Indians seek lifestyle residences amid government’s infrastructure push: Economist
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Amid the government’s push to develop world-class infrastructure, the real estate industry is also surging due to better connectivity options, festive incentives, and changing lifestyle choices, an economist said on Thursday.
More and more Indians are opting for "lifestyle residences" and real estate remains the most preferred asset class for investment, especially premium properties.
Economist Aakash Jindal told IANS that India is developing its overall infrastructure.
"To give you an example, in Delhi-NCR, Metro is reaching new places, providing new connectivity options. Any area where Metro reaches or is about to reach, people want to shift there. They want to buy houses there. India is building so many expressways and connecting many places, thus fueling real estate buying," Jindal said.
Also, many developers are now offering incentives around the year, especially during the festive season, which has also resulted in a surge in property buying.
"These days, people love to have lifestyle residences. The preferences of the younger generation have changed. They want to have, in certain cases, an indoor swimming pool, sauna, jacuzzi, steam bath and whatnot. They would like to invest or live in societies which offer such lifestyle facilities," Jindal told IANS.
"Going forward, there are certain pockets in India where you are going to see many people going in for flat and property purchases. Real estate is going to boom in the coming year,” the economist added.
According to a report by FICCI and Anarock Property Consultants last week, about 51 per cent of Indians now prefer 3 BHK units, showing increased demand for larger homes, as 67 per cent of buyers seek property for end use, while 33 per cent for investment purposes. The report highlighted significant shifts in homebuyer preferences and market dynamics in India's real estate sector. The Rs 45-Rs 90 lakh budget remains the most popular, but there's a shift towards premium properties. About 28 per cent now prefer homes priced between Rs 90 lakh and Rs 1.5 crore.
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