The Real Estate Market of India is quickly growing into the hands of Millenials, typically the generation born between the 1990 and 2000. This generation has exotic preferences when it comes to property decisions. Their influence is significantly high and we can’t look away from it.
With 47% share of working population in India, Millennials have their own culture and lifestyle. They have grown in the new millenium which is sprawling with technology and new age ideas. The impacts of the same are widely evident on the real estate choices they make which includes buying, selling and leasing properties across the country.
Let’s see what this age group expects from the property market and why the market needs to blend itself around them.
Easy Access Locations
Millenials like to keep it easy to travel to work and the pub, both at the same time. The reason why they choose locations that are in close vicinity of the urban recreational joints and modern workplaces. Basically, the new and developing suburbs and downtown city areas. This preference gives them the freedom to keep the work life and recreation together.
New townships being set up in modern cities offer integrated living with restaurants, gymnasiums, spas etc built inside the societal complex. This is welcomed by the millenials as they have grown up inside the culture that gives a lot of importance to connected lifestyle.
Belonging to the generation that has seen the digital technology bloom to its very peak, the millennials can’t do away with their gadgets. This is the primary reason why big tech ventures and real estate developers are bringing in new solutions for home automation and smart homes. These homes offer state-of-the-art technology to monitor, control and enjoy the home appliances without even touching a button.
Environment Conscious Decisions
Green homes and environmental construction solutions evoke a sense of social responsibility in everyone of us, while millennials are the first to catch up to it. There’s enough evidence of millennials taking up environmental healthy homes that pledge to create a healthier ecosystem for everyone. Green homes are among India’s latest lineage of modern properties to become a part of residential infrastructure.
Flexible Financing Options
The credit card generation is not shy at taking financial products to the property sector. In fact, they’re the biggest consumers of home loan products that fit in well with their salaries and counter the least amount of debt traps. Responding to the growing demand for flexible house loans, and other financing options for real estate, banks have rolled out a number of products that attract millennial customers.
In the end, we can say that the millennials are changing the way real estate used to function with newer trends, newer choices and more environmentally concerned approach towards property buying. This will reflect in the market growth and the kind of projects we see in the future. The progress is slow but steady and we believe that this new generational shift will catch up with the Indian markets as well.
Our homes are one of the biggest assets that we amass during our lifetimes and many a time we don’t know what their exact value is. While this is an important figure to unravel, it is interesting to know the number of factors it depends upon.
In India, there are lot of things that decide how much your home is going to cost. Getting to know the exact value can help you make monetary decisions such as real estate investment, selling a house or renting it out profitably.
We at Spacio have uncovered some simple yet unique facts that may affect the value of your home. Read ahead to know if your home has these things!
Homes that are close to a highly famous restaurant always have the tendency to sell out a little expensive than others. If your locality has a star-studded restaurant or a market destination that is particularly popular, you can evaluate your home in a higher price bracket.
Most Mumbai homes that are closer to international restaurants like Starbucks or Celini, usually have a higher evaluation. This may be linked to the area rate or not but the effect has been widely observed.
How many homes have checked out before finalizing on one? Did you check the bath fittings? Did you observe the color?
The color really matters! The quality of interior of the house acts as a key factor towards deciding the final cost of the house. Usually, houses with luxury colors inside the house turn out to be much more high-paying than with dull colors.
White is supposed to be a dull color and vibrant colors like red and blue actually add to the overall value of the house. So, if you old sanitary fittings, you may want to consider getting a new set before letting your house on rent or showing it to a broker.
Just like colors, artistic interiors add a lot to the beauty of the house and hence, to the value. It was found that cottage inspired houses with antique wooden doors and luxurious cutlery shelves attract a higher price point than others.
Other interior decorations such as wooden floors, chandeliers and decorated balconies add a touch of aesthetic to the house. You will often observe modern apartments developed by esteemed realtors have superfluous sense of decoration and artifacts that aren’t even required. This is because, beautiful looking homes yield a better price even at lowe covered area.
The last is an obvious factor but it is often ignored. Having a house closer or inside a city guarantees its chances of selling out at a high price. The more developed the city, the higher the gross value.
So if you’re thinking to make a hefty investment, always look for a home inside the city as it will experience a sharper growth in value and will turn out as a better investment than the outskirts.
Deciding to buy a home soon? You might want to read this article until the end!
