While affordable housing and low cost residential properties were all over the news in 2014 and early 2015, the demand for larger houses, much to everyone’s surprise, witnessed an upward movement. According to the reports of Magicbricks.com, the demand for plotted developments also increased in the first quarter of 2015.
The trends noticed by the real estate experts suggests that instead of going for a small one bedroom apartment for a very low price, buyers are inclined towards investing a little more into a larger home that gives perfect value for their money. People are searching for larger houses that can fit into their budgets. The trend was seen in the most active real estate markets like Noida, Gurgaon, Chennai and Bangalore.
A new trend was also noticed in the preferences of the homebuyers. Earlier they were interested in apartment complexes. However, now they seem to be more interested in plotted developments. Buyers’ interest towards independent homes was also noticed. As compared to the previous quarter, the demands for apartments reduced by up to 10 percent. Demand for 2 BHK apartments fell down whereas the demands for three bedroom apartments witnessed an increase of 3-10 percent over the last quarter.
Inspite of the above changes in demands, the National Property Index remained stable over the last quarter. Noida and Mumbai experienced the highest rise and lowest fall respectively. Chennai and Ghaziabad were the two other cities that experienced a fall in index. The rental property markets were also upbeat in cities like Delhi, Pune and Mumbai. The highest rental returns were noted by Bangalore and Kolkata.