June 2020 - Realtech Nirman

How COVID-19 has transformed home buyers’ choices in real estate?

A microscopic organism has taken over the world while we are advised to stay home for our own safety and to help stop the spread. This pandemic has changed our daily lives in many ways. Man, who was a social animal has now become dependent on social media for socialisation. Stepping outside of the safety of our home is now as risky as it is frightening. For those who have recently bought a new home are also facing trouble being locked in for several weeks and now wish they had looked up some more options instead of rushing and settling for what they have now. Our work lives have also seen a drastic change and we have now realised that there are many jobs that can be done from the convenience of our home. Probably, this shall become the new normal post the pandemic. Talking about the new normal, let’s have a look at what home buyers are looking for before investing on a property in the present situation.

The need to live healthier and better.

Housing complexes with more open area and greens are now the primary interest of a new home buyer. With rising demands for greenery and natural light, developers are now investing on making lush green gardens, open spaces, pools and play areas while building high rise housing complexes. Apart from the 16 sq ft balconies, apartments in Kolkata have now more to offer with high rise projects. With increased family time due to work from home, people are now able to go for a walk in the evenings or a jog at daybreak and all this without exposing themselves to killer virus. More people are rediscovering their old hobbies and sports, staying fit and breathing fresh air as a result of these amenities. Residents also seek an easy access to a health centre near their apartment to reduce the commute time during any kind of health emergencies.

Space utilisation and amenities.

With one of the rooms turned into office spaces during the work from home period, home buyers are now realising the need for small but separate spaces to cater to such needs. The need for a small space that can be used as working space or study has become the new need for those looking for new 2/3 BHK apartments in Kolkata. Hence, 2.5 BHK apartments are trending among home buyers. The lock-down has been a driving force in helping families spend their time together for the longest duration. This has however led them to feel shortage of space. Housing complexes are coming up with latest amenities like play areas, gym, library and club houses where residents can enjoy them and keep themselves safe at the same time. Although common amenities can be unsafe if proper sanitization and safety are not maintained. This questions the high maintenance costs that one has to pay even if they are not using these facilities out of their choice during such critical times.

Importance of doorstep facilities.

The lock down period has led to increased demand for doorstep services. Home deliveries help save the trouble of shopping groceries and other essentials from stores on one’s own. The local or neighbourhood grocery store has been undisputed as the greatest help by offering doorstep delivery. Home buyers who are especially senior citizens now prefer housing complexes with grocery and pharmacies nearby. Many housing societies provide grocery outlets and pharmacy within the complex to help the residents with a better living experience.

Need for well managed society.

The lock-down has triggered the need for communal harmony and mutual understanding among neighbours. Perhaps, crucial times show us unprecedented ways that we resort to in order to stay safe and healthy. People have realised the importance of lending a helping hand and how that can keep them at lower risk of getting into trouble and higher probabilities of making situations easier to face. Senior citizens and single parents are known to have received help from strangers who have turned into friends during difficult times. Both physical and mental health can be well maintained if one lives in a well-managed society.

Realtech Nirman have always stressed on the well being of the residents and felt the need for consumption of natural resources at the same time. Rain water harvesting and planting trees at the projects have been done keeping in mind the residents’ need for healthy living. Latest amenities and facilities have been an imminent a part of all housing projects by the developer.

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The Need for Affordable Housing in India and the Housing Loan Market

Countries like India, China, Macau, Singapore, and Hong Kong face severe housing shortage in both urban and semi urban areas as the population density is quite high.

The Affordable Housing program is to provide housing units to that segment of our society whose income is below the average household income. It covers the economically weaker sections of the society along with the middle-class section.

Current Scenario of Housing in Rural and Urban India

While looking at the housing sector in India, we often forget that nearly 60% of the population of India resides in villages. Although there is not much shortage of land in the rural areas, the efficient usage of such lands is the real problem. Apart from that rural India also lacks infrastructure development, trusted real estate companies, uninterrupted electricity supply and efficient connectivity. More people are migrating to big cities for better and healthy living. While the space is limited and the population of our country is growing at a significant pace, affordable housing projects appear to be the only sustainable solution to the problem.

