In a post-pandemic world, a significant change of interests and needs in homebuyers is likely to be observed. This shift will be a result of health-conscious and hygienic living that has become a pattern of our lifestyle due to the scare of contagion. 'Work from Home' has definitely made the residents ponder over their choices that revolve around their home interiors and the surrounding community that they live in. There has also been a grave issue of limited cash flow in the market, with several businesses that went into a complete halt for almost 3 months. Amid all of this, the inclination towards better living standards could not be subdued, and affordable housing would emerge as a perfect segment to invest in realty.
This will be majorly due to two reasons- looking at the pre- corona trends affordable housing recorded maximum sales in residential market, demand for new projects was visible amongst the buyers in metros. The end-users with fixed source of income now will be more than willing to create a future asset for themselves. People living in rental accommodations can also utilize this time for making a property purchase, when home loan interest rates are the lowest and the instalments will go over a period of time.
It is a changed phase when everything has turned digital and developers have become industry experts as well, participating in different webinars and explaining about their upcoming projects with offers that suit the buyer's needs. A common myth associated with affordable housing is that the living conditions provided are below average, and the units designed are mere brick and mortar structures with no attention to details on making it a comfortable home.
Although, some developers are constantly making efforts to move past with this myth by delivering myriad facilities like gymnasium, tennis court, club house, swimming pool, restaurant, shopping complex, small banquet area etc within the affordable housing complex. Affordable housing projects are located on the peripheries, this leads to their low land cost, helping developers provide each unit within an affordable bracket, and only responsible and thoughtful developers who believe in delivering their customers something more than just four walled structure offer multiple facilities on similar grounds as luxury and mid-segment societies, without coming out of the affordable price range. Developing peripheral regions like Greater Noida West, Yamuna Expressway are best locations for establishing such projects.
Amit Modi, Director, ABA Corp & President (Elect.), CREDAI Western UP