Today, everyone wants to shorten daily commutation time and thus look for a home near to their workplace or a workplace near their home. While the latter is mostly not under one’s control, the former option is somewhat manageable. This is what driving Delhi citizens to the location such as Gurugram and Noida. In short, they have started preferring properties near their workplaces.
Although the want is nothing new, and has been preferred over generations, a particular survey by online marketplace OLX has observed that there are a rising number of people who are looking to find properties near their workplaces. It says that around 50 percent prefer such an option. There are also 48 percent people wanting homes for security and investment purposes followed by 45 percent who accorded more weight to facilities like swimming pool, amusement park and gym etc. The spaciousness, nearby schools, hospitals, shopping places and gated security are other prominent factors that the survey highlights.
The study conducted to understand the consumer behaviour interviewed prospective homebuyers in the coming six months and sought to understand their expectations in the dynamic real estate market of Delhi-NCR.
The Dwarka area emerged as one of the top spots owing to its propinquity to Gurugram, Noida and Greater Faridabad. While many of the buyers sought apartments in Delhi-NCR as their first choice, 25 percent looked for independent homes, builder floors were preferred by 17 percent, open plots or lands were preferred by 15 percent and commercial spaces were searched for by 10 percent.
The working classes opting for mid-range apartments in the size of 2 BHK and 3 BHK have witnessed a spurt owing to the decrease in interest of home loans. The reduction in interest on home loans from 9.50 percent to 8.50 percent has made homebuyers receptive to home loans and further boosting the prospects of the real estate industry.
While considering the reach of the internet and online marketplaces, the study went on to suggest that online property platforms have emerged as one of the highest sources of information for the homebuyers. They go through property sites to ascertain the various options available before taking the final call. The survey opined that property sites have become a point of initiation for homebuyers and 80 percent of buyers browse online to make a start. From locating a property to contacting a seller, the online space has become a significant ice-breaker to understand the marketplace before making any decision.
Further, experts suggest that Government reforms like the Real Estate (Regulation and Development) Act, 2016 which has been implemented across states with its own rules and regulations, and Goods and Services Tax or GST are seen as a positive step which has enhanced the consumer’s confidence while reducing tax burdens on them. The economic decision of demonetization of currency notes of higher denominations of Rs 500 and Rs 1,000 has further contributed to trust of homebuyers as the drive witnessed the curbing of black money. The overall mood of buyers is promising and the growth is only expected to increase in 2018.