Influenced by lifestyle changes brought about by the pandemic situation, the real estate sector is forging ahead meeting the changed tastes and aspirations of home buyers. Its priorities have been changed. The realty sector is moving as per the latest trends in the market. Even after conclusion of the lockdown, many employees are working from home. The working from home concept has influenced the property market too. The prospective buyers are choosing big houses or flats on the outskirts of twin cities at affordable prices.
The working from home concept has obscured the walk-to-work concept. At the same time, number of people wishing to lead a better life in big houses on the outskirts of the city is increasing. After the pandemic situation, the perspective of the people changed from renting a house to buying a property. To live in big houses, people are willing to go to any lengths travelling long distances. Moreover, the cost of properties in the outskirts is cheaper relatively. That is why everyone prefers to move to the outskirts.
In Delhi, a property of 1000 sft plinth area costs Rs 88.2 lakh in the downtown areas of the city, while the same property can be had at Rs 37.50 lakh, the difference in price is a whopping 57 per cent. The rent in the heart of the city for a 2 BHK would be Rs 22,000 a month, while it takes only Rs 9,500 to rent a property on the outskirts.
In Mumbai, a flat of 1000 sft in the central area of Mumbai would cost at least Rs 1.85 crore, while a flat of the same area can be had for Rs 55.35 lakh on the outskirts. The rent of a 2BHK flat in the main areas of the city would be around Rs 45,800, while the rent in the outskirts would be Rs 12,500 per month. In Bangalore, the cost of a flat in the central areas of the city would be at least Rs 69.80 lakh while it costs only Rs 43.50 lakh on the outskirts. The difference in rent is as good as 50 percent. Mutation fees pegged at Rs 2000
