BANGALORE: : Soaring real estate prices in Bangalore may be burning holes in the pockets of prospective buyers, but it seems to be bringing families together.
Couples who had chosen to live in nuclear families after marriage, are now coming back to their parents, all thanks to skyrocketing realty prices. According to realty intelligence firms, prospective investors now prefer to cut the expenses by living under the same roof with their parents.
In the early 2000s, the fall in residential realty prices had prompted many to move out of their families, but a reverse phenomenon is being witnessed in tier I and tier II cities today.
The trend is basically being seen among those in the IT sector who had been looking at investing in the affordable housing segment.
For Ranjith and Shubha Pandith, an IT couple, moving in back with their parents was the best option in the current scenario.
“We were looking at investing in the affordable housing segment for months. Brokers had advised us to wait for six months. Though prices had fallen in the dying months of 2011, we waited longer. But prices have shot up dramatically and we have moved in with our parents for a few months. Hopefully, prices will come down in the next quarter and we will then invest,” explained Ranjith Pandith.
Unlike the Pandiths, for some, moving in with their folks is a permanent choice. “I have lived away from my family for over 10 years. The prices in the affordable housing sector are no longer affordable. Besides, living with parents helps reduce expenses,” said Gautam Tiwari, an advertiser.
Meanwhile, realtors are waking up to this trend, which was first seen in western countries.
“While prices of residential realty have been more of less stagnant last year, there is still a vast demand-supply gap. The offering range is from Rs 5 lakh to Rs 10 crore. Unless a promoter has a USP, sales in this segment might be impacted,” said Mohammed Ali Vakil, chairman, Vakil Housing Development Corporation.
“Demand for residential units may continue, but investors are now focussing on buying houses with their families as it reduces the repayment burden,” said Dhaval Ajmera, director, Ajmera Realty & Infra India.