home buyers

Home buyers’ expectations in post Covid era

Corona virus pandemic has affected every aspect of our life. We are forced to spend more time indoors than outdoors. A lot of people have to manage their offices from home while children attend their online classes from the next room. This has created unique situations and new requirements. Homes becoming the center of all activities have resulted in being seen as alternative locations for doing many more things which were not considered earlier. Homeowners are now looking at shifting to a new and bigger home or buying another small home in the same project/ floor depending on how have they been affected during this time.

The pandemic forced people to make changes to their lifestyle and to their home designs as much as possible. However, everyone has realised that buying a home with an extra room is a better decision than to cut a size. This has also been aided by historically low interest rates and low housing prices. Homeowners looking out to buy houses are looking more for 3 BHK or spacious 2BHK houses than the smaller 2BHK ones which were the best selling earlier. It can be expected that buyers will look for buying homes with spacious designs and larger room sizes. Independent floors, villas and penthouses are expected to be back in vogue. A number of home-owners may also look for buying a second home within the same project, which can be used as a makeshift office under similar situations.

Buyers are also expected to look to buy homes which make living in them more relaxing. Larger balconies and outwardly facing home designs rather than apartments looking into each other will be more in demand even, if these will be a bit costlier. As everyone settles down and adjust to these new realities where even leisure activities will be inside one’s home, buyers will be willing to pay extra for well designed units with good circulation plans.
The preference for amenities is also expected to change fast. If a buyer has to choose between a Jacuzzi and an air-conditioned gym vs. open air sports and gym facilities, buyers are expected to prefer latter over former. Buyers are also likely to select a project basis the kind of amenities available. A simple and functional format where there are shops meeting daily requirements will be preferred over provision of a café or restaurants. A large green with multiple sitting and exercise options will top the list of a prospective home buyer.

Location of the project will also be scrutinised more than ever. A project location that avoids areas which are congested will be preferred even if it is a bit away from city center. The areas with good health care facilities and sanitation infrastructure will command a premium. As customers will be more concerned about their well being, they will prefer housing societies with good housekeeping facilities, even if it means paying a higher maintenance charge.

As all of us get more aware of our health, home buyers will be keen to ensure they understand each related aspect with respect to shortlisted projects before they buy a home. It may mean some extra cost, which will not be a constraint. Functionality of amenities rather than style will be in demand.

Luxury affordable homes – Mid income home buyers’ choice

Last few years have been tough for Indian real estate market. RERA and GST took a huge toll on the real estate market of India from 2018 onwards and it took a couple of years for developers and buyers to understand the implications and reorganise themselves. The tension in this market was palpable after the liquidation of the Non-banking Financial Companies. The NBFCs had been the main stay of growth in Indian real estate sector for last many years, as they helped bridge the cash flow gaps between the customers and real estate developers. This resulted in customers looking out for houses that can offer modern lifestyle but are available at an affordable price. This gave birth to a new phenomena in Indian housing sector – Luxury affordable homes.

Luxury affordable homes have been a paradigm shift in Indian housing market. While earlier, one had to choose between a house with all modern amenities at a steep price, or a home deprived of any amenity and located in a poor location available at a discounted price. Hitting a middle ground between cheap housing and international amenities, luxury affordable homes are meeting the expectations of new age consumers without charging a premium. It also brings a great hope for mid-income buyers. These are the buyers who could not afford a luxury home with all amenities and wanted a balance between price and facilities offered in a decent location. These customers are well travelled and expected the world standards to be followed in construction as well as surroundings and finishing of their homes. This new segment has met the expectations of these mid income families and customers have supported such projects with enthusiasm. The design and planning elements like infrastructure, amenities, nearby convenience and availability of transport have become important considerations for a contented life and affordable luxury homes have met the requirement of customers well.

Let’s understand some of the attributes of these houses. These housing projects are generally a part of large housing complexes and economies of scale allows builders to offer houses with modern specifications at a price that is steep. Development teams also spend considerable time in choosing a location for such projects which are in a well connected area but has not seen land prices appreciating absurdly over last few years. Typically such projects will have excellent surroundings and good infrastructure development inside. They have landscaped gardens and other essential amenities like swimming pool and  gym. However, these are not ostentatious and are more functional, catering to higher number of residents, with ease and with lower cost of maintenance. Another hallmark of such projects is the detailed planning and use of latest construction technologies to bring down the time and cost required to build these projects ground up.

Innovation in architectural design, space management, sustainable solutions and much more are now essentials for any new development compared to how it was earlier. Consumers are attracted with the offers of affordable yet modern looking housing options. Newer methods of construction and architectural designs are making maximum possible use of sustainable development, to which a big value is attached by today’s discerning customers. The provision of solar power, rain water harvesting etc. make these projects much sought after. The mid income customer finds this as a great proposition as he can get what he wanted at a price which he can afford.