siliconindia | | December 20198he real estate sector in India made an effective comeback in 2018-19 especially in metros and tier I cities. It was a year of consolidation and revival. With improved regulatory policies and rationalized tax structure, consumers have a reinvigorated interest in the sector. The revived consumer confidence has stabilized the market and laid the foundation for massive growth.In the latter half of 2018, there was a surge in the supply of housing units with approximately 50,000 new units launched across Delhi, Mumbai, Chennai, Bengaluru, Pune, Kolkata and Hyderabad. Amongst other types, affordable housing has gained significant momentum. The increase in inventory enables homebuyers to choose from a wide range of affordable projects available to purchase. Other factors that have boosted the demand for affordable projects are the growing job opportunities and consumer demand which has increased exponentially.With the increasing supply of housing units, additional options are being made available for homebuyers. Amongst the most preferred configurations, trends show, one BHK apartments are the most popular in Mumbai while two BHK apartments are the predominant option in most other major cities such as Delhi, Bengaluru, Pune and Hyderabad. Affordability continues to be the primary reason behind the popularity of smaller units in Mumbai. Another reason for this is, smaller apartments are easier to sell than larger configurations as the demand for one BHK unit outweighs supply in Mumbai. As property rates are lower in other cities, the same principle applies for the two BHK configurations there. In Hyderabad, majority of homebuyers plan to live with their families, hence two BHK and three BHK apartments are preferred over other configurations, with two BHK being the most popular choice. Hyderabad, specifically, is uniquely positioned in terms of value-for-money for both homebuyers and investors. Luxury housing continued to witness strong demand in India. This is attributed to the depreciating value of the Rupee, which encouraged a surge of NRIs looking to invest in luxury real estate. While affordable houses may not offer many amenities, additional features and facilities play an equally important role for selection of property, in addition to the house configuration being offered. Gated communities would commonly offer amenities such as recreational facilities, swimming pools and club houses. Growing awareness has encouraged homebuyers to By Rakesh Reddy, Director, Aparna Constructions & EstatesHolding over 30 years of experience working across key positions in companies like Redones Holding, Astoria Solutions, RP Edu Group, and currently working with Aparna Constructions & Estates and Kilaru Naturals, Rakesh possess a strong marketing acumen demonstrated by education and experienceEVOLVING CONSUMER PREFERENCES FOR RESIDENTIAL INVESTMENTS & WHAT IS AIDING THE CHANGEIN MY OPINIoNTRakesh Reddy, Director
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