What new-age home buyers want…

Technologically, behaviourally and culturally, the dynamics of the real estate market are rapidly changing. Apart from the top eight metro cities, even tier-1 and tier-2 locations have witnessed considerable growth. Among these markets, one market that has traditionally performed well, is the Mumbai Metropolitan Region (MMR). A report by Knight Frank India indicates that MMR’s realty market recently witnessed its best growth momentum after 2008, with a 23% rise in sales.

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The change in the real estate sector today, is being 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. With higher purchasing power, these buyers demand affordable living, along with lifestyle amenities like swimming pools and gymnasiums. The idea therefore, is to create a quality of life and vitality that makes urban living desirable and creates a distinctive living experience.

Priorities

For potential buyers, the first parameter in choosing a new home, is the quality of a location, in terms of access to facilities and services, a sense of community, safety and security. Ample car parking space, street layout and open spaces around the locality, are also equally important in the scheme of things. The presence of various facilities, such as shops and local services, enhance the attractiveness of a locality for these buyers. 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.

Buyers today, are also demanding a quick turnaround time, to ensure faster possession of their homes. This has given rise to the concept of ready-to-move-in apartments. Buyers are also increasingly looking at homes that enjoy proximity to their place of work or commercial hubs. 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

A report titled ‘Indian Real Estate: Comprehending the varying speeds of growth’ by JLL India and CII, indicates that a majority of new project launches have been identified as faster selling and finding more acceptance by buyers, for various factors such as location, configuration, amenities and support infrastructure.

The buyers’ preferences and the growth of these markets, is reflected in the options that developers have to offer – from super luxury condos and luxury apartments offered by credible developers, to mid-segment apartments designed by renowned architects. All these offerings, along with public facilities, have resulted in an increase in the property prices in these micro-markets.

Since consumers today are smart, it is not a question of ‘educating’ them but of ensuring that the potential benefits are in fact realised. Consequently, real estate players are likely to focus on creating thoughtfully designed spaces, to suit the tastes of new-age home buyers.

(The writer is brand custodian & chief customer delight officer, Rustomjee Group)

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