Peace Within The Walls – The Hindu
How Home Buying Behaviors Are Changing in Indian Real Estate and Visible Change is Happening
How Home Buying Behaviors Are Changing in Indian Real Estate and Visible Change is Happening
The past two years have had a profound impact on the lifestyle of consumers; buying a house is also no exception. The iterations of lockdown followed by the gradual opening of markets and periods of recovery have led to significant changes in buying a house in India. From finding a home to buying the right type of product, constant and visible change is happening.
Some of the changes, such as the move to the Internet, were a progression of past behaviors. While others, like a growing affinity for large domestic spaces, are relatively new.
Pivot to digital
There has been a growing demand for online real estate. Digital real estate has moved out of the corporate lexicon and has now become a reality.
From research and discovery to transaction, homebuyers now rely on the online space. Prior iterative site visits were the norm. Today, savvy buyers are using AR (augmented reality) and VR (virtual reality) devices to digitally view homes and make informed decisions.
Tools like AR can also help close the gaps in real physical visits. Thanks to augmented reality, buyers can better visualize their homes and check them out by trying out various interior decorating options, designs and furniture and make their decision accordingly. In this way, digital real estate adds tremendous value to the homebuyer lifecycle.
Affinity for a bigger house
There is a visible growth in affinity towards larger apartments due to home schooling and the work from home (WFH) culture. Buyers are looking for an extra room/half room/workspace. Likewise, buyers are also looking for additional space for yoga/wellness. In a culture confined to the home, buyers now want larger spaces to lead a more relaxed and comfortable life.
Likewise, there is also a growing preference for second homes, villas and townhouses amid beaches and hill stations. With WFH, many buyers now want to avoid the crowded city lifestyle and spend more time in the calm, peaceful and serene atmosphere. Even those who cannot afford them now prefer to rent them for long stays. Consequently, the second home markets in Goa, Udhagamandalam, Shimla and Lonavala are witnessing a surge in demand.
Community life
The pandemic has reiterated the need for a community-oriented lifestyle. There is a growing appetite for sustainable real estate that includes better communities and increased amenities.
The idea of community living is based on increased and meaningful social interaction, better safety standards and a healthy lifestyle. Likewise, buyers are now looking for improved infrastructure and amenities, open spaces and community centers. They prefer lots of sports and recreational activities within the community so they can have fun with their friends and family without a long commute.
The demand on the rise
As an extension of a sustainable lifestyle, the demand for green buildings is also increasing. Currently, around 5% of homes in India are certified for green building. Nevertheless, the numbers are expected to multiply in the foreseeable future. The demand for adoption of sustainable materials and renewable energy will increase sharply.
Likewise, homebuyers now want seamless access to sunlight and natural ventilation. A green home can also help fight greenhouse gas emissions and reduce the overall carbon footprint.
Moreover, they can also be cost effective in the long run as they save energy.
The author is MD, Goel Ganga Group.