‘Youngsters below the age of 35 years are dominating the home buying pattern’
The digitisation of property registration has made property buying experience easy for young buyers. The age of those buying properties has dropped considerably, Shantilal Kataria, Vice President - Credai National, tells Kaumudi Kashikar-Gurjar. He also speaks about how the changing lifestyle is affecting real estate business.
- How is digitisation of property registration helping property buyers?
In this high paced life and age of technological advancement, digitisation is the need of the hour. Today time is equally precious as money. The digitisation of property registrations is saving thousands of working hours of buyers, particularly the working youngsters. Their absenteeism from work can be avoided. Undue delays are avoided. Most importantly, government revenue is coming in early.
- Do you see any change in the age group where one invests in the first property?
Yes, there is change. Youngsters, especially in the age group of 27 to 35 are dominating the home buying pattern. They are quick decision-makers. They make conscious efforts to evaluate all the offerings and market scenario and make studied decisions.
- A lot of new buyers are buying properties when they are still single and they go for compact sized apartments. Some say they don’t want kitchen space as they don’t want to cook. Do you encounter such demands?
The home-buying process is mostly one-time long-term decision. Hence, I would suggest buyers should decide on property purchase keeping in mind the demands of next 15 to 20 years. Such buyers should think twice about their requirements.
- Considering liabilities, many who want to invest in properties prefer rented accommodation. Do you see a rise in the rented property market and to what extent?
Yes there is a huge rise in rental accommodation. The prime reason being availability of flats with reasonable rent, good availability of new premises with all facilities. The rental demand is dominated by tenants and persons in education and IT field. The Pune rental market is healthy and always in demand.
- Considering the changing lifestyle patterns, what has changed when we talk about the preferences of the type of properties? Ten years ahead how is this going to change further?
Today the home buyers are very choosy and know what they want. For the same, they do a lot of research before zeroing in. There first preference is location, infrastructure, amenities, credit of developer, his brand value etc. This will continue for 10 to 15 years ahead. Also online purchase, service to purchaser will play a big role in the future.