While selecting an affordable housing property, buyers look for key factors such as price, construction quality, timely delivery, reliability, trustworthiness, brand awareness and visibility as well as the past track record of the company, said a survey report.
According to the report by International Property Consultant Knight Frank in association with Royal Institute of Chartered Surveyors (RICS), about 80 per cent home buyers put cost as the topmost consideration while buying a house followed by safety and security for 71 per cent home buyers.
Nearly 52 per cent home buyers highlighted parking space as a major problem in terms of their requirements in current residences. People feel that there is a need for parking facility for at least one car and open space area is required which will lead to a sense of comfort at house.
This was followed by adequate security, playground and availability of public transport which accounted for 43 per cent each. Home buyers and intenders are also categorical that cost-related transparency like actual cost, maintenance charges should be mentioned right in the beginning to avoid complications later on, the report pointed out.
About 53 per cent home buyers said self-use is the main purchase driver. However, 48 per cent highlighted better location and 44 per cent cited expanding family size as other vital drivers for the decision to buy houses.“Stakeholders in the real estate sector need to first understand their consumers before converting their ideas into reality...” said Shishir Baijal, chairman, MD, Knight Frank India.