In good old days, aspiring property owners would register for a government scheme hoping for luck to be on their side. If that was not the case to be, they would spend their lifetime savings into a high valued resale transaction. Without doubt, property buying was a relished dream during those days. As a result, mid-30s and 40s workers would prefer staying with their parents or spend their lifetime in a government provided or a rented accommodations to end up with their family (family of origin) eventually.
However, with the availability of plethora of cheaper under-construction project options today, young generation is looking forward to the ease of owning a home for themselves. The urge for owning an adobe for themselves looks much more reasonable and realistic today. With an over-supply of 25-30% across the country, there are properties that are begging to be bought. The young generation has just caught up with the fever and given the job dynamics, are looking for something cheaper and closer to their workplace. Their is absolutely no dearth of such options. But slowly, what was a necessity has turned into a matter of luxury for the young buyer community. If E&Y’s 2014 survey on household dynamics is to be believed, almost 40% property buyers have or are willing to have multiple properties in the same town.
While this may seem a means of investment, real estate it is believed, is no longer a suggested investment instrument. And would continue to struggle till 2025 by when demand and supply would have reached an equilibrium. Till then however, it would seem that we are going the Western ways. In West, extremely below standard interest rates in 19th century led to a property revolution that spawned nuclear families. In India, uncontrolled growth of under construction properties seems a fitting anomaly from joint family (or a heritage property) concept. Another food for thought for the mad rush perhaps?
Comments/Feedback invited.Last updated: June 24, 2016 at 13:37 pm