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Some creative businesses and entrepreneurs are turning their living spaces into small offices and studios

The Indian real estate market is in the midst of a transformative shift, driven by changing preferences and evolving lifestyles. One notable trend that has emerged is the growing demand for larger and more spacious apartments. This shift has significant implications for the real estate industry and offers new opportunities for both developers and buyers.

The demand for larger homes in India is rising due to several reasons. The country’s strong economy has given people more money to spend, making them want bigger living spaces. Also, new kinds of businesses and better technology have improved people’s ability to buy such homes.

In a related trend, some creative businesses and entrepreneurs are turning spacious houses into small offices or studios. People like photo editors, graphic designers, and others are doing this to save money on renting separate spaces. This clever idea shows how homes can be used for both work and living, especially as more people work from home. It’s a smart way for businesses to adapt and save money during changing times.

Amid the prospect, numerous untapped opportunities are emerging. A pathway that stands out is the rise of sustainable luxury with keen environmental awareness among buyers. This unfolding trend is prompting developers to weave eco-friendly features such as solar panels, energy-efficient appliances, and green roofs into their properties. Additionally, the luxury experience is being elevated through the infusion of wellness technology. This includes air purification systems, circadian lighting to enhance sleep quality and dedicated spaces like yoga rooms and meditation corners that contribute to overall well-being. The surge of IoT technology is also fostering remote control over homes, covering voice-activated commands, automatic lighting adjustments, and temperature controls. Within this dynamic landscape, innovation and transformative growth in the real estate sector hold promising potential.

Big buy

A comprehensive report by Colliers underlines this trend — the demand for 3BHK homes stands at 39% in Bengaluru, 37% in Chennai, 41% in Delhi-NCR, 33% in Hyderabad, 11% in Mumbai, and 20% in Pune. This shift highlights changing buyer preferences in response to evolving lifestyles and needs. Anarock’s report reveals a consistent rise in the average flat size across India’s top seven cities in the past five years. This growth stands at around 7%, increasing from about 1,150 sq.ft. in 2018 to approximately 1,225 sq.ft. in 2023. Notably, the average size was 1,185 sq.ft. in 2022 and 1,170 sq.ft. in 2021. The city-level analysis for 2023 compared to the same period in 2022 indicates a 5% annual growth, with the National Capital Region (NCR) leading at 50% and Kolkata at 44%. Hyderabad saw a 29% increase, Pune 16%, and Bengaluru 8%, while Chennai and Mumbai Metropolitan Region (MMR) decreased by 6% and 5%, respectively.

The writer is CEO, Mantra Group.