The past few years have been pretty promising for the real estate sector. It was a period of innovation, transformation and trends. What we saw as a result was better, good quality homes and a wide range of housing options from budget homes to sprawling villas. Naturally so since the needs have evolved and so has our taste for finer things. Then came the pandemic and the world came to a standstill. While many industries are still reeling under its effect impacting both individual lives and global economies, the real estate sector is moving positively towards better growth.
After an unprecedented slowdown that began with the lockdown, developers did contemplate taking a back foot with respect to new launches and revisiting sales strategies. But then things started changing for the better. People started warming up to the idea of buying a home albeit with greater thought and planning. The decision largely being purpose-driven, buyers were extremely clear about what they were looking for.
Says Akash Pharande, Managing Director of Pharande Spaces, “We have been getting regular enquiries for different configurations. The focus is more on what they absolutely need. While investors are still considering their purchases from a long-term perspective, others may have narrowed down to more affordable options that are about 15-20% cheaper than those they were previously ready to consider. They are more cautious about their spending habits now and are averse to splurging money on something they don’t require.”
Choosing affordable over lavish
The ‘affordable’ zone can be a bit tricky. A 2 BHK home can be way more spacious as compared to a 2.5 BHK or a 3 BHK home. So while the customer is pretty keen on saving money, there has not been much of an impact on their choice of home configuration. As a result, the compact homes are now pretty much in demand. The demand for these homes has grown considerably in cities like Mumbai and Pune, though Mumbai is yet to catch up with Pune with respect to actual registrations. The difference perhaps can be attributed to a more stringent lockdown in Mumbai.
Small could be the new big
With working couples now forced into a ‘work from home’ mode, it has become imperative for everyone to have a home that satiates their need for healthier living spaces replete with a few basic comforts at least. The preference has therefore further tilted in the favor of having compact homes that would rather have lifestyle amenities than large, spacious homes with minimal or no amenities. While the fringe villages with better climate and infrastructure were always in demand, they have now become even more popular.
With several companies considering work from home for extended periods of time, it has become imperative for people to choose their ideal home very meticulously. After all, home is where they would be most of the time. The place where they intend to spend so much of their time therefore needs to be just the way they would want it. Besides, public transport is no longer considered to be a viable option due to the ongoing pandemic. This has further fuelled the need for homes that are closer to workplaces. Add to it, the growing inclination towards home schooling and walk to work. No matter where you are, the perfect home is just what you need to stay safe and sane during these extremely trying times.
Favorable buying conditions
It would not be exaggerating to say affordable housing will provide the much-needed impetus to growth in the coming months. Meanwhile, the government is also in the midst of making it viable for both builders and customers by way of incentives. Despite the uncertain economic weather, home buying still remains the smartest choice for investors. It won’t be long before builders foray into this space to leverage the current inclination towards buying affordable housing, and build homes that offer complete value for money. Faster disbursements, better loan products, flexible EMIs are all different means available to those who have been adopting the ‘wait and watch’ approach towards home buying so far. Interest rates are pretty low too.
Close to ready options
The inventory available includes quite a few options including ready to move in apartments. What you get is a secure choice of investment that pretty much eliminates market risks and allows you to pick a home that’s devoid of complications or delays. The gap between interest rates on home loans and rental yields is constantly reducing despite market conditions. Buying a home makes perfect sense. Plus, the real estate industry has taken a big step towards securing home buying with the formation of RERA.
All in all, this seems to be a good time for both builders and buyers. As Pharande points out,”There’s never a bad time when it comes to investing in real estate. Buyers understand it too. They come to us because of the myriad options we offer to them – both in affordable as well as premium segments. Affordable housing may be in demand now, but we have always been on the forefront of building homes that offer excellent value and location advantage. We offer virtual tours to clients to showcase our finest offerings. Luckily for us, our credibility over the years speaks for itself.”
If you have been thinking of investing in real estate, now is the perfect time to invest. After gold, real estate continues to be the most popular form of investment and it has lived up to the faith with which investors continue to buy properties. The market is now picking up pace. Choose your future-ready home today.
Visit www.pharandespaces.com for more details.
About The Author:
Akash Pharande is Director of Pharande Spaces, a leading construction and development firm that develops township properties in Western Pune. Pharande Promoters & Builders, the flagship company of Pharande Spaces and an ISO 9001-2000 certified company, is a pioneer in the PCMC area offering a diverse range of real estate products catering especially to the 42 sectors of Pradhikaran. The luxury township Puneville at Punavale in West Pune is among the company’s latest premium offerings. Woodsville in Moshi is another highly successful PCMC-based township by Pharande Spaces which is now in its 3rd phase.