The Covid-19 pandemic and therefore the subsequent lockdowns have prevented people from stepping out. Anyway, despite the apprehensions, the zeal to construct homes hasn’t declined. For instance, a recent survey conducted in Bangalore by the higher Co, a new-age end-to-end home construction company, has revealed that over 58% of people want their home to be constructed within 3 months.
The study, conducted across 5000 individuals between 30 and 55 years of age, gleaned insights into the requirements and preferences of people in terms of home construction. In a stimulating finding, it had been noted that a majority (34.29%) of respondents are trying to find a ground floor + 1 floor home. Furthermore, 27.6% of respondents need a ground floor + 2 floor home. On the flip side, only 5.07% of the respondents are trying to find the ground floor + 4 floors.
This goes to point out that the utmost number of people are trying to find modern, compact homes for his or her families. The study also focused on the period of time of construction that customers are comfortable within the pursuit of building their perfect homes, 58.18% of people like better to start construction within 3 months. Furthermore, 17.59% would like 1 month and 24.23% would want to start out construction immediately. Discussing the findings of the survey, Akash Bothra, Head of selling, the higher Co, said,
“We started noticing an increase in demand for independent homes and villas. People wanted to measure in spacious homes that honored their new WFH routines also. While most of the people choose loans, there are a couple of who have the means to fund their own construction project.”
We do receive requests from homeowners to know construction loans and composite loans. The age of a possible buyer is surprisingly between 28 and 60 years+. The lockdown affected the market but it hasn’t affected people’s affinity toward constructing their dream homes. Some people finalize their plans for construction within a couple of days, whereas, some await the lockdown to be lifted — this might sometimes take 90+ days to finalize. While most of the people choose G+1 construction and have a tendency to measure in their newly constructed homes, others construct houses with extra floors in order that they get to hire out their space and make a further income for themselves.
The requirement for a self-owned home has grown over the past few years. People prefer buying over renting as their budget allows them to try to do so, thanks to minimal monetary differences. They even have a choice to build their house, which brings with it a way of personalization that is preferable. From the exteriors of the house, the ground plans, Vastu, the standard of construction — everything is going to be under their control,” Bothra said.