There has been a paradigm shift in the home buying preferences of prospective buyers as they require a home that satisfies the emergent requirements of the new normal.
“Since the onset of the pandemic, there has been an increased interest for spacious homes. The Covid-19 has reinforced the significance of larger space for comfortable living,” said Kishore Reddy, Director, Sales and Marketing, IRA Realty.
In an exclusive interview with Sudha Parimala Pradeep of RoofandFloor, he spoke at length about the current market scenario, ongoing infrastructure projects, IRA’s upcoming projects, and much more.
Here are the excerpts.
Do you see any changes in homebuyers’ preferences post-Covid?
Real estate has gained more prominence post-pandemic. Consumer demand is on the rise as people have realised the importance of owning a home. However, there is a slight shift in homebuyers’ preferences. Given the shift towards the work-from-home culture, there is an increased interest in larger and spacious homes. Going forward, home designs will also be recalibrated keeping this in focus.
The rental culture, which had gained prominence among the young buyers earlier, has also witnessed a sea change in the past few months. This generation now wants luxurious, spacious homes in gated communities that offer an assortment of amenities.
What are some ongoing infrastructure projects that are likely to impact residential real estate in Hyderabad?
Over the last decade, Hyderabad has transformed rapidly and emerged as a preferred destination for the masses. The presence of global bigwigs and well-developed infrastructure are the reasons behind the success of the city. Moreover, it is known to provide comfortable and affordable living with a quality lifestyle.
Not to mention, Hyderabad was ranked first on Mercer’s Quality of Living Survey for five consecutive years. The city was also declared as the World’s Most Dynamic City by JLL Momentum Index 2020.
When we talk about real estate in Hyderabad, it has primarily expanded and developed around the Outer Ring Road (ORR). We expect a similar kind of development around the upcoming Regional Ring Road. Additionally, the expansion of Warangal –Khammam Highway road will also bode well for the city’s housing market.
What is your market differentiator?
IRA Realty creates enduring properties with an amalgamation of luxury and serenity. Our ventures portray innovative designs and quality construction, loaded with comforts and amenities.
We believe what we did yesterday is not enough for tomorrow. And as a customer, your real investment should not be restricted to just the apartment, plot, or property. Thus, when buying a property with IRA Realty, we offer all our customers a share in the company.
Tell us about your upcoming projects in Hyderabad.
We have recently launched three residential projects in Hyderabad. These include:
- IRA Aspiration, Kollur: At IRA Aspiration, we have created spaces that are spacious yet aesthetic, majestic yet intricate, engaging yet exclusive, and luxurious yet achievable! Spread over 8 acres, Ira Aspiration offers 748 luxurious 2 and 3 BHK apartments starting at Rs 62 Lakh.
- IRA Miracle, Kollur: Ira Miracle delivers premium living at its best. Spread over 3 acres, the project has 274 apartments in 3-bedroom configurations. Units here start at Rs 82 Lakh.
- Aerocity villas/ plots, Shamshabad: Aerocity is a premium plotted development project that aims to create a world-class locale for commercial and residential purposes. Sprawling over 130 acres, it offers HMDA and RERA-approved plots in the size range of 269 to 1,000 sq. yards.
Do you think this is the right time for homebuyers to take the plunge?
Life is slowly returning to what it was pre-pandemic, and so is the real estate sector. As the vaccination drive catches pace, the future of the realty sector looks bright.
With low home loan interest rates, stagnant residential prices, flexible payment plans, and freebies from developers, this is the right time to invest in real estate for both self-use as well as investment.