, health and wellness amenities, demand trends in Q1, 2022 shifted slightly towards smaller units. The first quarter of 2022 recorded a 42% share of the total online searches for 2BHK units, a small rise of 3% as compared to Q4, 2021, whereas demand for 3BHK homes dropped slightly, it said.
However, this shift seems to be completely transient. The most probable reason for this seems to be the tendency of home buyers to go for properties within the affordable to the mid-segment range to avoid any further delay in finalizing deals as speculations of a price hike across property markets are ripe, it noted. The cities covered in the report include Hyderabad, Bengaluru, MMR, Pune, Noida, and Gurugram.