The digital revolution has swept the real estate sector and has transformed how prospective buyers search for property. Home buying is a predominantly emotional investment since a home is an asset that safeguards the family from the uncertainties of nature while being a place to raise families and savor the finest things of life. A home can also be a steady income source in the future.
Buying a home is akin to a fine art since multiple things have to be considered while seeking that perfect home. Everything is not tied to the financial side of the transaction and wish-lists of every buyer are radically different. Some may desire lakefront/seafront views, some proximity to nature, golf courses, greenery and some may require homes away from the hustle and bustle of the city for instance. Some may prefer homes bang in the middle of everything that’s happening as a counterpoint.
The Founder and COO at Square Yards, Kanika Gupta Shori, opines that while all these expectations hover in the minds of buyers, the million-dollar decision about the timing of the home purchase is another major aspects. She states that millennials are not waiting any longer to buy their homes and Gen Z is taking the risk of home ownership at a relatively early age with some booking homes within just a few years of their careers in case they hold steady jobs.
A major cash outflow for down payment and consistent income is all it takes for home ownership as far as young buyers are concerned. They are not deterred by market volatility and being tech-savvy, they are coming to buy homes whenever the opportunity presents itself, irrespective of the season/market forces according to Shori. The millennial population of the country will be a major growth driver for the realty sector going forward and are hell-bent on owning the best homes with proper amenities even if that equates to residing in peri-urban zones.
Instead of millions of buyers vanishing from the market as predicted by experts owing to the COVID-19 pandemic, people are now taking faster home buying decisions. With all earning professionals cooped up at home for more than 90 days and social distancing becoming a way of life, there is an overwhelming need for townships with ample space, health based amenities and entertainment zones. Gold and stocks have been bleeding and citizens are now turning to real estate for investment purposes as well. Real estate developers have quickly shifted to digital platforms with Virtual Reality, AI, 3D walkthroughs, machine learning and other technologies which have scaled up sales figures.
Potential buyers can easily map every corner of a property through smart devices and embark on virtual meetings with real estate agents. Digital transactions and inventory booking are also major conveniences. Buyers are pleased with the whole digital real estate framework and this is reflecting in handsome sales volumes. The future seems rooted firmly in digital platforms where sellers and buyers can meet, share data and keep the same securely at one place itself. They will be able to shop for real estate products smoothly and digitally. This is set to be Indian real estate’s next big growth story according to Shori.
Square Yards is a technology-enabled, global real estate aggregator and India’s largest player for primary residential real estate. It’s subsidiary Square Capital is one of the largest marketplace for secured mortgages in India. Square Yards platform offers an integrated consumer experience & covers the full real-estate journey from search, discovery to research, transactions, home loans and post-sales service – fully integrating buyers to an extensive network of 500+ partner real estate developers, and 90+ banks & NBFCs. Square Yards is led by accomplished professionals, ex-bankers, and Ivy school alumni and is backed by the competence of more than 2500 employees in 30 cities and ten countries.