Did you know that the percentage of home buyers in the urban area far exceeds the rural area buyers? Since the last decade it has increased sharply. It is also estimated that within the next decade it may rise to around 600 million people who may buy homes in the urban locations.
In the real estate development sector, the markets are divided as niche market, luxury market and affordable market.
The niche market has customers who can easily buy high ticket, exclusive, uber luxe homes that offer top-drawer specifications and international lifestyle. Materials may be imported; architects may be renowned in India or even international ones. And averaging in cost from Rs 5 Cr, and going up to over Rs 10 - 20 Cr. depending on the location, among other factors.
Luxury homes would fall a bit short compared to the niche markets segment. While it may offer several top-quality features, it may have standardised aspects. And cost between Rs 80 lacs to Rs 5 CR.
Affordable homes, as opposed to uber luxe niche homes or super luxury homes, are those that the average Indian can afford. Where the average household income falls in the LIG and MIG categories. Homes may start from Rs 25 lacs and go up to Rs 80 lacs. It is in most demand as the percentage buying these homes is higher. With more and more movement from rural areas to urban areas happening, the affordable homes’ future is pretty steady.
The emerging middle class is today more assertive and have exposure to higher standards of living. Their aspirations to enhance the quality of life is also high. Moreover, the education level of this group is also much better than earlier times. Today many households have dual earnings with both husband and wife also working. When they decide to invest in their own first home, their expectations are also higher.
Today builders are conscious of the affordable class’ expectations and address these issues. They try to match the expectations in their projects.
What does today’s affordable customer want?
- A reliable investment (he is vary of many negative incidents in home -buying)
- A nice home, with a price tag that he can reach (he can afford to take a bank loan)
- Modern features that allow for a comfortable life (he is up-to-date in his habits)
- Amenities that the whole family can use (he doesn’t want to go elsewhere for these)
- Some greenery and garden with lung space (he is health conscious)
- A place to park his car safely (he does own a 4-wheeler)
- A place to host a party on special occasions (he is sociable and have friends)
- If possible, close to his working area (commuting has become more of a tension)
While these are just some of the more important aspects, a committed builder like Subha Builders will take cognizance of these and offer amenities that are in line with customers’ needs. Taking into account that these buyers will have their parents with them, as is the traditional practice of average Indian families. Therefore, amenities will include features for kids, adults and the senior citizens.
It is to be noted that while this essay does not site the current Govt schemes of affordable homes, we are referring to homes that are made affordable for the average MIG market, without compromising on comfort and conveniences.