A hard look at today’s home-buying pattern in India. Especially after the pandemic.
Current situation in India
When the Corona virus hit us hard in the last quarter of 2020, for several long months there was panic, pandemonium, paranoia. Health deteriorated, industry closed, the economy crashed, jobs lost, commodities were scarce, travel was banned… people’s lifestyle changed in unprecedented ways. And as for the Real Estate sector, it plummeted like never before.
Come 2021, there seems to be light at the end of the tunnel. The positive cases and fatalities are slowly decreasing. Fortunately, the hope for a reliable vaccine is getting brighter. Economy is stirring in the right direction. The business machinery is turning once again. Along with masks, social distancing, crowd avoidance, etc., the new concept of Work From Home (WFH) seems to have taken significant importance.
Wherever practical, Industries have opted for as much as 70% of staff to work from home. They see the wisdom and economical benefit in downsizing their infrastructure, either by leasing the property or by outright selling off the unused portions.
Need for affordable homes
The recent situation that India underwent has brought in its wake, stronger reasons to buy a home. The first-time home buyers have begun to realize that in trying times, nothing is better than the comfort of having one’s own home. With lack of regular monetary resources, paying house rent, EMIs, etc become a very difficult burden to bear. A strong reason why there is an emergence of a positive shift in buying affordable homes.
By definition, an affordable home is one that an average person belonging to the LIG, MIG, & MIG can afford without much difficulty. Today, the Indian Govt have given priority to these types of homes and builders have taken the cue. They are now focused on the larger market rather than the catering to the niche market where houses command high ticket value.
Indeed, banks have now made it very easy to secure a home loan, spreading repayment plans over long periods with lower interest rates.
Today housing affordability has also been attractively incentivised by the Govt. The Pradhan Mantri Awas Yojana (PMAY) grants excellent subsidies and very low interest rates to LIG and MIG categories. An affordable home buyer is eligible for as much as Rs 60 lacs home loan, with applicable conditions. Such encouraging factors make home-buying very feasible at realistic prices.
Buying quality homes that are more value for money
Let’s take an example of a person in an IT company working from home. While he need not be present 5 or 6 days a week in the office, he needs to be there at least 2 or 3 time a month. Typically, his first thought will be to move closer to the office. He will either rent or buy a 2 BHK at a high price.
On the contrary, with a different and sensible logic, office going persons are opting for investing the same amount in the suburban areas, to enjoy the following key advantages:
- A larger home for the same price
- Uncongested & unpolluted location
- Healthier air and surroundings
- Traffic-less and tension-less commute
- Availability of fresh vegetables & fruits
- Safety and security
- Relatively lower cost of living
- More quality time with family
- Increased office productivity
Taking cognizance of today’s trend even an exclusive office with required tools maybe offered for efficient WFH functions, in the residential premises. Many more advantages such as safety, security, lifestyle amenities in the project, community living, etc., can be enumerated. While going to office is made easier, quality of life is greatly enhanced.
Price and value and of an affordable home set off the advantages strikingly.
Neighbourhood of affordable homes
Do you think living in the suburbs means that you are isolated and away from everyday needs and civic amenities?
Far from it. Today, residential projects are situated at the city outskirts due to lack of site availability within the city. Most industries are now also located and continue to locate their companies/facilities away from the city. Renowned names in education, healthcare, IT, shopping malls, retail/commercial spaces, etc. are close by and take just few minutes driving time. Moreover, infrastructure such as public transport, connectivity via Metro Rail, etc. are being developed rapidly. Accessibility to everyday need without the congestion and plying on traffic-free roads are predominantly convenience factors.
Affordable homes do not compromise on comfort aspects. Builders such as Subha Developers have deep-seated ethos to offer the best aspirational homes at a reasonable price. Without compromising on quality, comfort, convenience, safety and a range of amenities. Ensuring to cater facilities that matter to all age groups in a family. And enlightened people are appreciating the perfect blend of living rural but enjoying the urban comforts.
Today outskirts of Bengaluru on all directions are in the process of being developed without the negative aspects of modernisation. And affordable homes are finding a ready and willing market…for the true value of investment.