Rising aspiration, values drive property market…….!
Globalization, a growing economy and awareness has encouraged even the modest of families to aspire to own a home, and once invested probably look for a second one or upgrade to a superior abode. Another reason for the rise in demand for housing is the falling average age of home buyers — from 43 years in 1999 it dropped to 33 in 2010. This changing demographic profile is also transforming housing consumption patterns.
An interesting pattern in the aspiration levels of the consumer was observed at the Real Estate Dialogue (RED) on Assessment of Consumer Demand held by Magicbricks.com. As the spending power of the consumer grows, his aspiration increases. “The urge to buy and upgrade to a better lifestyle is upfront. With an increase in purchasing power, the consumer looks for a better environment; he upgrades from a colony to an apartment and then to a plotted development,” said Kumar Bharat, Director, BCC Infrastructure, at the meet.
“We saw about 700 customers from Shamli, who wanted to upgrade to better facilities in Baghpat. We priced 3BHK units at Rs 45 lakh,” pointed out Bharat, who sold 1,400 units in the Bharat City project a few days from launch in Baghpat, about 18 km from the Delhi border.
Better education, healthcare and housing – all reflect a migration to a better lifestyle and quality of life. “The world is evolving, so is consumer demand. A well-informed consumer today looks for value for money in his investments, and real estate forms a huge part of that investment,” said Neeraj Bansal of KPMG.
“Employment generation and the industrial base of an area define its popularity as a real estate destination. The educated, service class opts for multi-storey apartments in gated communities for social growth,” said Deepak Kapoor, Director, Gulshan Homz.
Till recently, a family’s status symbol was measured by the size of the house. But high income levels and aspirations are redefining the very concept of housing where the conventional per-square-foot rate doesn’t apply. Instead developers have to ensure the entire package, from the housing unit, amenities, significance of the neighbourhood, location and the social standing that comes with it.
Indrani Rajkhowa Banerjee, MagicBricks.com
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