Business Standard

Cost prime consideration for prospective buyers of affordable homes


Press Trust of India New Delhi
Property cost is the top most consideration for 80 per cent of homebuyers while purchasing apartments in affordable category, according to a survey by Knight Frank India and RICS.
In their joint report 'Affordable Housing-Know Your Customer', Knight Frank and RICS said that more than 50 per cent people want to own a house for self-use indicating growing need for independence and long term security.
Opportunity to move to a better location for access to better facilities and increase in family size in near future are other major reasons for purchasing affordable housing.
"However, while at the time of purchase homebuyers tend to put cost as the top most consideration followed by safety and security," the report said.
While purchasing an affordable housing property, homebuyers put product quality as first key parameter followed by brand name.
Nimish Gupta, MD (South Asia), RICS, said, "Housing is one of the most fundamental demands that influence the quality of life. Access to acceptable living conditions is an elementary human need, which affects individuals at many levels as it provides shelter, safety, security and for most of us represents the most significant investment that we will ever make during our lifetime."

Knight Frank India CMD Shishir Baijal said: "Customers of affordable housing are highly value conscious and since they normally buy a house once in their life time, the focus is more on developer credibility."

"Today, when most of the stakeholders in real estate sector are boarding the affordable housing bandwagon, they need to first understand their consumers before converting their ideas into reality. This explicitly explains why few of the affordable housing developers, who are keeping customer preferences on the forefront are succeeding in this sector while most of the others are not," he added.

Disclaimer: No Business Standard Journalist was involved in creation of this content

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First Published: Jul 29 2019 | 6:30 PM IST

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