The Surge In Independent Home Construction In India
The real estate segment faced an unprecedented crisis by the outbreak of COVID-19 and the subsequent lock down which has caused the industry to halt for a short period of time. It has been overly challenging for real estate, particularly for the residential segment, with most of the projects adjourned indefinitely because of the lockdown. The catastrophic situation considerably altered the demand amidst consumers in the residential market segment. Post lockdown, the market is witnessing a surge in the independent home construction when compared to apartments.
Though independent home construction c demand never faded away, it was not too intense back then as compared to now. It was more prevailing in Tier 2 & 3 cities. On the flip side, the demand for apartments is never going away but consumers are looking for an alternative investment, and independent homes seem to be one of the viable options in the given situation. According to the ibef reports, India’s real estate market was valued at around $120 billion in 2017 and is estimated to touch $1 trillion by 2030, where independent homes, villas and plot development will be significant contributors.
People are favouring independent homes over apartments because it provides a sense of ownership to oneself with no curtailments and does not need to depend on anybody’s approval to alter the house
Covid-19 has played a pivotal role in the surge in independent home construction, villas and plot development. The subsequent lockdowns compelled corporates and education institutions to embrace the idea of working remotely and online class respectively, rather than pressing the pause button. Remote work and online class culture have never been prevalent, but was practised sporadically in India until the pandemic. It has gradually became the norm of life. The situation demanded social distancing, which induced people to look for spacious homes and conducive circumstances to accommodate pleasantness in work and personal life. It seems adaptable since the current work and online class do not require staying nearby, therefore, people are ready to settle down on the outskirts to have an independent home which will make their life easier.
Design Your Home
Just the lockdown or remote work aren’t the sole reasons for the surge. In fact, people are planning to have homes according to their desired design, which was missing piece in apartments/ flats. Apartments provide distinctive amenities yet customers feel that the home is not as per their design. Consumers are confined to accept what the builders offer. The recent trend emerging among the home buyers is buying a plot and constructing their home though it will be more expensive in comparison to buying an apartment. Most of the consumers prefer their own garden or backyard lawn, which becomes inaccessible in an apartment. A dream home ought to be built on their dream design and that will indeed bring a lot of joy to dwellers
The independent home can be looked into as an investment perspective as well, which has greater appreciation value and can be easily liquidated. It offers a greater flexibility either to use an investment or use for living. Independent homes can be sold off easily if there is a pressing need because it has
an enormous demand in the market. It also gives additional dimension for the second buyers who can either alter or reconstruct their home as it demands.
Independent homes will not require a maintenance on monthly basis and will be less on spending in contrast to an apartment. The monthly apartment maintenance cost would cumulate to an exorbitant amount that can be used in other areas in the independent homes. Though home maintenance will come at a cost but that comes infrequently and it gives different options and spending on home drastically reduces when you have an independent house.
People are favouring independent homes over apartments because it provides a sense of ownership to oneself with no curtailments and does not need to depend on anybody’s approval to alter the house. The apartments always come with a set of guidelines with dos and don’ts, which may not be acceptable. For instance, any repair works, having pets etc need permission from the concerned. Independent homes give flexibility to do the repairing works in their convenience without disturbing their routine schedule.