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Are Premium Homes a growing trend in the property markets?

The past two years have had a significant impact on the lifestyle of home buyers. Buying the right home with a suitable investment is becoming a noticeable shift. This is more so because of the iterations in the lifestyle during the lockdown. This awakening resulted in the surge in demand for 3 & 4 BHK flats in Mumbai.

The shift to larger homes, especially flats in Mumbai, is a priority for most working from home. The growing demand arises with the uncertainties of the pandemic. The need for the comfort of additional space to provide homeschooling, work-from-home culture, and activity within the residential premise for a relaxed and comfortable environment. Buyers are also looking for homes with natural ventilation and ample sunlight to tiny homes with restricted spaces.

Similarly, the location preference has also been seen due to the aftermath of the pandemic. Most home buyers are shunning congested areas and moving towards a more calm and serene yet well-connected location within the city, such as residential flats in Dadar, Prabhadevi, and Worli. There is an increased demand for luxurious 3 & 4 BHK Flats in South Mumbai for their proximity to the sea, connectivity, and an affluent lifestyle.

An increase in demand for community living has also been seen as a lifestyle choice. The pandemic has reiterated the need for a community-driven lifestyle. There is a growing demand for homes that offer better community living. The idea of community living is based on increased and meaningful social interaction, safety measures, and a healthy lifestyle. While location and comfort are essential to most home buyers, the need for amenities and recreational space to enjoy with friends and family without the long commute.

Most homebuyers would prefer south Mumbai properties with amenities for the socially enriched life that provides cafes, health care, esteemed educational institutions, and ease of commute. Homes located in south Mumbai like Vraj Tiara have been sought after. It has a 270-degree sea view from every apartment and is central to the social hub spots around the city with ample amenities like a cafeteria barbecue pit, jogging track, mini-golf strip, etc.

In conclusion, despite economic uncertainties, the demand for homes is going through a phenomenal change owing to the lifestyle preferences of the homebuyers. The demand for affordable houses — traditionally an attractive option for most — is now near equal to that for premium homes.

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