Mumbai is upgrading with a number of world class infrastructure projects underway, giving a boost to the housing sector.
Homebuyers prefer Convenience as a major factor in the home-buying process
The home buying process in Mumbai is witnessing a sea change with multiple factors at play. There is a perceptible change in the mindset of a home buyer who no longer believes that location plays a pivotal role or is the most important criteria when it comes to buying a home. Today, the ‘convenience’ factor is what a home buyer looks at when making that important home buying decision. A prospective customer will look for large retail outlets or Malls that are located nearby or close to the housing complex along with other social infrastructure. This makes it convenient for residents to make purchase of regular household goods or indulge in shopping or enjoy in leisure and entertainment activities or save time in commuting to office.
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Commenting on the new home buying trend, Mr. Prashant Khandelwal, CEO – Agami said, “Home buyers of today are more knowledgeable and do extensive research before buying a home. There is a growing trend of both spouses working and therefore, do not have much time to attend to daily chores. Kalanagar in Bandra for instance looks most promising as it is home to luxury residential properties and also in close proximity to commercial districts of BKC and Santacruz. Therefore, the convenience factor plays a major role in the decision making process whilst buying their home. They look at having all conveniences close at hand that saves on travel time and provides for a more convenient living experience.”
According to Track2Realty’s Consumer Confidence Survey, “Contrary to the industry narrative of bigger houses and preferences shifting to periphery locations, Indians are increasingly looking for convenience and lifestyle choices with a compact house.”
This changing perception of home buyers has come about due to improved connectivity within Mumbai and adjoining areas in the MMR region. There are a number of infrastructure projects that have been completed and some major projects ongoing which promises to enhance connectivity even further and help reduce commute time. This brings us to the question of where do you find such areas in Mumbai where people are flocking in order to purchase their desired home. The western suburbs of Mumbai like Goregaon, Kandivali, Borivali and even Mira Road are seeing huge demand for housing. This comes on the back of major infra projects being undertaken that will connect South Mumbai to the western suburbs in the north and beyond.
Commenting from the demand perspective, Mr. Rohan Khatau, Director, CCI Projects said, “Western suburbs of Mumbai are witnessing a greater housing demand due to various factors like improved connectivity and better social infrastructure. Home buyers not only look at buying a home that is in close proximity to Metro stations, malls, schools and hospitals, that provide convenience but also in areas with a potential of capital appreciation."
Mumbai is upgrading with a number of world class infrastructure projects underway, giving a boost to the housing sector. Suburban areas are now better connected with South Mumbai which provides the home buyer with a plethora of buying options. Suburban Mumbai offers residents with all the convenience required for a comfortable living in close vicinity to their residence.
Speaking on how convenience is an important factor in a home buyer’s decision Mr. Himanshu Jain, VP - Sales, Marketing and CRM, Satellite Developers Private Limited (SDPL) said, “Home buyers are especially looking at the western suburbs to buy a home, as this region offers a mix of affordable and luxurious properties. The western suburban belt is also close to a number of offices and commercial spaces in addition to being in the heart of large malls, Retail outlets and Entertainment zones. Given the enhanced connectivity, home buyers do not mind buying a more luxurious property, considering they get all these conveniences that come along with the home.”
In conclusion, rapid urbanization along with world class infrastructure has propelled the growth of the housing sector. The concept of selling a project solely based on its location can no longer be capitalized on. Home buyers have moved ahead and are now looking at buying into a project that sells convenience to its prospective customers. Apart from convenience, the project should be close to infrastructure projects to make it an attractive proposition to home buyers.
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