Work from home: Location preference of home buyers may change

As several companies adopt 'work from home' policy on a long-term basis, housing preferences of working people in terms of location are set to change.

According to a report by Anarock Property Consultants, with work from home becoming a norm, prospective home buyers are likely to move to the peripheral areas of cities where they are likely to get a bigger home at affordable prices compared to the cities.

"The Covid-19 era presents a radically transformed real estate market, with preferences changing to accommodate new market realities.

With work-from-home a viable option even after the lockdown, many future homebuyers will shift to the peripheral areas for bigger homes and a better lifestyle at more affordable prices," it said.

The report said that the previous 'gold standard' of Indian housing a "walk-to-work or "short drive to work" - the norm living in and around central corporate workplace hubs, may shed some of its popularity for the middle class.

Central locations would retain their allure for high net worth individuals and C-suite' level buyers who can afford larger spaces there.

"The work-from-home concept may become the next fulcrum for homebuying decisions, where the walk-to-work option had held the longest sway," says Anuj Puri, Chairman, Anarock Property Consultants.

He added that with the rise of the work from home culture, many may now prefer to live in more spacious and cost-effective homes in less central areas.

While enough supply currently exists in most of the peripheries, this new demand will eventually also dictate fresh supply, Puri said, adding that bigger homes, affordable prices and more generous open spaces in the peripheral areas will draw demand from tenants and buyers alike.