Indore observes a rise in Mid and Premium segment Homes

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Indore observes a rise in Mid and Premium segment Homes
Indore observes a rise in Mid & Premium segment Homes

New Delhi [India], April 6 (ANI/TPT): Indore has observed a hike in the registries of Mid and Premium living options. According to our research and survey, the housing budget has shot up. People are ready to invest more than Rs 60 lakhs to a crore. The new buyer is prepared to invest in the premium houses.

The robust economic development has led Indore to become an IT hub, a Medical hub, and a corporate hotspot with education and employment working hand in hand. Reverse migration and high employment across sectors have increased the popularity of residential assets ranging from Rs 60 lakh to Rs 1.0 crore. The rise in living standards and people returning to the office with high earning capacities have given residential real estate the necessary boost.

The new generation is inclined towards a better lifestyle, not just better living spaces. Generation Y- 52 per cent of property seekers are aged between 25 and 35; as this generation’s priorities are leisure, personal freedom, and flexibility, the demand for more extensive and premium homes has increased. This has led to a rise in ‘community living’ in well-integrated townships. 76 per cent of homebuyers said they would prefer everything from open green spaces, swimming pools, gyms, and walking track to a clubhouse within the new housing set-up.

“According to the Consumer Sentiment survey done by Sunil Agrawal & Associates (SAA), 56 per cent of homebuyers preferred more than 3 BHK flats. Unlike before, when people chose smaller homes, keeping budget constraints in mind” as told by Vipul Agrawal (Managing Director, Sunil Agrawal and Associates).

AB Bypass Road is maturing as another residential property hotspot. Multiple premium projects with premium amenities are coming up at the site. As per the research by SAA, 38 per cent of the homebuyers choose Bypass as their destination for property purchase, followed by 33 per cent who decided on Vijay Nagar.

“The need for community living with lifestyle amenities is now a priority for homebuyers. The new generations are coming as new homebuyers who are more discerning about health, hygiene, and larger communities. The people coming through reverse migration have high purchasing power”, rightly told by Vipul Agrawal.

It is also anticipated that this number would only increase with time, as the hike and upward revision of interest rate are also expected to be gradual, benefiting the purchaser. The consistent boom is very much expected in the Premium residential real estate of Indore.

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