Home buyers are very active and cautious before they make investment in real estate. And, in the recent times their preferences have changed immensely specially in top metros and tier-2 cities.
In this article, let’s look at what makes a fence-sitting home buyer, make the decision to buy a property in detail. Real estate market in undergoing a major change rapidly in technologically, behaviourally and culturally. Though the growth was significant all over the country but among these markets, one market that has traditionally performed well, is the Mumbai Metropolitan Region (MMR). As per a report that indicates MMR’s realty market recently witnessed its best growth momentum after 2008, with a 23% rise in sales.
But what led to this change in the real estate sector, it is driven by the new generation of home buyers and it has become increasingly important for real estate players, to cater to their tastes and preferences.
The demand for affordable housing for sale is continuously increasing as with the higher purchasing power. These buyers demand affordable living, along with lifestyle amenities like swimming pools and gymnasiums.
Basically, the idea is to create a good quality of life and liveliness that enhances the urban living desirable and creates a distinctive living experience.
Priorities
There are different priorities for different buyers when buying a property and for potential buyers; the first parameter is the location. A location should be the best to see the growth of money and the asset. A buyer calculates a project in terms of access to facilities and services, a sense of community, safety and security. Along with this, features like ample car parking space, street layout and open spaces around the locality, are also equally important in the scheme of things.
It is more attractive for the buyers to have a home where you have presence of various facilities, such as shops and local services. Thus, buying a house involves long-term planning. Hence, a lot of consideration is given to proximity to schools and educational institutions. In fact, a school may well be regarded as an asset that makes the home more marketable. Consequently, the ‘walk-to-work’ concept is fast gaining popularity, as new age buyers look at fitness as an inherent part of their lifestyle.
Changing Realty Market
The changing realty market indicates that a majority of new project launches have been identified as faster selling and finding more acceptances by buyers. It is for various factors such as location, configuration, amenities and support infrastructure.
Today the developers are also building projects that are as per the buyers’ preferences and the growth of these markets. The apartments for sale offered by credible developers, to mid-segment apartments designed by renowned architects are a great attraction for the buyers. All these offerings, along with public facilities, have resulted in an increase in the property prices in these micro-markets.
Thus, real estate players are likely to focus on creating thoughtfully designed spaces, to suit the tastes of new-age home buyers.