In India, residential real estate is fast changing. The change occurred in line with Indians’ exposure to global fashion and comfort trends. The IT/ITeS revolution sparked the change, as Indians gained the opportunity to travel and observe worldwide home trends.
The stress levels associated with professional life, combined with the hassles imposed by rapid urbanisation, have been another element driving the increasing relevance of project features. In many cities, the once-routine task of getting to and from work has turned into a nightmare in and of itself. The main contributing elements are the increasing proliferation of vehicles and the incapacity of cities’ infrastructure to keep up with this automotive avalanche. As a result, the home has evolved into more than just a place to return to after a long day at work; it now needs to be an oasis of comfort.
As a result, residential project features, both at unit and project level, have become an important pillar of residential project’s success, along with location and construction quality. This is true for all housing segments, from middle-income to high-end. Today’s Indian homebuyers demand more than four walls, a floor, and a ceiling. They are looking for convenience, ambiance, comfort, security, and ways to relax and entertain themselves. As a result, multi-car parking, clubhouses, swimming pools, gymasiums, jogging tracks, green open spaces, lifts, and ‘smart home’ features are high on the wish list of most home buyers. Buyers are also looking for ways to socialise and fraternise within the project; they are favouring projects that have health and wellness amenities along with smart security features.
Due to economies of scale, developers of mid-income housing projects are able to include a number of value-adding amenities at relatively reduced costs. Advanced amenities included in luxury home projects come at a higher cost, and are targeted at a population with similar financial means and objectives.