In conversation with Realty Plus, MallannaSasalu, Managing Director, Assetz Lifestyle spoke about the changing attitudes of both consumers and developers.
What is the profile of property buyers today?
India is set to become one of the youngest countries in the world by 2020 with 28 years as the median age. It further suggests that 2/3rd of its population will economically be active, a majority of which will be residing in urban areas. This gives a glimpse of aspiring young generation who has re-written code of living pattern.
Better known as ‘Generation Y Now ’, it is teach savvy with comparatively higher disposal income. The consumers are mostly either single or have a nuclear family and come from a diverse cultural background. So when it comes to choosing a home, priorities of this generation is very different. For example, they prefer customised and furnished places equipped with technology features, security, better amenities, value for money and most important proximity to their workplace.Hence, it’s quite pertinent that all the stakeholders involved should understand the changing requirements and accordingly address the same.
Today, a homebuyer aspires to own a home that serves as an extension of his or her identity. Be it modular kitchens and media rooms within the apartments, crèche facilities, spas or doctor clinics inside residential complexes. They want amenities at their doorstep and attention to their customised requirements.
How important is the affordability factor?
Wallet factor plays an important role but today’s buyers have the ability and willingness to pay a little extra if it adds a value. Also, time is the essence, so buyers would prefer to have a compact place for easier maintenance with better amenities rather than a bigger place.This is one of the reasons which has pushed the demand for compact homes in most cities across the country. In the last six months, the residential segment has witnessed several launches of many projects catering to this segment.
Also with diverse changes in our lifestyle, climate and economic scenario what was once seen as a luxury has become a necessity today. For instance, CCTV camera is a bare essential for any housing project, similarly, a decade back air-conditioner in Bengaluru was considered a luxury but today it’s a requirement.To sum-up, today more than the affordability, the additional facilities and amenities have more impact when it comes to finalising a home.
To read more: http://realtyplusmag.com/generational-shift-in-realty-sector-2/