Need for the Boost of Affordable Housing in India

As per the estimations by Urban Housing Shortage, there is a wide gap between demand and supply of housing units in India. Continuous efforts have been made over the years to provide low cost homes, Yojanas like JNNURM (1994), Rajiv Awas Yojna(2013), & the Pradhan Mantri Awas Yojana (2015) have shown significant impact with an aim of ?Housing For All? by 2022.

The Central government has decided to provide 100 per cent exemption on income from interest, dividends and capital gains on investments made by sovereign wealth funds in infrastructure in India. It also includes investment in affordable housing projects. The deadline of 31 March 2024 has been set for availing this benefit with a minimum lock-in period of three years. This measure is expected to boost the real estate sector of major cities like Kolkata, Mumbai, and Gurugram, thereby creating jobs, which will result in a greater pool of homebuyers in the affordable housing scheme.

Growth in Housing Loan

Over the next five years, Indian home loan market is expected to see a major hike. There are two major reasons for such growth. Firstly, the home loan interest rate is relatively cheaper in comparison with other developed and developing economies. Secondly, the acute shortage of supply of housing units is a reason.

Home loan market in India has been categorized upon type, source, interest rate, tenure, area of property and region. In terms of source, the market can be segmented into bank and housing finance companies. Bank is the dominating segment in the market. HDFC, ICICI and SBI are the leading players in India home loan market. This is due to lower interest rates and various home loan schemes catering to customers.

5 Best Modular Kitchen Designs and Kitchen Trends 2020

It’s 2020, an era of global market and lifestyle, here modular kitchen is not considered as a luxury but a neccessity for the masses. Almost all the ongoing residential projects in Kolkata are being built under expedient layout. The modular kitchens are not just functional and space efficient but also elegant and tech savy.?

?Some Hand-Picked Modular Kitchen Types?

Modular kitchen is now an important part of the living concept in both luxurious and budget apartments. It is not just confined to a place where food is prepared but also a pantry area, utility storage, crockery display unit, and a bar. The consumer is spoilt for choice regarding kitchen type selection, some of which are mentioned below.

Straight – A simple straight line layout, mostly applied in kitchens with small spaces. Here, the sink, hob, and fridge are placed in a straight line.

Parallel – Also known as gallery kitchen, a passageway between two walls packed with base and wall cabinets. There is just one flaw that it can not offer corner cabinets.

L-Shaped – It brings a chance to display your creativity as a lot can be done with the available space. Open kitchens are a good option with L- shaped modular kitchens.

U-Shaped – Offers coveted layout units like sink, hob, and fridge around the one who is preparing the food. The curved sides if used properly can exhibit classic cabinetry.

Island – Here, hob remains static in the middle creating ample of space for friends and family to work around easing the burden of one person.

Kitchen Trends 2020 for 2 & 3 BHK flats

White Kitchen cabinets and appliances – White is not just soothing, it’s clean, uncluttered and un-fussy. It seems to be the ideal colour against the general trend of bright redentions.

Warm Metal Kitchen Fixtures and Accents – Adding metal to your modular kitchen provides an inviting glow along with warmth to the ambience.

Compact Kitchen Furniture – Ideal for small spaces, smaller fixtures and compact cabinetry makes the kitchen even more fashionable.

Open Kitchens – It is catching up globally as it brings a high level of socialising perspective to your home decor ideas.?

Technology – Kitchens are not just for faucets and refrigerators but also smartphones/tablet holders and brackets for laptops.

India is a country of extreme diversity, the food habits majorly depends upon the local weather and its respective culture. Dry areas have high oil usage in their food whereas people of moist areas prefer steamed food. The materials used in kitchen designs and trends must fulfill the need.