After the uncertainty witnessed between March 2019 and September 2020, residential sales demonstrated commendable recovery by recording huge sale volumes across price points in Q3 and Q4 of FY 2021. Measures such as stamp duty reduction, low interest on home loans and pent-up demand helped pave the way for a short-lived but timely recovery.
Below are some trends that have emerged recently:
Managing customer expectations
With developers offering numerous lucrative schemes, homebuyers will benefit the most in 2022. The market is driven by the introduction of strategies that generate demand and give consumers the incentive to engage in property purchases.
In the residential category, the ready-to-move-in apartments have noted the highest demand among buyers. That said, educating customers and managing expectations better in times like this has proven to be extremely important.
The era of work-from-home
After the lock down period it was certain that work from home culture would be predominant and that demand for spacious homes and homes with additional space for office was the need of the hour. This pushed up demand for spacious homes not only in the metro cities but also tier 1 and tier 2 cities.
Large scale tech integration
The Indian realty industry is undergoing a technological revolution. Several modern techniques and solutions are being incorporated across the sector. Such new advancements have accelerated the market’s growth trajectory.
The most important factors consumers are looking at while planning a dream home
Owning a house is much more than just four walls – it is an investment of a lifetime and a dream come true. Whether an urbane designed apartment or a sprawling suburban villa or a cosy residence to pack the family together, we all desire to own a house at some point.
Some of the key factors that influence the choice of one’s abode include:
While buying a property, location plays an equally important role, along with price, in finalizing one’s dream home. Location preferences are primarily governed by factors such as city centre, easy commute or proximity to work, access to basic and emergency services, and other important services
One of the most crucial factors, price is the first step in the search for, especially in a price sensitive market like India. Price and consumer buying behaviours are always correlated. The costs are not restricted to only monthly EMIs, it also includes other related costs such as registration and stamp duties, utility, association fees/ maintenance fees, and interiors. These are equally critical and add to the overall budget. Additionally, lower interest rates on home loans as well as the income tax reduction on the same are as important as other costs.
Features, Amenities, Size and Lay Out
Once the initial price and location are narrowed down, the next big step is finalizing the look, feel, view and layout of one’s permanent abode. A dream home is much more than merely meeting needs; it’s about fulfilling one’s wishes. Some may dream of waking up each morning to watch the sunset rise over a lake, while most look for ambient greenery, walking and jogging tracks, sports facilities, and other amenities such as club house etc. Size of the bedrooms, balcony, spacious living rooms, architecture – all go a long way in fixing the property one wishes to invest in.
Image of a brand is of utmost importance when choosing a property. Seller reputation and track record for delivery in the past, plays a significant role in customer’s buying behaviour in real estate aspect. Positive image always proves beneficial and results in increased sales and revenue.
Before one takes that all important decision of closing the deal, due diligence is must do! Approved legal documents, Rera Registration, approvals of the project such as Intimation of disapproval (IOD) and commencement certificate (CC) from the civic authorities is really essential for both, buyers and developers to keep away from lawful issues. In order to not to get into any legal soups, buyers pay utmost attention to due diligence that saves them from legal problems in the future. Approval from multiple banks and getting their projects pre-registered for bank loans for customers, gives the buyers and assurance that the legal title and other due diligence has been Carried out by the Banks and gives the buyers some comfort.
Return on Investments –
The entire process of buying a house bears varied meanings for different people. For most, it is an emotional process, and for some others it an investment for a safe future. When a real estate decision is made purely for investment purpose, return on investment becomes the priority. Localities and brand that fetch high lease or rental value influence buyers.
Why is Location Important When Buying a House?
Location plays an important role when make the decision of your dream home. The location and the neighbourhood create desirability, desirability creates demand, and demand raises real estate prices. If the property is located in a good area, your property will be more in demand and may seek a higher selling price.
The location of dream home determines many things: quality of life, school choices, commute time, and social interaction.
If you are thinking of buying a home, consider these few location factors:
The proximity of hospitals, shopping centres, schools, colleges, and of course recreation centres from home sites is an important factor.
It’s important to understand the neighbourhood when buying your dream home. It could mean your neighbours, your surroundings, open spaces, infrastructure, public transport, and more over safety aspect. Mostly it’s your gut feeling that always tells you when the neighbourhood and location is right for you.
When you begin your home search, pay attention to how far your intended neighbourhoods are from public transit (buses, commuter rail, subway, etc.),
The quality of life you desire is dependent on your lifestyle needs, and you want to live in a place that will keep you and your family happy.
Resale Value in Future
When you are thinking about buying a house, it seems strange to think of selling off the street, but property value is an important factor for buyers who probably want to move again in 5 or 10 years.
Quality of Infrastructure
In many parts of India, the poor status of roadways, pits, waterlogging are constant problems in many areas during the monsoon season. Ensure that the property you are going to buy has a good road, is not in a low lying area that has water logging and has good highway connectivity.
It is not only the present facilities that matter, but also the future. Plans for schools, hospitals, public transport, and other public infrastructure can dramatically improve property values in the area.
Important factors which determine buying a dream home
Fulfilling wishes such as sunset sunrise over lake, a good scenic location with Club house and fitness centre, features, size and layout.
Developers with good track record.
Clear title without any litigations.
Good returns on investment.
The neighbourhood and surrounding area.
Your ideal home style
The right amount of space for a price etc.
These are the major important factors while planning dream home are considered