The affordable housing segment has assumed a tremendous importance in the real estate sector in the recent couple of years. Within the Housing for All scheme, the affordable segment became very important. The affordable housing segment plays a vital role in the realty market as it addressed the price bracket which has the maximum demand for the homes. This segment has assumed its importance in prevailing pandemic situation. Since affordable housing segment is a price-sensitized therefore it’s full recovery depends upon the several factors from millennial owing their homes to not to worry about their job security to pay off their loans.
Covid-19 has proven the importance of home ownership as against the other asset to each individual no matter their socio-economic background. The emotional, practical and financial rationale to own a home is completely in favour of home buyers. Instead of searching for and booking bigger and more expensive real estate projects, millennial these days prefer to opt for smaller units that are more affordable when it comes to buying a house. More and more developers are deciding on the typical unit size of apartments to form them affordable and attract the millennial homebuyers.
Apart from changing land consumer preferences during a strengthening Work from Home environment, purchasing a reasonable house is an on-going concern especially to the backdrop of an ailing economy and job loss/uncertainty. The outlying areas are cheaper both from a rental and buy viewpoint. For this now, more and more developers should choose a much bigger unit size of apartments to form them affordable and attract the millennial homebuyers because with the increase of the WFH culture, many may now like better to sleep in more spacious and cost-effective homes in less central areas.
Mr. Pradeep Aggarwal, Chairman – ASSOCHAM National Council on land , Housing and concrete Development, Founder and Chairman – Signature Global India Pvt. Ltd. said, “Affordable Housing has begun to be as a boon to the millennial homebuyers, they will easily afford the larger homes of their own without digging a hole in their pockets and make a far better lifestyle as this is often the foremost prominent new residential land trends of the COVID-19 era.