Property Plus
Bangalore
Chennai
Hyderabad
Kochi
Malabar
Thiruvananthapuram
GenNext steps into realistic world
|
The young brigade with lots of purchasing power no longer dream, they just get it
|
Till recently, owning a house was considered once in a lifetime deal. It was only around retirement time that earlier generations used to explore the possibility of purchasing a dream home. But, times have changed, perceptions have dramatically metamorphosed and so has the paradigm of owning a house, thanks to the unbridled purchasing power. GenNext, with huge purchasing power, has brought about a sea change in the real estate sector.
The young brigade, primarily those employed with IT and ITES companies, has fuelled the boom in a way that was hitherto unimaginable. A host of factors went in their favour and since the ground was ripe for exploitation by the developers and builders, the city began to expand at brisk pace. Peer influences, aspirations that changed diametrically and veered towards property owning and jobs taking them around the globe, had them looking around for an appropriate property to call their own.
The preferred choice narrowed down to a radius of 5 km from the workplace and this can be seen as an effort to avoid chaotic traffic. And depending on their pay cheques, they opted for either a ‘no frills’ flat or a fully-furnished studio-duplex.
Market analysts say factors such as tax benefits and saving house rent allowance are influencing the high-salaried groups to invest in real estate business. For employees getting salaries between Rs. 50,000 and Rs. 70,000 and more, banks are extending loans up to Rs.35 lakh. “Tax benefit coupled with easy bank loans is helping us buy a flat. The aspiration to own a home is all pervading and moreover, it will be a fixed asset that will be helpful in future,” explains Ramakrishna Kuppa, a software engineer. Another factor contributing to the increasing spending in the real estate sector is the large number of working couples. While one’s salary goes for running the home, the other salary is reserved to pay the housing loans. The practice of some companies to allow its employees to work from home also made a section of this generation look for a comfortable place to settle down, says Vikram Mohan, a consultant in Satyam Computers.
M.Srinivvas, Hyderabad
Printer friendly
page
Send this article to Friends by
E-Mail
Property Plus
Bangalore
Chennai
Hyderabad
Kochi
Malabar
Thiruvananthapuram
|
