THE UNMET DEMAND FOR SPACIOUS HOMES IN NCR

Siddharth Katyal, CEO, Bhumika Group, on what needs to be done

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Faridabad and Gurugram, two of NCR's fastest-growing real estate hubs, are seeing a significant shift in the preferences of homebuyers. The region, long known for its proximity to Delhi and increasing commercial viability, is now facing an emerging demand for spacious 3 BHK + Study apartments. Despite the growing need for these homes-ranging from 2100-2500 sq. ft.-developers continue to focus either on smaller units or ultra-luxury properties, leaving middle and upper-middle-class families underserved.

THE POST-PANDEMIC SHIFT

The pandemic altered the way people live and work, significantly impacting real estate demands. According to a 2023 report by JLL India, nearly 67% of homebuyers in NCR are now looking for properties with extra space for hybrid work environments. The pandemic forced many to rethink their living arrangements, with more people prioritizing homes that can accommodate both work and family life. As a result, the demand for spacious 3 BHK + Study apartments in Faridabad and Gurugram has seen a sharp rise.

THESE HOMES ARE MORE CRUCIAL:

• Hybrid work and study needs: A 2024 survey by Knight Frank found that 71% of professionals working in NCR prefer homes with designated office spaces. A separate study or office room has become a necessity for many homebuyers, helping them to maintain a professional environment while balancing family commitments.