In the dynamic landscape of India’s real estate sector, a discernible shift in property preferences has emerged, driven by the escalating pollution levels in urban centers. This paradigm change has been further intensified by the global pandemic, redefining what customers value in their homes. As we delve into the intricate details of this transformative trend, it becomes evident that the traditional factors influencing property choices are being overshadowed by a newfound emphasis on well-being, cleaner air, and a healthier lifestyle.
The onset of the COVID-19 pandemic has prompted a profound reevaluation of priorities for Indian homebuyers. The once steadfast focus on location, proximity to workplaces, and standard amenities has evolved to encompass considerations of environmental quality. This is particularly pronounced in major cities where pollution levels have reached alarming heights, raising serious health concerns. Against this backdrop, the demand for residences that offer a respite from the urban pollution quagmire has gained substantial momentum.
Property prices, especially for homes under 1 crore within city limits, have witnessed a relative stagnation in recent years. Though the modern Indian customer has become choosy. He is only willing to embrace projects laden with green covers and wellness facilities. A healthy lifestyle in one’s home is substituting with city living which had previously been characterized by the allure of luxury.
However, it is more of an issue of healthy living; it goes beyond mere aesthetics of self-preference. Nowadays home buyers try to evaluate the environmental effects of their house selection. The ripple effect of this change is palpable in the emergence of two prominent real estate markets that epitomize the growing importance of environmental considerations: Karjat and Goa.
Close to Mumbai is Karjat where real estate development has been attracting people. The convenient location from the busy town and current road works that improve connection, has led to an increase of property demand. This region had significant increase in project inflow as well as increasing demands for more healthiness and cleanliness leading to impressive increments of 20% – 30% in property selling price.
This is similar to what Goa has experienced a steep rise in housing prices most propelled by people moving from North India mainly from Delhi. Since the air quality problem in the National Capital is very alarming, many people move away to places like Goa whose house prices have increased by 400% and apartment costs have shot up by 200% compared to the past three years.
This trend indicates that buyers are deliberately focusing on the health factor and shunning urban lifestyles instead. Instead, people want houses with fresher air, superior social infrastructures and good surroundings for healthiness.
While this transition of property preferences is not confined only to a particular group or community. The need for a healthy lifestyle has penetrated right through all segments of population and changed dynamics on the property market. To this end, developers are adding contemporary conveniences and open spaces to their work in response to changing consumer needs.
In this process of transformation experienced by Indian realty, conventional values and approaches to property evaluation are being revalued. Changes in consumer tastes are pushing up prices for properties located in healthy and greener areas contributing to a modern lifestyle.
This has been caused by growing pollution levels and leads to a massive change of the real estate landscape. Unlike before, home buyers are not only attracted to residential areas with facilities of city convenience at the corner, but they also look for safe havens that are protected from the threats of environmental risks. This transformation is not fashion but it is socio-economic shift towards good living, clean air and better lifestyle which gives the beginning of a fresh age for Indian real estate.
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