+
What Buyers Want? - NORTH
Real Estate

What Buyers Want? - NORTH

Pradeep Jain, Chairman, Parsvnath Developers
'Buyers are well-informed and are looking at timely completion, additional amenities and additional finishing. They demand a semi-finished apartment, as they then involve an architect for the complete finish. At present, the affordable market is doing well and the residential segment is improving. There are also buyers who look for ready-to-move-in apartments. In the affordable housing segment, we are developing 1,000 units in a 5-acre plot. Plus, the facilities are limited. So we brief the architect to provide the amenities considering the comfort of 1,000 families on 5 acre. Parking is the biggest issue these days, followed by greenery. Initially, when I came to investing in properties, people spoke of Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, etc. Little did anyone think of a multi-storied housing complex in Karnal or Rajpura. But today, with an increase in quality infrastructure, these cities are coming to the forefront.'

Dikshu C Kukreja, Principal Architect, CP Kukreja Architects
'In today's world, we are mostly driven by what we see in the virtual world. Today, we meet a client and he has a list of Pinterest images to tell you what he is looking for. Similar is the case in architecture, which is why it is more important to build and emphasise on our own culture. Over the past 20 years in infrastructure, we have only aspired to what we have seen in the West. As a designer, I feel it is important to be able to bring out social values. So, if we are designing a housing project, I would urge the developer to think about creating community facilities - and we are not talking about double-height lobbies, big clubhouses or a swimming pool! What our cities need is affordable housing. Whether it is affordable, self-sustained or luxury, what the buyer wants will always be aspirational. As a consumer, you will aspire to more than what you can afford. But the trick lies in providing spaces that do not cost much, are open and where people can at least come out and enjoy the environment.'

Aninda Bagchi, Associate Director-Project Management Group, CBRE South Asia 'At the end of the day, when you are delivering to a buyer, you are delivering a promise. And buying power, today, is much more younger than what it was a couple of years back. Buyers today are more conscious about what they are paying for and they ask questions. Speaking of gated communities in the North, whether it is Delhi-NCR, Chandigarh, Mohali or Jaipur, all the cities have a different sentiment. And people want more amenities for the price they are paying. What the buyer wants today is to develop a relationship, not a transaction. He does not want a deal, but he is willing to pay more if he knows what he is spending the money for.'

Sheetal Rakheja, Managing Partner, AEON Design & Development, and Co-chair, IGBC Delhi Chapter
'There has been a shift over the past couple of years towards green and sustainability. People have started realising its benefits to them and the environment, and that it does not cost more. Users are preferring apartments with good ventilation, shading, insulation, etc. And from a user's perspective and as a designer, if you build more sustainability, it brings along an overall benefit. Where we are lagging right now is that we have worked with international companies and they do a proper planning of everything.

There are no changes once a plan is put in place. So you do a cost analysis, ie be clear on the cost and add in the contingencies, and then you move forward with the project. So, the design needs to be frozen in time, sufficient time needs to be given on planning, and the developer needs to build all that and then look at the cost and launch the project.'

Lipika Sud, Founder Director, Lipika Sud Interiors
'The market is changing dynamically. And the established builders have to wake up to the current situation. There are no buyers for the luxury segment. There has to be a huge shift to understand what buyers want. And for this, it is important to first understand and address the fact that today's buyers are from an average age group of 25-30 years. They do not want the traditional luxury property. So, developers need to revisit the whole scenario considering who they are building for. Here, there are different segments: The young segment, the elderly segment and the mid-age segment. As an interior designer, I would say semi-finished apartments are what builders should offer because most buyers today want to do them up their own way.'

