Goregaon (East) and Malad (East) in Mumbai remained the preferred home buying destinations during the festive period. These centrally located destinations not only tailored to the residential demands of luxury buyers but also met the expectations of those interested in compact homes.
The festive season is considered to be the most auspicious period among Indians when it comes to property investment. Of late, we all had witnessed a lull in the real estate market, and buyers have been jittery when it came to investing. However, as the festival of lights made its way, the dynamics significantly altered. Potential homebuyers who had long deferred their investment plans were seen making enquiries and indulging in property transactions. Holistically, the current tide depicted a much-awaited fillip in the real estate market. Places such as Goregaon (East) and Malad (East) in Mumbai which earlier experienced limited sales, flourished this festive season and emerged as the preferred hotspots for home buyers. These markets not only catered to the demand of luxury buyers but also the mid-segment and affordable home buyers.
Keeping in mind the changing demands and dynamics of the ecological system, developers are offering an assortment of options to homebuyers across the budget. Luxury, as a concept, never goes out of fashion. While luxury may mean different things to different people, its innate characteristics remain the same. In real estate, luxury has been traditionally associated with excellent locations and sterling lifestyle amenities. For instance, buyers with a higher purchasing capacity have been preferred centrally-located apartments with proximity to airports, business hubs, five-star hotels, restaurants, malls and clubs. Developers are taking note of the fact that the appetite for a luxury living has increased. Therefore, they are now adding more and more benefits and services to suit homebuyers’ demands. And today, if developers want to differentiate their projects from the rest, they have to focus on creating USPs.
On the other hand, there is a particular set of clients who prefer to settle for homes which not only ensure modern amenities but are also budget-friendly. In a city such as Mumbai, where space is a constraint, this new trend of intelligently designed, compact homes is rapidly catching up. These astutely crafted homes bear the idea of space-saving at its core while providing all amenities within the available area. The intelligent design of these flats ensures there is no space wastage. The homes do not boast of long corridors. Instead, they utilise every square foot for a functional purpose. The USP of some of these new constructions is that they are centrally-located and yet are available at an affordable rate – a rare combination in Mumbai.
Also, very interestingly the new age property developers are opting for sustainable construction which involves the use of eco-friendly and non-toxic paints, solvents and building materials. There are many reasons for construction companies and developers to adopt sustainable values, the first of which ensures sustainability and longevity. As the mindset of customers and corporations shift towards preserving the environment, the construction industry must follow suit. Furthermore, rapid population growth demands that we address the issues of sustainability and resourcefulness sooner rather than later. To conclude, it will be safe to say that the current festive sentiment drove the home buyers into the market and brought the much-needed fillip in the sector.
