STILL APARTMENTS ARE THE PREFERRED OPTION FOR HOMEBUYERS- HERE’S PROOF!

Recent research conducted by Housing.com, a renowned online real estate platform, has uncovered that approximately half of all Indians searching for a house are drawn to apartments. Even more remarkable was the fact that 2BHK apartments were the most sought-after option in five major cities across India.

Compared to villas or builder floor apartments, a trend has emerged where more than half of India’s population prefers buying an apartment. Mumbai is swiftly becoming the place of choice for home buyers, with a staggering 96% choosing apartments over any other option.

On Thursday, property giant DLF Ltd made headlines with the announcement that they had sold a total of 1,137 luxury apartments – all priced above Rs 7 crore – in just 3 days at their residential complex in Gurugram.

• The housing market in major cities has been flourishing due to the high demand for luxury flats. According to a recent regulatory filing, DLF stated that it had seen its highest pre-formal launch sales, with The Arbour racking up more than Rs 8,000 crore.

• As per the report, the apartment style lifestyle has been highly endorsed, with a surge in interest from both domestic and international buyers. This clearly indicates its aspiration for excellence being appreciated on a large scale.

• The Arbour has genuinely become a benchmark within the world of luxury real estate. Astonishingly, nearly all buyers have chosen this residential property for their own personal use. This fact was noted by DLF Ltd.

Why Are Apartments Still Preferred By Homebuyers In 2023?

1. Due to the rising costs of energy bills, residents are searching for ways to control their expenses. The Office for National Statistics has revealed that flats are some of the most efficient properties when it comes to power conservation. This is due to thicker insulation as well as their efficient heating systems. Additionally, those located facing south will receive more heat from the sun during summertime.
2. Having a sense of security within your own home is crucial to feeling comfortable and content. Although this can often require pricey investments in systems and locks, apartments offer unparalleled protection with a variety of safety measures such as pass-coded areas and surveillance cameras. Moreover, many apartment complexes also provide concierge services which monitor the area as well as manage visitors and parcels – truly invaluable when having to leave one’s property for extended periods of time like after the pandemic has passed.
3. Getting to know people in a new place is often an exciting experience. Apartment complexes can be ideal social spots due to the communal features they offer. From common work spaces, to outdoor seating spots and even dining areas, there are plenty of opportunities for mingling with other inhabitants – plus, you get the bonus of having different settings right at your doorstep that’ll switch up your routine.
4. Most apartments in Chennai offer a plethora of convenience and recreational opportunities to its residents due to its on-site gym, as well as its proximity to nature. Those with active lifestyles can take advantage of long outdoor walks and activities on garden – all close enough to avoid the need for lengthy commutes

Statistics

• In the past financial year, DLF recorded sales bookings of Rs 4,544 crore.
• This fiscal saw the release of residential projects from DLF in Delhi, Gurugram, Panchkula and Chennai.
• The company divides its activities into two areas: development business and rental business.
• To date, 153 real estate projects have been developed by DLF with a total area that exceeds 330 million square feet.
• DLF Group’s development potential across both residential and commercial sectors is estimated at 215 million square feet.

When considering a property purchase, many families are faced with deciding between a high-rise or lower-density apartment. Harsh Vardhan Patodia, president of CREDAI, stresses that quality should not be compromised regardless of budget. Factors such as lowered home loan interest rates, government policies and consumer knowledge have all contributed to elevating real estate’s value. Purchasing property has become appealing for its reliable return on investment and potential capital appreciation; consequently, it is deemed a secure choice.

The construction of high-rise apartments in metros has been on a continual ascent. This trend comes with a cost implication; the floor rise charges increase as each additional floor is added, along with new amenities, which naturally raises the builder’s outlay for higher construction costs and premium fees. One advantage of these modern dwellings is the introduction of common workspaces. Homebuyers now prioritize properties that include co-working spaces, a preference likely to remain in upcoming years due to more organizations providing their employees with remote working alternatives and hybrid solutions during this pandemic era.

CITY-WISE SHARE OF APARTMENTS ACROSS TOP FIVE CITIES