Pradeep Jain, Chairman, Parsvnath Developers 'Buyers are well-informed and are looking at timely completion, additional amenities and additional finishing. They demand a semi-finished apartment, as they then involve an architect for the complete finish. At present, the affordable market is doing well and the residential segment is improving. There are also buyers who look for ready-to-move-in apartments. In the affordable housing segment, we are developing 1,000 units in a 5-acre plot. Plus, the facilities are limited. So we brief the architect to provide the amenities considering the comfort of 1,000 families on 5 acre. Parking is the biggest issue these days, followed by greenery. Initially, when I came to investing in properties, people spoke of Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, etc. Little did anyone think of a multi-storied housing complex in Karnal or Rajpura. But today, with an increase in quality infrastructure, these cities are coming to the forefront.' Dikshu C Kukreja, Principal Architect, CP Kukreja Architects 'In today's world, we are mostly driven by what we see in the virtual world. Today, we meet a client and he has a list of Pinterest images to tell you what he is looking for. Similar is the case in architecture, which is why it is more important to build and emphasise on our own culture. Over the past 20 years in infrastructure, we have only aspired to what we have seen in the West. As a designer, I feel it is important to be able to bring out social values. So, if we are designing a housing project, I would urge the developer to think about creating community facilities - and we are not talking about double-height lobbies, big clubhouses or a swimming pool! What our cities need is affordable housing. Whether it is affordable, self-sustained or luxury, what the buyer wants will always be aspirational. As a consumer, you will aspire to more than what you can afford. But the trick lies in providing spaces that do not cost much, are open and where people can at least come out and enjoy the environment.' Aninda Bagchi, Associate Director-Project Management Group, CBRE South Asia 'At the end of the day, when you are delivering to a buyer, you are delivering a promise. And buying power, today, is much more younger than what it was a couple of years back. Buyers today are more conscious about what they are paying for and they ask questions. Speaking of gated communities in the North, whether it is Delhi-NCR, Chandigarh, Mohali or Jaipur, all the cities have a different sentiment. And people want more amenities for the price they are paying. What the buyer wants today is to develop a relationship, not a transaction. He does not want a deal, but he is willing to pay more if he knows what he is spending the money for.' Sheetal Rakheja, Managing Partner, AEON Design & Development, and Co-chair, IGBC Delhi Chapter 'There has been a shift over the past couple of years towards green and sustainability. People have started realising its benefits to them and the environment, and that it does not cost more. Users are preferring apartments with good ventilation, shading, insulation, etc. And from a user's perspective and as a designer, if you build more sustainability, it brings along an overall benefit. Where we are lagging right now is that we have worked with international companies and they do a proper planning of everything. There are no changes once a plan is put in place. So you do a cost analysis, ie be clear on the cost and add in the contingencies, and then you move forward with the project. So, the design needs to be frozen in time, sufficient time needs to be given on planning, and the developer needs to build all that and then look at the cost and launch the project.' Lipika Sud, Founder Director, Lipika Sud Interiors 'The market is changing dynamically. And the established builders have to wake up to the current situation. There are no buyers for the luxury segment. There has to be a huge shift to understand what buyers want. And for this, it is important to first understand and address the fact that today's buyers are from an average age group of 25-30 years. They do not want the traditional luxury property. So, developers need to revisit the whole scenario considering who they are building for. Here, there are different segments: The young segment, the elderly segment and the mid-age segment. As an interior designer, I would say semi-finished apartments are what builders should offer because most buyers today want to do them up their own way.'

Next Story
Infrastructure Urban

Budget Proposal Aims to Boost Investments

The recent budget proposal has introduced measures designed to promote investments and generate job opportunities across various industries, as reported by the Economic Times. This initiative seeks to stimulate economic activity and strengthen the country's growth trajectory by encouraging both domestic and foreign investments. Key aspects of the proposal include targeted incentives for sectors poised for expansion, such as renewable energy, infrastructure, and technology. The government aims to create a more favorable investment climate by offering tax benefits, subsidies, and streamlined reg..

Next Story
Infrastructure Urban

Indian Financial System Resilient Amidst Challenges

The Reserve Bank of India (RBI) Deputy Governor M. Rajeshwar Rao has emphasized the robust nature of the Indian financial system despite global economic headwinds, according to Economic Times. Rao?s comments reflect confidence in the stability and resilience of India's financial sector amidst a backdrop of international economic uncertainties and financial volatility. Rao highlighted that India?s financial system is well-equipped to handle external shocks due to its solid regulatory framework and prudent risk management practices. The country?s banking sector has demonstrated resilience throug..

Next Story
Infrastructure Energy

SC Allows State Tax on Mines, Minerals

Opposition leaders have welcomed the Supreme Court's recent decision permitting states to levy taxes on mines and mineral-bearing lands, as reported. The ruling is seen as a significant victory for state governments seeking greater control and revenue from natural resource extraction within their jurisdictions. The Supreme Court?s decision empowers states to impose taxes on mining operations and mineral-rich lands, which could enhance their revenue streams and enable better management of local resources. This move is particularly important for states with substantial mineral resources, as it a..

Talk to us?