NEWS

Right sizing and right pricing

A Television advertisement for online furniture store in India shows a husband choosing a king sized-bed when his wife cuts in and orders a queen-sized one because “he isn’t that tall.” Given the Current Economic Circumstances, it’s best to cut the Excesses and figure out the Right Fit at the Right Price whether it’s a bed or a House. .

 

With New Laws, Lower Interest Rates and Relaxation of Foreign Direct Investment norms in the construction sector, the real estate market shows a lot of promise in 2015. The growth this Year looks set to be driven by the End Consumer, especially the First Time Home Buyer, as the RBI has extended infrastructure status to affordable housing projects. Under the new norms, home loans up to Rs 50,00,000 in metropolitan cities and Rs 40,00,000 in non-metro cities will now come under the purview of affordable housing. A survey by real estate portal commonloor.com showed that buyers also prefer smaller flats minus the luxurious embellishments. While home buyers in South India, especially Chennai, look for a play area, club house or community centre and well-greened surroundings, they are not taken in by ultra luxurious embellishments such as mini theatres and spas.

 

The survey also pointed at a rising demand and popularity of smaller apartments across metro cities. Given the huge maintenance bills that come along with large flats, metropolitan buyers are smartening up and opting for smaller yet manageable properties between 1,000-1,500 sq ft.

 

As a result, the consumer has started demanding more value-for-money and efficient design in his/her home, causingthe builder to pay close attention to detail in this area. As sloppy designs can lead to loss of total square footage and hence revenue, ensuring space is utilized to the maximum has become a matter of priority. Leading builders have responded to this demand by offering projects with smaller 1BHK flats, popularly referred to as studio apartments, starting at (pre-launch) prices as low as Rs 20,00,000 last year. They have even challenged architects to innovate with designs so as to be able to offer a comfortable 3BHK in about 1,400 sq ft. Since then, launch of several affordable and mid-range housing projects in and around the OMR, ECR and Grand Southern Trunk (GST) Road has seen a number of these well-designed, yet compact apartments in Chennai. The buyer-profiles of such homes are young working professionals, even working women, who see these as a sound investment. 

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