When Rakesh Mishra, and his wife Anasuya looked for a new home in the Indian tech hub of Bengaluru this year; their prime concern wasn’t the location as much as peace of mind.
In today’s date, Bengaluru and other Indian mega-cities with aging or insufficient infrastructure are struggling to tackle problems such as air pollution, congestion, and water scarcity. So, looking at that situation builders are trying to attract millennials with the things they want: homes in upmarket gated communities providing open green spaces, drinkable drinking water, and facilities ranging from smart home connectivity to oxygen generators.
Mishra, a HR lead for a MNC lives in a gated community with a tree grove, an art street, an open-air cinema. He said that since he and his wife both work; after a tedious day of work they would love to come back to a place they love living in. The government was not in a position to provide such services, which is why they paid for it. According to him, these things are important for today’s generation. He would like to have the luxury of jogging or swimming without having to deal with traffic, noise etc.
Real Estate Market & Smart Home Trend
Property developers are increasingly willing to indulge in and attract buyers to a slow market in real estate, driven by a liquidity crunch in the shadow banking sector and bad debt problems in state-run banks. Inventory glut has kept margins under pressure in a sector where double-digit price rises have been the norm for more than a decade.
Anand Narayanan, CEO of Puravankara Ltd. said that for selling properties in a struggling market one needs to sell their product by adding the services today’s generation wants.
Big builders across the world, including DLF Ltd, Godrej Property, Oberoi Realty, and Brigade Enterprises, are selling the promise of a better life for the attention of the growing urban middle class.
Properties in New Delhi, which frequently ranks among the most polluted cities in the world; buyers are attracted to the prospect of greenery and better air in apartments and the oxygen generators make that possible. While in densely populated places like Mumbai; buyers usually were services like jogging tracks and serene surroundings with green communal spaces.
The builders say that despite the high cost of the apartments by the Indian standards that are Rs. 10 million ($143,000); today’s Indian youth working with big companies are ready to pay for such amenities. The same isn’t noticed in the elder generation.
Pavitra Shankar, an executive director with Brigade Enterprises mentioned that today’s generation is better travelled and is more aware of the amenities they deserve.
Himanshu Agarwal, who heads the Delhi-based firm that supplies clean air systems to residential and office property developers; said that companies such as Magneto Clean Tech have had a huge advantage due to the demand for such features. Magneto has seen its sales rise 200% in the last year which counts Boeing, Apple, and Uber among its clients.
Real estate market is keenly observing the smart home trend. It will aim to integrate both for a sustainable and comfortable living.
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