The Coimbatore property market, which is experiencing a recovery in demand after the impact of COVID-19, is also seeing shifts in buyer preferences.
According to the Confederation of Real Estate Developers Association of India (CREDAI), Coimbatore, customers are looking for larger residential units.
Gugan Elango, Chairman of CREDAI Coimbatore, said after the waves of COVID-19, people are looking at bigger houses. Usually, those who buy houses in the price range of ₹25 lakh to ₹35 lakh per unit will move in when their children are younger. When the kids grow up, they want an extra bedroom. So, now they don’t mind investing about ₹10 lakh more and opting for bigger houses. Customers who were looking for two-bedroom homes now prefer three-bedroom homes and those who used to invest in three-bedroom homes are looking for four-bedroom homes.
“This trend has only developed over the past 1 to 1.5 years,” he said. With the new standards, property developers are able to offer slightly larger homes.
Likewise, there is a growing demand for luxury homes, he said.
According to Coimbatore Property Consultants, the average house size was 1,000 to 1,200 square feet. It has, however, increased to 1,600 to 1,800 square feet and in the case of villas, the average size is 2,500 square feet. Property developers based in Coimbatore invest more in such projects, compared to those from other cities who develop projects here. While the market has rebounded across all residential unit price ranges, growth is seen more in high-value segments, they say.
Mr. Gugan added that another recent trend in the real estate market concerns investments in second homes located in holiday destinations.
Previously, investors from Chennai, Bengaluru or Mumbai invested in land at 30 or 40 cents in the Nilgiris. Now many buyers want to have a house in the hill station. Thus, there are projects that offer smaller houses where owners can spend a weekend once or twice a month. Besides the Nilgiris, another area where there is a huge spike in demand for land is Yercaud and the demand is only picking up in Kodaikanal, he said.