Clearing the air

The COVID-19 pandemic has changed the entire residential real estate landscape in Pune

Various real estate reports have pointed out that larger apartments are seeing the most demand from homebuyers in Pune, and developers have reduced the supply of smaller flats. One of the most recent Pune real estate reports confirms that 3 BHK flats have constituted about 17% of all new flats launched in 2021.

This is a big change from previous years when Pune’s real estate developers focused mostly on smaller flats because most buyers wanted 1 and 2 BHK flats. In fact, the same report states that the number of 1 BHK flats has come down by 50% in the last three years.

What has changed? Why are Pune homebuyers looking for larger homes now when they preferred compact flats just a few years ago? There is one reason — the COVID-19 pandemic has changed the entire residential real estate landscape in Pune.

Puneris have discovered a brand-new way to do their jobs in the last two years. Work from home and home-based schooling were not common before the pandemic — now, more and more firms are giving their employees this benefit.

Working from home and e-schooling is not possible if one lives in a small flat. Before, homebuyers in Pune wanted to live close to their offices and their children’s schools. But locations closest to the city’s main office hubs and education institutes are always more expensive.

Attendance rules

Until now, the convenience of living close to the workplace and children’s school was the most important consideration for homebuyers. Today, after two major waves of the coronavirus, many of the biggest employers — including major software and BPO companies — have discovered that: