Jaipur is a big city, it is the city of dreams, it is the city of lives.
It is one of the favourite places for the tourists to visit but at the same time, a sweet home for a large number of people. The city is big yet not crowded as compared to the metro cities. Many prestigious builders of the country are coming up with their luxurious projects in Pink City Jaipur. Yet, the high demands remain of the affordable living. The residents are preferring small houses to live in as wells as for the investment purposes. The trend seems to be defying the saying â€œthe bigger the betterâ€. The buyers are showing an inclination towards the small homes like 1 BHK flats, studio apartment etc. So, when the house is a symbol affluence, why suddenly such a change in the preference of the modern home buyers? Let us see the factors that affect the home buying choice of the buyers.
1. The rise in property prices
If you have a little knowledge about the real estate, you know that the prices are at the surface. It is because of the unsold inventory with the majority of builders. They are selling the properties at the lowest price possible. But at the same time, it is no less than a truth that the standard of living has risen. The price rise has made it impossible for the middle-class people to own a house of their dreams. Hence, the small compact houses are bought more as compared to the luxurious villas. Instead of the size of the house, people are giving more preference to the location and access to the basic amenities. The life may have become compact but the quality of living must be top-notch.
2. The rise in buying potential of the individuals
Seeing that the affordable houses are sold fast, many builders have come up with the low costs housing solutions. Earlier when people used to buy the houses in the late thirties, now, the home buying qualified age has reduced to 25-35 years. Thus, the young generation is buying the house and at this phase of the life, they can afford only the small apartments. The houses that are sold the most to the buyers of this age range is varied in between 20 to 50 lakh. So, the demand for the small apartments is rising and so is the supply.
3. Shift from luxury to essentials/ Short term housing
The modern home buyers do not intend to spend their whole lives in a single apartment. So, they do not think for the long term before buying a house. As such, they stick to only the essentials that they cannot live without. When they have saved enough, they move to a better house.The affordable houses being the first choice for a first home for everyone. These houses are also good for the investment as the resale market is great and one can always rent the house.
4. Easy home loans and policies
The â€˜Housing for allâ€™ initiative by the present Govt. boosted the sale of the low-cost properties. Not only in the rural areas, the affordable houses are being constructed in the suburban areas. The home loans have also become easy. The builders, themselves are providing easy payment solutions to the buyers to encourage fast buying. Thus, youngsters are buying the small houses instead of renting them like they used to do some years back.
So, whether the city is big or small, small houses are always in the spotlight of real estate investments. So, the builders need to complete their affordable projects first instead of investing in many luxurious projects and add to the unsold inventory pile.