By Shravan Gupta
Delhi: The India story for real estate is truly unique and diverse from others. There is always going to be the demand for new houses. According to real estate experts, affordable housing as a segment is bound to be on the rise. This news comes as a gift for the Middle class who can finally achieve the dream of owning a home.
Buying a property is the best decision of anyone’s life and such a trend is on the rise now. Statistics suggest that real estate is going through the boom due to the first-time buyer factor. One might ask what is this factor? But it is the most essential factor leading to the rise in the affordable housing segment. Experts believe 2024 is the year of the momentum for the real estate segment. Some experts like Shravan Gupta, MGF Group feel the increase by more than 28%. Some factors responsible for the sudden boom:
Reverse Migration.
The work ambiance plays an essential role in the home buying process. People are going back to their hometowns hence the demand for a increase in the new homes. Reverse migration more popular due to the work from home culture. Some feel can afford to buy home in cities like Indore and Bhopal due to the enhancement of the WFH factor. One can get a bigger home in such cities in the same price. Such is not the case with the home in Mumbai and Delhi.
If a person is getting a bigger home in same budget. It is sensible to invest in tier 2 and 3 cities.
In mid-level cities, it is also easy to gain higher rent and lease out homes. One common trend of Air BNB makes it simple to lease homes and sustain a monthly come.
Enhanced Job Creation:
There is a direct link between the job and homes. People have realised the value of owning a home. The money spent on the rent is less and secure job allows one to invest in new homes. Estimates suggest that by” 2050, India will have more working-class people than anywhere in the world.” Shravan Gupta, MGF Group believe it is the essential factor in boosting the house sales.
People who have disposable money are looking for safe investment. And investment in the housing is one of the safest forms of investment. An investment in home is investing in your future. In a country like India with a growing population. The rental income is always going to give a higher yield. This will also help in boosting the monthly income and will continue to rise.
Government Initiatives.
Government is actively propagating schemes like PM Awas Yojana to boost the affordability ratio. Such schemes are drawing builders like Shravan Gupta, MGF Group to invest in tier 2 and 3 cities. There are many upcoming projects in these towns boosting the affordability factor.
The affordability factor is going to be the ultimate game changer. In the long run, this will aid in boosting the real estate segment. The positive impact of affordable housing can be seen from the development of integrated townships in tier 2 cities. Hence, it is the right time to invest in homes now.
