What do you want: Affordable or quality home? Gone are the days when budget was the only criteria for choosing a home. Today, location and the availability of basic infrastructure are also of utmost importance. However, as in most situations, the ideal setting is difficult to achieve wherein an affordable home also offers quality of life. So, in such a situation what will you choose – quality of life or affordability? According to Magicbricks data, demand for properties priced upto Rs 20 lakh has been gradually diminishing across different cities. In fact, according to the latest issue of *PropIndex (Apr-Jun 2014), the India Apartment Index by Magicbricks, demand for these properties at the national level was almost negligible at 1 per cent. What does this trend show? Buyers are largely moving away from low priced properties for want of developed infrastructure and connectivity. Surabhi Arora, associate director, Research Colliers International echoes a similar sentiment. “Most of these properties that are priced at Rs 20 lakh and below are situated in the outskirts of the city. Even though initially these properties did pick up due to the price tag, buyers have now realised that residing here means compromising on basic social and physical infrastructure.” “It further means,” she continues, “travelling a lot more for work in the absence of well laid roads or rail networks.” Thus, buyers prefer to extend their budget a little to be able to buy a home nearer to their workplace and city centre. In fact, a recent poll conducted by Magicbricks also showed that more and more home buyers now want to live near their workplace, even if it means extending their budget a little. According to the poll, more than 95 per cent of the respondents said they would want to live close to their workplace.
Posted on: Thu, 14 Aug 2014 04:26:10 +0000
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