How Mid-Segment Housing Is Attracting Homebuyers In India?

The real estate sector has witnessed tough times. Though now the industry is doing much better but certain issues continue to plague it. These include liquidity crunch, delayed infrastructure projects amongst others. Nevertheless there are some segments of the real estate industry that are doing well. Amongst these is the mid-housing segment. The mid-segment housing is attractive homebuyer who are viewing it as a favourable option. In the time to come the middle income and affordable housing will boost the residential sector in India.

Many of the top developers of the country like Jayvardhan Goenka of Dynamix Group are currently working on a number of projects in the mid-segment housing. According to estimates, the year 2019 witnessed around 30 percent of the new launches taking place in residential properties that commanded a price tag of less than Rs 50 lakh.

Many of the leading developers are eyeing major metros for mid-segment housing. Delhi, Bangalore and Mumbai are the most favourable locations for this segment. Some of the areas that have caught the interest of developers include Dwarka Expressway, Gurgaon, Sohna etc in the Delhi NCR Region. Though Mumbai is among the most expensive real estate markets in the world, it offers great scope for mid-hosing segment. Some of the areas that offer good housing at affordable rates include Thane, Goregaon, amongst others. Meanwhile in Bangalore, Kanakapura Road, Hebbal, Hosur Road and some other areas are favourable for mid-segment housing.

The real estate sector is still grappling with problems. There are issues like unsold inventory and lack of funds which is preventing developers from competing and delivering their projects on time. Nevertheless, the government has taken many initiatives to tide over the crisis. One of the government’s major initiative is to provide Rs 25,000 crore for the revival of the real estate industry. This money will help in the revival of projects that have been stalled. This will not only create optimism among the developers but will also boost the real estate sector.

The mid-housing segment will grow in the years to come. The segment is attracting some of the top developers like Jay Goenka Director of Dynamix Group among others who are coming up with high quality projects in Mumbai and many other parts of the country.

Know About the Hidden Costs When Buying A New Home

Many homebuyers prefer to buy brand new homes rather than the used ones. A new home demands much less maintenance, comes with all the basic amenities, and is constructed with advanced technologies and materials. But what most people do not know is that there are many hidden costs associated with new homes which can considerably increase the overall cost of the apartment. So, before you decide to purchase a new home here are a few hidden costs that you need to know.

Upgrade

Once you have bought a home you will have to upgrade it. Though the developer will provide some features like finishing and fixtures; however, there are many things that will not be a part of the package. You need to shell out extra money to get these items incorporated in your home. If your home comes with a garden, you might have to pay extra for certain things like fencing, landscaping, etc. Therefore, include these extra costs in your budget.

Repairs

A misconception among most homebuyers is that there will be no defects in a new home. However, like used homes there may be certain defects in a brand-new home as well. The electrical wiring may be loose, a particular slab may develop cracks, during the rainy season there might be leaks or seepage, among others. You will have to get these repaired which will increase your budget. Before you make the purchase, thoroughly inspect the apartment to make sure that there are no defects that need to be repaired. However, credible developers like Jayvardhan Goenka of Dynamix Group provide high quality projects free from defects.

Appliances

When purchasing a new home always have a frank conversation with the developer about the appliances that are being provided with the apartment. Though some developers do provide a few appliances, but it is not necessary that all of them would. There are many items that are not a part of the package and you need to buy them like fridge, stove etc.

Homes are expensive and hidden costs will further increase your budget. Therefore, it is important to do a thorough research about the property and the developer. Rather than making assumptions it is important that you talk with the developer and find out the amenities that are being offered. Also buy properties from trusted developers like Jay Goenka Director of Dynamix Group who are providing apartments with the best of features and amenities.