The homebuyer’s behavior and decision-making have tremendously changed in the last few years. The choice of property and the funding patterns have been altered in the back of the current economic scenario. Earlier, only male members of the family were the income earners. Most the financial related decision was taken by them. The scenario has changed drastically due to growing industrialization widen professional avenues in India and, thus enhanced the buying capacity of individuals. Women are starting earning at par with men,the concept of joint ownership has been witnessed upswing. Since the dual income arrival in the nuclear families, they are not afraid of buying the property through EMI and the financial institutions are also enhancing such moves for both builders and buyers.
RERA and GST also play a significant role in their buying decision.
Demand in ready to move in properties.
Earlier the home buyers were happy to invest in under construction properties but not anymore. They are expressing lots of reluctance to invest in under construction properties due to the time consumption. Though financial institutions are available for the financial endorsement, still buyers prefer to go for ready to move in properties. According to the property consultant firm ANAROCK survey, 49% of the respondents want to invest in ready to move in properties. It also helps the buyers to do away with rental payment hassles if they were to be staying in the rental home.Andalso, Tax benefits, Pre EMI-worries are major factors for such decisions.
Focus on Children future.
Contemporary parents keep their children as a primary focus while they decide to purchase a property. Parents are focusing on their children future education and expecting their children to grow in a conducive environment which may help themto have a better life. Before deciding to purchase a home,the parents do lots research about the property locality, whether schools are located within a short distance from the property, hospital, leisure places etc. And, the environments have been the primary focus for the parents.
Investing in home interiors.
Investing in home interiors has been an emerging trend among home buyers. They are ready to invest a fair amount of money in their home interiors irrespective of the purpose of purchase. They feel that it’s a good investment because interior homes receive a better rental return than other home andhave much better resale value in the future in compared to normal homes.
Ever since the implementation of RERA & GST reforms, the real estate became one of the hot spots for investment, especially in the residential category. The Reforms brought lots of transparency between both the buyers and sellers which gained trust back on real estate. Most of the home buyers are buying homes purely on investment purpose which gives them a better rental return for their investments. It is a great fixed asset which can be resale it later.
[This is an authored article by Harsha Vardhan- Director, Kumari Builders and Developers. All views, opinions and expressions are personal and limited to the author.]