Tag: Goel Ganga Developments

Mid-segment housing: Why its demand is growing and what you as a homebuyer should know

By Ankit Goel, Director, Goel Ganga Developments

Buying a home is a lifetime investment for most of the people in India. Homebuyers do a lot of research before reaching any conclusion of their dream residential space. Of late, it has been proved in various surveys the mid-segment housing is fast emerging as the top choice of homebuyers. These houses are generally priced between Rs 50 lakhs to Rs 90 lakhs. So, what are the reasons behind the growing demand for mid-segment houses? Let’s deep dive into the real estate’s mid-housing segment to understand as to why homebuyers are attracted to this.

While buying a home we contemplate the future prospects of the property, its price appreciation, how it’s going to benefit in future and other relevant aspects. Now, after the Covid-19 pandemic hit us, and work-from-home became a new normal, people realised the importance of a surplus or additional room so that their office work doesn’t face any roadblock. Keeping this work-from-home culture in mind, now potential homebuyers while doing market research before they actually buy the property are focusing on 2BHK plus study or 3 BHK flats. And, these kinds of flats mostly falls under mid-segment housing. Therefore, as one of the silver linings of Covid-19, mid-segment has got a boost.

Nowadays, people have become health conscious even more. So, when homebuyers start research work for buying their dream flat, they don’t restrict themselves only to the flat but the facilities that they are going to get with the flat – gym, spa, swimming pool, parks, badminton and tennis courts, indoor facilities, meditation lawns to name a few. And, most of these facilities come along with your flat when you choose the mid-housing segment.

Moreover, in the fast pace life of today’s world, people try to strike a balance between personal life and professional life. Mostly, after 5-6 days of office people don’t get enough time to meet and see their relatives. And, that’s why the concept of housing societies are gaining momentum. Homebuyers look for a flat in a society wherein they can organise small family functions in a society-owned community club so as to stay in touch with people of their community and neighbourhood. In the mid-housing segment societies, community clubs and function areas are designed in a luxury manner. So, this is also one of the reasons behind the mid-segment housing segment’s attraction.

Mid-housing is probably the only segment in residential realty wherein you get affordability to buy homes in addition to some of the facilities of luxury flats as well. Even people going for affordable housing now plan to wait for some time so that they can stretch their budget a bit and buy a mid-housing segment flat which is going to benefit them in future.

Why should Pune be the top choice for your dream affordable home?

By Ankit Goel, Director, Goel Ganga Developments

Whenever any person dreams about buying a home, the first thing that comes to mind is – will that be affordable and the price of the flat fall within my budget? That’s why affordable housing is a buzz word and has gained immense momentum in the past few years. One of the biggest reasons behind such an unprecedented push to affordable housing is the focus on real estate policies by the Modi government. Further, this Union Budget brought some additional relief to homebuyers in terms of affordable housing as Union Finance Minister Nirmala Sitharaman provided the much-required succour to the affordable housing segment.

Affordable housing as of now basically means homes costing up to Rs. 45 lakh.

Now, with the push, the affordable housing segment is expected to flourish in Pune too and in a big way. Pune, the second largest city of Maharastra and the eighth-most populous city in India, has many feathers already placed on its cap as the city has been ranked as the most livable city in India in various surveys.

Post Covid-19 pandemic, as India is bouncing back to its original real estate potential with many green shoots and positive signs in the realty market, this time is apt for homebuyers looking forward to the affordable housing segment. Property value in Pune is giving attractive returns to homebuyers. Also, even rental incomes are promising, if one is considering home buying as a part of investment strategy. Moreover, a considerable reduction in home loan interest rates has led to enhancement in affordability.

Moreover, the gradual appreciation of property prices in Pune is also a win-win for homebuyers and developers. Due to prestigious institutes, metro rail and even extension of Pune rapid transit system and one of the best environment in terms of cities are some of the added advantages if one chooses to buy a home in a vibrant city like Pune. In August 2020, Pune showed a big jump of 22 spots in Swachh Survekshan 2020 rankings and ranked 15th cleanest city in India.

Moreover, real estate players in Pune are known for delivering projects within the defined possession time frame. Realtors in Pune have a proven track record of giving possession on time under normal circumstances, and hence increasing the confidence of homebuyers to invest in Pune for their dream residential space under the affordable housing segment.

All these factors coming together make Pune one of the best cities to invest in and be in your dream home that too within a defined budget under affordable housing.