Residential spaces almost place of labor are garnering increased traction from potential homebuyers from quite a while now. Consistent survey with reference to emerging consumer trends in realestate market, many buyers prefer ready-to-move-in, particularly near to commercial hubs having employment opportunities. Homes near to workplaces is a popular choice among the employees as it saves time and energy.
Increasing traffic, rising pollution levels, and commute price have collectively caused a change in the mindset of the potential homebuyers. They prefer living on the brink of their workplaces. A study by Kantar TNS highlights that almost 50 percent homebuyers in a city like Delhi-NCR, want to have a home near their offices. While 48 percent want it for investment purposes, nearly 45 percent desire better amenities, including walk-to-work facility. Similarly, in Bangalore, buyers prefer homes near to workplaces. This not only saves their efforts but also their time and price of the commute. Prestige Smart City is an upcoming residential project in Sarjapur Road, Bangalore. One can make a purchase, since it is a nearby to many IT Companies as well as close to Whitefield location.
The need to avoid traffic during peak hours
Whether it’s Delhi, Bangalore, Mumbai, or the other metropolitan city of India, the necessity to deal with the difficulty of traffic jam is increasingly becoming imperative. One of common ways to avoid the congestion on roads is to rent/own a home almost the workplaces. Due to this particular mindset, residential spaces of prominent hubs are garnering more interest than the choices available in far-flung areas.
If we mention Bangalore alone, areas like Whitefield, Sarjapur are witnessing healthy demand from employees preferring near their offices. Similarly, the opposite end of Bangalore, i.e. the Electronic City, also looking for homes near workplaces. They’re unlikely to visit IT hubs for employment or residential options. As a matter of fact, proximity to workplace has become a primary factor influencing the house buying decision and property rentals nowadays. As an example , being a high-density workplace cluster, a 3 BHK unit in Bellandur costs approximately Rs 30,000-45,000 per month. Whereas the rent for an identical unit in Hoskote is Rs 15,000-25,000 per month. As compared to Hoskote, there’s a high demand for residential units in Bellandur.”
Besides the advantage of job prospects within the vicinity, homes near workplaces also are preferred by the buyers due to significant appreciation within the property value that they could offer. As opined by experts, such areas are sure to develop across multiple segments – be it residential, commercial, hospitality, or retail.
Long Distance Travel – An Amid Pollution level rising
Other than this, another major factor affecting the homebuyers is that the rising pollution level across major metros of India. Those that wish to keep themselves abreast know that air contamination kills nearly 6.5 million people per annum (Source: World Health Organisation). Travelling long distances in cities with high levels of pollution often results in breathing problems. Having this in mind, homebuyers are now preferring to remain near their workplaces so as to cutshort time. Not only the buyers, even rental finders prefer proximity to commercial hubs due connectivity front.
Homes near workplaces not only allow you to avoid delays, but also the resultant stress caused by overcrowded public transports, traffic jams, and health ailments due to poor quality of air. With all the advantages , the demand for such accommodations is probably going to extend even further within the times to return .