Buying a home is a lifetime investment for most of the people in India. Homebuyers do a lot of research before reaching any conclusion of their dream residential space. Of late, it has been proved in various surveys the mid-segment housing is fast emerging as the top choice of homebuyers. These houses are generally priced between Rs 50 lakhs to Rs 90 lakhs. So, what are the reasons behind the growing demand for mid-segment houses? Let's deep dive into the real estate's mid-housing segment to understand as to why homebuyers are attracted to this.
While buying a home we contemplate the future prospects of the property, its price appreciation, how it's going to benefit in future and other relevant aspects. Now, after the Covid-19 pandemic hit us, and work-from-home became a new normal, people realised the importance of a surplus or additional room so that their office work doesn't face any roadblock. Keeping this work-from-home culture in mind, now potential homebuyers while doing market research before they actually buy the property are focussing on 2BHK plus study or 3 BHK flats. And, these kinds of flats mostly falls under mid-segment housing. Therefore, as one of the silver linings of Covid-19, mid-segment has got a boost.
Nowadays, people have become health conscious even more. So, when homebuyers start research work for buying their dream flat, they don't restrict themselves only to the flat but the facilities that they are going to get with the flat - gym, spa, swimming pool, parks, badminton and tennis courts, indoor facilities, meditation lawns to name a few. And, most of these facilities come along with your flat when you choose the mid-housing segment.
Moreover, in the fast pace life of today's world, people try to strike a balance between personal life and professional life. Mostly, after 5-6 days of office people don't get enough time to meet and see their relatives. And, that's why the concept of housing societies are gaining momentum. Homebuyers look for a flat in a society wherein they can organise small family functions in a society-owned community club so as to stay in touch with people of their community and neighbourhood. In the mid-housing segment societies, community clubs and function areas are designed in a luxury manner. So, this is also one of the reasons behind the mid-segment housing segment's attraction.
Mid-housing is probably the only segment in residential realty wherein you get affordability to buy homes in addition to some of the facilities of luxury flats as well. Even people going for affordable housing now plan to wait for some time so that they can stretch their budget a bit and buy a mid-housing segment flat which is going to benefit them in future.
Ankit Goel, Director, Goel Ganga Developments