Owning a home is the dream of every individual. It is not just an aspiration; it is also a sign of overall social and personal growth. The government in relation with the developers would like to help every citizen achieve their dream of owning their ‘own home’. The affordable housing policies of the government is a step in the right direction. Developers are focusing their efforts towards laying the foundation of affordable projects in their portfolio. The middle class encompasses the largest segment in the Indian community. Hence, developers have realized the importance of tapping into this asset class to expand their customer base. Today, realty players are striving to create a balance between affordable and luxury project offerings.
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Government support
With the new affordable housing policy, slashed stamp duty, reduced interest rates and the Finance Minister’s stimulus package, it is a lucrative time for prospective homebuyers to achieve their lifelong dream. Saving and investing for the future has always been a common practice among Indians. Traditionally, our parents would invest in gold and jewellery. However, today’s generation has banked on the real estate market as a safe investment option. The journey of buying a home is a strategic and emotional decision for Indian households. With proper policies such as a single-window clearance and efficient planning, the real estate sector would indeed be benefitted.
Developers’ efforts
Along with new homebuyers, the fence-sitters who had put their property investment plans on hold due to induced lockdowns are slowly returning to the market. The ongoing situation has led the developers to offer attractive deals and discounts to lure buyers towards their project. The exceptional response to the residential festive offers is a manifestation that the affordable housing segment is in line towards growth and prosperity.
Technological Advancements
Going forward there will be a further rise in the adoption of digital mechanisms. The WFH trend has initiated a switch towards online tools. Developers are working towards establishing building digital capabilities with tools such as Matterport 3D Cameras and PropTech strategies. Due to such advancements, trusted brands were able to convince and sell during the lockdown. The buyers will hence have a choice to physically visit the site or to virtually envision the space without stepping outside their homes. These tools are able to create virtual tours, display floor plans, 3D views that enable better customer understanding.
The developers are focusing on catering to customer needs and expectations. The homebuyers are likely to bestow their trust in developers who are willing to customize their offering and find a solution to the issues of concern raised by the customer. Thus, one can conclude by saying that the year 2021 is an ideal time for homebuyers to shell out and seek comfort within the four walls of their new abode.
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