The year 2021 will remain strong to narrate a positive story for the real estate sector with increasing home sales since buyers are willing to make the move today towards a better lifestyle tomorrow. This increased demand for residential properties is guided by newer home trends with the latest being `convenient realty.’ Consumers are especially looking at ‘convenient homes’, and are fast becoming a preferred choice among the working-class segment. Mumbai’s western and central suburbs along with the MMR region being the new realty hotspots are offering such convenient homes.
Understanding convenient homes
Convenient homes are homes that are tailor-made for working individuals and families and come equipped with all the needed amenities. These homes though “a bijou residence”, offer enough utility space doubling up as an office corner, virtual workouts, online schooling, and enough living space.
These homes tagged as convenient realty is a completely new concept of homes in Mumbai having emerged from lockdown emergency, which forced-launched the biggest ever work-from-home (WFH) experiment. WFH as we all know is temporary, however ensuring that buyers invest in homes that will offer convenience for a lifetime.
Affordability with amenities
These convenient homes are connected to two major aspects -affordability and amenities, which are the need of the hour for homebuyers. These homes come tagged with not only comfortable ticket size but also much-needed space, good returns, increased connectivity, improved physical and social infrastructure, open spaces multiple amenities with added safety and security measures.
The new trend of convenient homes is seeing good traction in the central suburbs of Mumbai. This zone offers excellent connectivity along with social infrastructure. This very belt has also witnessed tremendous growth in commercial activities thanks to its central location with numerous industrial zones like SEEPZ.
Mumbai’s working population has started considering buying their own home offering the convenience of the right property, budget, location, and a branded developer. With a major influx of working-class in the eastern and western suburbs, this belt has witnessed a tremendous increase in urbanization with a rapid rise in commercial hotspots resulting in demand for quality housing. With increased connectivity to the Eastern and Western Express highways and upcoming metro networks, this zone has become one of the most sought-after locations.
Developers in Mumbai, especially the MMR region, are already gearing up to cater to the increased demand for convenient homes and are offering multiple home options in this segment ranging from carpet areas approximately 350-550 sq. ft. plus for 1 and 2 BHK. These homes offer a golden opportunity to prospective buyers looking to invest in the sub-Rs 1 to 2.25 Crore bracket.
Best time to invest
Multiple factors have led to consumers coming out and looking at property options to buy their dream homes in desired budgets. With comfortable inventory prices, supported by decade-low home loan rates, reduced stamp duty, and attractive payment schemes have attracted end-users to invest in Mumbai’s real estate. And these convenient homes offered by developers offer a lifestyle with complete convenience of living to the buyers.
This article is contributed by Manju Yagnik, Vice-Chairperson (Nahar Group) and Sr. VP NAREDCO (Maharashtra)
(The views expressed here are solely those of the author and do not necessarily represent or reflect the views of RoofandFloor)