Single-Family Housing Demand Creates ShortagesArun Kumar 14 December 2021
In India, demand for the real estate market is a difficult subject to gauge for economists. Still, it is said that the demand is increasing, and it will increase in the coming years, no matter what. Though this market varies from city to city, most of the metropolitan cities follow the Mumbai market. The Indian population is ever-increasing, and housing them is a serious matter to consider.
These days buyers prefer to purchase a ready to move in property. In contrast, a buyer will get a lot of options for an under-construction property. The wait will be long to buy an under-construction apartment, and one must rely on the developer. Before making any decision, one needs to find a reliable developer because a lot of money is involved. No one should look for a property just because the cost is less.
In India, people from the less developed cities move to developed places like Bangalore, Pune, Gurgaon, and better job opportunities and education. This trend will keep increasing in the coming years, along with the demand for buying an own property. The property will be scarce very soon, keeping this in mind the young working generation is investing in their own house. They try to look for a locality that is safe and closer to their office. People these days invest in stuff that will be their asset and will serve them in the future.
According to the present survey, the sales of new apartments went up during July 2020. Cities that have maximum job opportunities have seen a rise of 86% every quarter. Moreover, this is a boon to this industry because due to GST, the sales went down a lot. The government's stringent laws have been changed that helped ordinary earning people much more. There have been low mortgage rates, low property registration fees, and a reduction in stamp duty.
The pandemic uncertainty
Though the ongoing pandemic has brought about a huge change in people's earning capacity, the real estate sector did not see many downfalls due to different reasons.
Furthermore, the young generation who would pay monthly rent has started investing in flats and now pays instalments to purchase them. On the other hand, the promoters these days give lucrative discounts (previously which they would give only during the festive season) so that both the parties can profit from it. Buyers can get ready-to-move-in properties at low prices, which were previously the price of projects that were under construction.
Now let us discuss the payment structure, this is the most important thing to keep in mind when one plans to buy a flat. If one plans to buy a finished property, then the person has to pay the entire amount at one go; this includes the registry cost. Whereas when one books an under-construction project, he needs to pay 10 or 15 per cent as booking amount, and then slowly he can pay the rest. The flexibility of payment is more when one books under construction properties because he can pay the amount whenever he wants to, and he does not need to arrange a huge sum of money on short notice.
Maybe due to social media, most people's ways of living have changed a lot. People prefer to buy a property surrounded by greenery and have a swimming pool, gym, and children's park in it. Along with affordability, builders are trying to offer these as a part of a healthy lifestyle. Due to Coronavirus, most reputed developers are revising their upcoming projects according to the demands of the young buyers who prefer a healthy lifestyle. In the future, customers will not want a beautiful space within the four walls; instead, they will appreciate these factors more.
Though the young generation loves to travel a lot, the Covid-19 has made people stay at home. Hence people realize the value of owning an apartment and spending time in it. Moreover, this is adding to the business and real estate developers throughout the country are making a lot of money. From 2020 the demand for bigger societies is increasing because it is a part of daily necessity.
So, what are you waiting for? If you really want to secure your future, invest in a property that you can call your own. Instead of paying rent to a random house owner, pay the install amount to a house developer.