Prospective homebuyers looking for spacious homes, want home construction to begin soon: Survey

By: |
July 14, 2021 1:29 PM

A recent survey conducted in Bangalore by the Better Co has revealed that over 58% of individuals want their home to be constructed within 3 months.

The need for a self-owned home has grown over the past few years. People prefer buying over renting as their budget allows them to do so, due to minimal monetary differences.

The Covid-19 pandemic and the subsequent lockdowns have prevented people from stepping out. However, despite the apprehensions, the zeal to construct homes hasn’t diminished.

For instance, a recent survey conducted in Bangalore by the Better Co, a new-age end-to-end home construction company, has revealed that over 58% of individuals want their home to be constructed within 3 months.

The survey, conducted across 5000 individuals between 30 and 55 years of age, gleaned insights into the needs and preferences of individuals in terms of home construction.

In an interesting finding, it was noted that a majority (34.29%) of respondents are looking for a ground floor + 1 floor home. Furthermore, 27.6% of respondents want a ground floor + 2 floor home. On the flip side, only 5.07% of the respondents are looking for ground floor + 4 floors. This goes to show that the maximum number of individuals are looking for modern, compact homes for their families.

The survey also focused on the time period of construction that customers are comfortable with. In the pursuit of building their perfect homes, 58.18% of individuals prefer to start construction within 3 months. Further, 17.59% would prefer 1 month and 24.23% would want to start construction immediately.

Commenting on the findings of the survey, Akash Bothra, Head of Marketing, The Better Co, said, “We started noticing a rise in demand for independent homes and villas. People wanted to live in spacious homes that honoured their new WFH routines as well. While most people opt for loans, there are a few who have the means to fund their own construction project.”

“We do receive requests from home owners to understand construction loans and composite loans. The age of a potential home buyer is surprisingly between 28 and 60 years+. The lockdown has definitely affected the market but it hasn’t affected people’s affinity toward constructing their dream homes,” he added.

Some people finalize their plans for construction within a few days, whereas, some wait for the lockdown to be lifted — this could sometimes take 90+ days to finalize. While most people opt for G+1 construction and tend to live in their newly constructed homes, others construct houses with extra floors so that they get to rent out their space and create an additional income for themselves.

“The need for a self-owned home has grown over the past few years. People prefer buying over renting as their budget allows them to do so, due to minimal monetary differences. They also have an option to build their own home, which brings with it a sense personalization which is preferable. From the exteriors of the house, the floor plans, Vastu, the quality of construction — everything will be under their control,” Bothra said.

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