Home Buyers in Mumbai Focus on Variety & Amenities - Real Estate Developers Oblige

The traditional criteria for home buying have completely evolved in recent years. Today, alongside modern amenities, the variety of home sizes and types is becoming a key factor in real estate projects. In this scenario, developers are adopting a customer-centric approach by offering homes in various sizes. This shift, experts say, is mutually beneficial for both developers and buyers.

Growing Demand for Mumbai Real Estate

Mumbai, known not just in Maharashtra or India but on a global scale, continues to experience rising demand for homes. From modern projects with state-of-the-art amenities to redeveloped buildings or even homes in old tenements, both customers and investors are giving these options priority. In reality, Mumbai has the most expensive real estate market in the country, and investment returns are proportionately high. Owning a home in the financial capital reduces the struggle to balance job responsibilities with family needs.

The Strategic Importance of Mumbai’s Real Estate Market

It's not just the buyers and investors who are paying attention to Mumbai's real estate; the city's industrial significance cannot be overlooked either. Mumbai is home to key industries, including IT, hospitality, and real estate, among others. Therefore, any industrial development, good or bad, has a ripple effect across the country. This pattern also applies to real estate transactions.

Post-Pandemic Shift in Home Buying Preferences

The work-from-home concept has drastically changed traditional home-buying norms. Earlier, with a high number of working professionals in cities like Mumbai, homes near offices were preferred. If buying wasn’t an option, renting was the next best alternative. However, post-pandemic, suburban and fringe areas have gained importance over central locations.

Although property prices in Mumbai have remained steady, they are still unaffordable for the middle-class workforce. As a result, many people are prioritizing larger homes in suburban areas where prices are more reasonable. Currently, the average property price in Mumbai's suburbs stands at around ₹1.85 crore, which is within reach for professionals in higher positions within corporations, but not for the middle class.

Developers Adapting to Changing Buyer Needs

Developers are now focusing on customer expectations by including a variety of home sizes and modern amenities in their projects. With many people still working in a hybrid model, the need for a dedicated workspace at home has increased. As a result, larger homes are becoming more popular. Developers have responded by modifying floor plans and offering more diverse options. Some developers have even gone the extra mile by incorporating in-home workstations, while others have designed entire projects with work-from-home needs in mind.

The Future of Home Buying: Variety and Amenities

Industry experts believe that including diverse housing options in real estate projects benefits both developers and buyers. For developers, having a mix of home sizes allows for better utilization of Floor Space Index (FSI). On the other hand, buyers looking for homes that are larger than a traditional 1BHK but smaller than a 2BHK now have the convenient option of a 1.5BHK. With high demand in the Mumbai Metropolitan Region, such homes are already seeing positive responses from buyers. Overall, the future of home buying will place greater importance on both the variety of homes available and the amenities offered in the project.