Tue. Jun 25th, 2024

New Delhi: Despite a sharp rise in residential property prices, more homebuyers are willing to purchase 3 & 4 BHK apartments, which are bigger and more expensive as compared to 2 BHK apartments. As per the joint FICCI-Anarock Consumer Sentiment Survey (H2 CY 2023), 50% of Indians now prefer 3BHK homes, as against 37% of people who want to purchase a 2BHK home. Moreover, the report noted that 3BHK homes are more in fashion in cities like Bengaluru, Chennai, Delhi-NCR, and Hyderabad. Moreover, 75% of Indians now want to have balconies in their homes, and 31% want to have a separate office or study space in their homes.

There are several factors behind why 3BHK & 4BHK apartments are a preferred choice among new homebuyers:

Increased Influence

Economic growth and rising affluence in urban areas have elevated the aspirations of modern residents. With the increase in income and improved financial stability, millennials and young professionals are inclined toward a larger space that signifies success and prosperity. Bigger spaces not only provide ample space for families to spread out, but they also serve as a tangible symbol of their elevated social and economic status.

Changing Lifestyle

The dynamic change in the work pattern, such as remote work arrangements, and the desire for dedicated home office spaces have heightened the need for bigger homes. Young professionals and families are increasingly looking for homes that offer dedicated spaces for remote work, study, or creative pursuits.

Mr. Devender Aggarwal, Co-founder & Joint Managing Director, Signature Global (India) Ltd. said, “As per the recent FICCI-ANAROCK Survey, Delhi-NCR witnessed a strong demand for 3BHKs & 4BHKs with balconies and natural ventilation. This surge in demand for bigger homes is due to evolving buyer preferences and increased disposable income. Gurugram is at the forefront of this trend, particularly among millennials and working couples who, due to a hybrid work culture, require separate office spaces at home, thereby increasing the need for bigger apartments. Hotspot zones such as Golf Course Extension Road, Dwarka Expressway, Southern Peripheral Road, and Sohna Road are drawing huge buyer interest, fuelling double-digit capital jumps. Moreover, the metro expansion from Huda City Centre to Cyber City, proposed Global City and others will create numerous investment opportunities and generate employment, thereby fostering growth in the luxurious real estate sector of Gurugram.”

Enhanced lifestyle amenities

The emergence of gated communities and integrated townships reflects a growing desire for a holistic lifestyle experience among new buyers. Beyond mere accommodation, homebuyers seek access to premium amenities such as landscaped gardens, swimming pools, fitness centers, and community spaces. Larger apartments not only offer spacious living quarters but also provide access to a range of facilities to enhance the overall quality of life.

“The evolving dynamics of the real estate landscape in India’s metropolitan and tier 1 cities point to a notable shift in apartment preferences, where 3 and 4 BHK options are gaining traction over the traditional 2 BHK dwellings. With the advent of hybrid work models and the increasing flexibility afforded by remote work, individuals are reimagining the role of their homes beyond mere living spaces. They now seek residences that seamlessly integrate work, leisure, and family life, reflecting a holistic approach to modern living. Furthermore, as disposable incomes rise and aspirations for a higher quality of life grow, there’s a growing desire for expansive, upscale residences that offer not just comfort but also luxury. These homes serve as havens where residents can retreat from the hustle and bustle of city life and indulge in moments of relaxation and rejuvenation. Recognizing and embracing this shift in consumer preferences, we have recently launched our premium residential project, Eldeco La Vida Bella, in Greater Noida (West), meticulously designed to meet the discerning tastes of modern urbanites, providing spacious and premium 3 & 4 BR residences that redefine contemporary living standards.”, said, Manish Jaiswal, Group COO, Eldeco Group.

Long-Term Investments

Property ownership is not merely viewed as a place to live but also as a lucrative investment opportunity. Buyers of Delhi-NCR are highly drawn towards larger apartments due to their perceived long-term appreciation potential. Compared to smaller units, 3BHK and 4BHK apartments are seen as more stable assets that are likely to hold or increase in value over time, making them a preferred choice for investors seeking to secure their financial future.

Furthermore, Mr. S.K Narvar, Group Chairman, Trident Realty, says, “The current trend of rising demand for 3-BHK and 4-BHK apartments in metropolitan and tier-1 cities suggests that homebuyers’ preferences and expectations are changing. As cities become more diverse and people’s lifestyles evolve, the need for spacious and versatile living spaces has become more prominent. The trend is driven by factors such as the need for dedicated home offices, privacy, personal space, and a desire to invest in long-term assets. Consequently, developers have responded by introducing more 3 BHK and 4 BHK options that cater to the needs of families, young professionals, and those seeking a more flexible and comfortable lifestyle. This trend reflects a shift in the dynamics of the real estate market, where homebuyers prioritize quality of life and long-term investment over the mere size of the apartment.”

Status Symbol

Owning a spacious home in a prestigious location like Delhi-NCR has become a coveted symbol for many young professionals. 3BHK & 4BHK apartments located in prime neighborhood areas like Sohna and Golf Course Road signify success, achievement, and social standing. The allure of residing in a prestigious address provided by renowned developers with ample living space and luxurious amenities contributes to the high demand for larger apartments among affluent buyers who aspire to showcase their prosperity and sophistication.

Commenting on this, Abhishek Trehan, Executive Director, Trehan Iris, says, “The growing demand for 3 and 4-BHK apartments in metropolitan and tier-1 cities is driven by a convergence of evolving lifestyles and practical considerations. As more people work from home, the need for dedicated spaces like home offices has become crucial, leading families and professionals to opt for spacious apartments. Additionally, privacy, personal space, and long-term asset investment are also factors driving this trend. Moreover, property investment is now focused on comfort and flexibility, encouraging homebuyers to opt for spacious apartments. This shift also reflects changing family dynamics, with multi-generational living arrangements and a desire for enhanced amenities. To cater to these needs, developers are designing 3 and 4-BHK bedroom units, creating a real estate market where quality of life and adaptability are prioritized.”

Future Growth Prospectives

Investing in 3 and 4BHK apartments in Delhi-NCR holds a promising future growth prospect for young professionals. With the region experiencing rapid urbanization, infrastructure development, and population growth, larger apartments are poised to appreciate over time. Additionally, the diverse rental market offers opportunities for generating passive income streams. Moreover, larger apartments cater to evolving lifestyle needs and provide flexibility for future life changes, ensuring long-term housing stability and asset diversification.

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