As there is increase in work from home, possible property buyers will feel of shifting to city edge, and walk to work view may lose shine
Due to COVID-19, it has presented a complete change in the real estate market & choices also changing to entertain recent market realities. Along with work from home as a possible option alike after the lockdown, a lot of expected property buyers will shift to some different places like luxury homes at affordable rates.
According to the reports, the luxury standard of Indian housing like few miles to work or walk to work, it explains that in & about central corporate workplace hubs may take off few of its reputation for the middle class. Locations like central may maintain its enchant for the buyers who are affordable for huge areas available.
The approach of work from home might become the most essential support for property purchasing choice, there the benefit of walk to work had grasped the strong influence.This & millennials recent desires for buying comparatively than renting homes, is now latest important residential real estate aim of the of the COVID-19 term. As work from home ability is increased, there are many people who would choose to live in most comfortable & less cost homes in central locations. Presently enough supply exists at the edge mostly, the latest demand of this will finally rule fresh supply. Luxury homes,inexpensive rates & more acceptable open spaces in minor locations will draw interest from tenants & buyers similar.
Central vs Minor Areas: The Rate difference
As changes have occured real estate consumer choice in a powerful work from home situation, inexpensiveness is a lasting responsibility specially to the scenery of stumble economy & losses of job or doubts.The Minor areas are more inexpensive both from a rental and purchase view.
Mumbai Metropolitan Region
In Mumbai Metropolitan Region, the normal rates for a regular 1,000 sq ft property in areas inside the city is maximum Rs 1.80cr, against Rs55.30 lakh in the minor areas is 70% price difference. Micro markets inside city limits thought-out involve Andheri, Vile Parle, Goregaon, Malad, Kandivali, Chembur, Wadala, Ghatkopar, Vikhroli, Powai, Mulund, etc. Peripheral areas involve Kalyan, Bhiwandi, Dombivli, Mira Road, Vasai, Virar, Thane beyond Kasarvadavali & Owale Panvel, Ulwe, Taloja, etc.The regular monthly rent for a approved 2BHK home in areas within city limits is almost Rs 45,700, opposite to Rs 12,400 in the peripheries.
National Capital Region
In the National Capital Region,the normal rate for a regular 1,000 sq ft property in areas inside the city is maximum Rs 88.10 lakh, against Rs 37.40 lakh in the minor areas is 57% price difference. Micro markets inside city limits thought-out involve Vaishali, Vasundhara, Indirapuram, Noida,Dwarka Expressway, New Gurgaon, Dwarka, etc.Peripheral areas involve Ghaziabad Rajnagar Extension, Faridabad, Greater Noida, Sohna, Bhiwadi, Bahadurgarh, etc.The regular monthly rent for a approved 2BHK home in areas within city limits is almost Rs 22,000, opposite to Rs 9,500 in the peripheries.
In Bengaluru, the normal rates for a regular 1,000 sq ft property in areas inside the city is maximum Rs 70.80 lakh, against Rs 44.50 lakh in the minor areas is 38% price difference.Micro markets inside city limits thought-out involve Sarjapur Road, HSR Layout, Kudlu Gate, Singasandra, Hebbal, Jakkur, Yeswanthpur, Jalahalli, Whitefield, Marathahalli, KR Puram,Kodigehalli, etc.Peripheral areas involve Attibele, Electronic City, Yelahanka, Doddaballapura Road, Varthur, Budigere Cross, Kanakapura Road, Tumkur Road, Mysore Road,etc. The regular monthly rent for an approved 2BHK home in areas within city limits is almost Rs.17,500, opposite to Rs 9,500 in the peripheries.
Rent versus Buy, Data says:
The rent vs buy debate includes different hugely subjective aspects. Still, after all millennials are to a greater extent concerned in homeowners post COVID-19, it is value calculating how it works excelling for most in the present situation.
SME’s Data reveals that the 5-year rental outgo for tenants living within city limits is equivalent to 27-52 per cent of the total property cost in the peripheries of the top 3 cities (MMR, NCR and Bengaluru). Therefore, there is a strong rationale for homeownership in the peripheries. We have considered the total annual rental outgo for 5 years + 3.5 per cent annual rental appreciation. Also, the current home loan interest rates are at an all-time low, averaging around 7.15-7.8 per cent - with the possibility of more reduction as the RBI recently cut repo rates even further.
The average monthly rental outgo in city-limit areas is around INR 45,000 as per the MMR. For five years, this equals around Rs 28 Lac (including standard rental escalation for this period). I.e. almost 52% of the total average cost of a property in MMR's peripheral areas.
In NCR, the average monthly rental outgo in city-limit areas is around Rs 22,000. For five years, this equals nearly Rs 13.77 lakh (including standard rental escalation for this period). I.e. almost 37% of the total average cost of a property in NCR's peripheral areas.
In Bengaluru, the average monthly rental outgo in city-limit areas is around INR 18,500. For five years, this equals around INR 11.57 lakh (including standard rental escalation for this period). I.e. almost 27% of the total average cost of a property in the peripheral areas.
Top preferred locations in Mumbai region by Home Buyers are as below:
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