In today’s time, health is the top priority for people, and it bought a drastic change in the demand for independent floors in India.
In the post-Covid era, people prefer to maintain social distancing, hence there is a surge in demand for independent floor property. Also, this surge is visible in cities that have large land bank.
A recent report by a reputed realtor states that the independent floors constitute a 27% share of the total property searches across the top six cities in India. In Haryana, Gurugram and Faridabad witness a surge in demand for independent floors as a property search.
Santhosh Kumar, Vice Chairman, ANAROCK Group, says, “Gurugram saw a significant change in housing demand trends after the second wave, and independent floors became very popular. Developers have been responding to this demand and have been launching this product with a lot of enthusiasm.”
After witnessing the demand for independent floors before Covid, Gurugram and Faridabad continue to follow the same trend in the post-Covid era as well. In the previous year, both these cities recorded independent floors as a part of 40% property supply.
Kumar also said, “However, the desire for safer independent living after this health crisis has boosted demand for independent floors. Also, the Haryana government’s Deen Dayal Jan Awas Yojna scheme permits developers to build and individually sell up to four floors of independent flats. This configuration has, therefore, become popular with players who have sufficient land, and they are now looking to get the right licenses required to develop independent floor properties.”
The developers and property buyers have a win-win situation with independent floors. The quick –turnaround time attracts developers, and the property buyers find timely possession value for their money.
Developers feel that the changing demographics of Tier-1 cities are bringing a paradigm shift in the Indian real estate market. The migration of service class to metro cities is the reason behind the increasing demand for independent floors in India. Currently, there is a two-fold increase in demand for these properties and it is said to be at an all-time high.
Independent floors are the properties in which one residential unit per floor. The capacious layouts ensure privacy to all families, and being in a gated community homes are safe and secure.
A leading developer says, “Investments in independent floors are tantamount to a serene, peaceful living with roomy spaces to lead a great family life. It has been at the top of the radar for both joint and nuclear families looking for permanent settlement in any part of the NCR region. It is affordable, unlike other assets, the prices of which have shot up since the last few months.”
The rise in demand for independent floors in India is an indication of financial sustainability.
A reputed realtor says, “The remarkable sales figures of independent floors show the increasing financial sustainability and competence of the service class population. There has been an immense growth in the economic prudence and asset investments of the service class people, especially in the NCR region. Independent floors are a naturally-preferable option for nuclear families with kids who want a larger space to build a home and live over there.”
The rise in the budget of property buyers, post-Covid gave a rise to interest in independent floors which are less dense in comparison to regular projects.