Home buyers in India are faced with several hurdles that if not skipped in time can cause the home possession really messed up. If you are going to make your first real estate purchase, these are some points of note, you must bear in mind, to make the transfer as smooth as possible.
You should also take care of the fact that between the time of you making the payment and getting the house registered to your name, there are several laws that operate separately for you, the buyer, the seller and the lender. Hence, prerequisite knowledge is a must.
We feel this is a mentionable point as most of the home buying transactions in India involve some amount of loaned money. If your loan amount makes up 25% or more of the total property value, you must choose the loan scheme very carefully.
It is advisable to consult a property broker or a loan officer who can guide you through various loan products available in the market.
In India, about a significant majority chooses the wrong loan plan for them. In some cases, people settle for the initial low rate of interest and sometimes they take the loan for too long a tenure. All of these mistakes can land you in wastage of money in future and can make it hard for you to pay off the loan as you plan to.
This might feel like an obvious fact but it is egregiously important to inspect the house once before finalizing it. In many cases, people try to pace up the transfer process in order to discourage you from inspecting the house thoroughly.
This can leave you in discomfort later on. If there is a fault with house’s roof, electrical wiring or drainage, it will continue to haunt you for a long because these are hard-to-fix problems.
So, make sure you inspect the house thoroughly. You may hire an inspector as well, who will make it a lot easier for you to peacefully finalize on your favorite home.
This is a big woe that comes in the shape of merry news. Sometimes, loan lenders or financers give you a green flag for properties that are evaluated at a much higher price than your ITR depicts.
You are bound to rejoice this situation and quickly sign-up in haste. But stop right there. Don’t underestimate your budget just because you are getting a bigger amount sanctioned. Calculate your income capacity accurately and settle for the EMI amount that doesn’t get in the way of your income.
For many people, the teeny bit of realtor’s fees seems like the most avoidable thing in the world, but it may become a loss of lakhs of rupees.
If you are a new to home buying, the realtor is your best friend. Realty firms help you at several stages of the deal. You being the buying party can’t rely only on the seller’s agent.
No matter what, at the end of the day, the seller’s agent will act for his client’s profit, which is why having a consultant at your end will help you dodge any petty trick being played on you from the seller’s side. This happens a lot in the real world and you must prepare for it nicely.
Mumbai is the biggest cosmopolitan of the nation and accounts for the most influx of people. Most upper cast folks migrate to Mumbai and most of the high-end people are living there since forever.
Indeed, the place offers incredible opportunities on the top of which an addictive lifestyle and exposure.
With many people immigrating to the place, there is a huge demand for rental apartments and home for sale. And, because there are numerous projects running the space is plenty.
You need to plan efficiently with all your focus determined to find the best place in accordance with your requirements.
While looking for a home there are certain most common problems faced by people which include:
Well, in Mumbai specifically, or say, Pune a well, you will find unbelievably high prices.
With the economy humming along, you can see how fast the prices go up by several notches each year, it is the highest it has ever been and the lowest price it will ever be.
Most of the times, you will find the apartment which fulfills all your requirements will be high-priced.
Irrespective of modernization, you can still find people pushing on culture and religion much often than not. It is not only about being discriminated on such grounds but also if you are bachelor you will find it very arduous to find a place.
Maybe because you are entitled to be overenthusiastic or people with an open-minded approach.
For that matter, it can be extremely frustrating to search for an apartment. Rather you can contact us for guidance purposes.
To find an apartment which fulfills all your requirements in Mumbai is going to take quite a long time. Something near your workplace, university, marketplace, and everything is going to be highly expensive.
To make the ends meet here, you should prioritize your requirements and look for a property accordingly.
Recommended Read: You should consider this before renting a room.
This aspect has sputtered for so long, maybe for generations, people have been struggling to understand how the costing works. This is unique for almost every transaction and requires guidance from experienced professionals. To better apprehend the variable and fixed costs.
This is cardinal if you don’t want to be left bankrupt or be overburdened by expenses.
Also, Read, 5 mistakes to avoid in buying a property
Whilst hunting for a home, you might find it hard to understand if the locality is suitable for you or not.
Firstly try speaking to the people around, jot down the most desirable places you liked, and later do a solo inspection.
Rather than going through with all these worries you can easily contact us and discover the best options available in your budget suiting your requirements.
Reach out to us, and avail yourself the best deal possible.
Related Topic: Why are apartments better than homes.
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