Bigger Homes Are In Demand Across The Country
Reports from magicbricks state without ambiguity that the Indian investors and end-users have started looking for bigger spaces to live. Over the past 2 years, the consumer preferences have changed to a significant level prompting them to go for larger 2 and 3 bhk apartments. The sizes expected would generally range between 1,250 sq ft and 2000 sq ft. The Pradhan Mantri Awas Yojana scheme has triggered people to look for bigger sizes due to the very fact that the interest rates are slashed.
The additional fact is that the Pradhan Mantri’s scheme has paved ways for the carpet areas to be increased for those houses eligible for interest subsidy. Under the MIG scheme, there are benefits for home buyers and these benefits will really help people buy their first house, “says Sudhir Pai, CEO, Magicbricks. A positive shift has been noticed among the buyers in the recent past. People have actually started for larger houses in the affordable housing category. Consumer preference in the case of 2 BHKs is increasing in the 1,250-1,500 sq. ft. and 1,500-1,750 sq. ft. ranges. For 3 BHKs, it is increasing in the 1,250-1,500 sq. ft., 1,500-1,750 sq. ft. and 1,750-2,000 sq. ft. ranges
According to Pai,"In the event of all these changes, the number of speculators will come down and the demand from the end-users will keep rising. The affordable housing segment is the only area where the demand is in excess to supply. With the introduction of GST and RERA, the delays that used to happen in handing apartments have actually come under control. This improvement will actually drive even the middle class people to look for houses without any fear of documentation and several other procedures. As was not the case before, people in the present market have started looking for expensive areas to live".
While houses that cost between Rs.60 lakhs and 80 lakhs are in higher demand than the ones costing more, there is still an increase in the percentage of people falling under the middle income category looking for apartments costing more than 80 lakhs. This gesture indicates very clearly that people’s preferences and choices have changed very recently.
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