Indian real estate is once again at the cusp of highly bullish sentiments. As demand is soaring and sentiments are gathering steam, industry players are ecstatic, pondering a bumper year in the pipeline. A low-interest regime, high GDP forecast, and plenty of attractive offers further give the market a buying boost.
Meanwhile, to properly cater to the steep rise in demand, it is also essential to understand the shift in consumer preferences. The preference of homebuyers has greatly evolved, especially in the last two years of the pandemic, and hence to successfully penetrate the market, developers have to take care of the same.
Space over Location: Today location is no more the most critical factor while going out for a home hunt. In the new normal, pinned on the ideas of work from home models, hybrid working, hub-spoke models, and homebound schooling, people have enough flexibility and they do not always need a home close to workstations or educational institutions.
However, these days large spaces are preferred. People are mostly inbound and so they want better and larger spaces to enjoy quality time with their family members. For homebound work and studies, an additional room is needed. Likewise, homebuyers are looking for homes with additional space for leisure and wellness activities.
Community-styled living is finally in Vogue: Community-styled living is finally becoming the reality. For a long, we talked about community-styled homes, but mostly what we had was gated communities with some entertainment facilities. Meanwhile, the pandemic has taught us the significance of closely-knit communities and how nurturing meaningful social interaction is beneficial for our health and peace of mind. The future of housing in India will revolve around the idea of community. Already at Axon, we have a dedicated project team that works on how to make each project more liveable from a community point of view.
Moving towards Peripheries: Buyers are now increasingly moving to city suburbs in search of peace and tranquillity. Apart from gated communities and apartment homes, other larger homes such as villas, row houses, and farmhouses are also becoming popular, wherein home dwellers can enjoy more spacious lives close to nature. Besides bonding with nature, peripheral homes also give a chance to escape any future outbreak of the pandemic. Around 50-60% of new enquiries are coming for peripheral areas.
Sustainable living: From once a fad, sustainable living is now becoming very popular amongst urban dwellers in India. Homebuyers now increasingly understand how adopting green technologies and sustainable practices in real estate can be instrumental in reducing the overall carbon footprint. After all, real estate activities constitute around ~ 40% of the global greenhouse emission. There is a rising demand to increase the use of renewable energy, implement better ventilation and enhance the application of natural sunlight. Likewise, the demand for sustainable materials in construction practice will also pick-up.