High expectations from Hyderabad Home buyers

Lately, there is a rise in the number of residential projects undertaken by developers in the city. And what with international architects and project consultants roped in, home buyers have begun to expect world-class living spaces.
With more people migrating to Hyderabad for jobs, and some settling down here for good, what does a typical home buyer in the city really want? Peaceful surroundings, adequate amenities, some green spaces and most importantly, superior quality construction are a given. Of course, quality is paramount to both individual and institutional investors.
The Basics
P Sreenivas Reddy, Executive Director, Rajapushpa Properties Pvt Ltd, says, “The three major features that homebuyers expect is quality, timely possession and delivery of amenities within the cost as promised. Also, buyers expect developers to take care of the property and maintenance till at least 12 months after possession so that any problems that may crop up in the property can be rectified.” Unfortunately, in reality, despite setting aside a specific date for project delivery, a six-month buffer period is the norm in the industry.
Another factor is that the premium gated communities are coming up in far flung areas such as Nallagandla, Kompally, Tellapur and so on. Prospective home buyers working in the city would either have to pass up the chance or resign themselves to long hours of commuting. Moreover, some gated communities are being prelaunched and are yet to receive GHMC approvals. Nevertheless, given the developer’s good reputation, buyers are readily investing despite the element of risk involved. Even when all the approvals are in place, buyers are known to do background checks. Why then would a buyer go for a project that is still in a pre-launch stage and approvals are yet to be received? It is the good track record of the developer, the buyer’s confidence in him, a willingness on the part of the buyer to bear some risk and his liking for the specific project that spurs him to invest.
Personal Space
The question is, are living spaces in Hyderabad thoughtfully planned? While all developers try to maximize the space available, standalone buildings, for instance, are built so closely that one can look out of the bedroom window and see the neighbor’s kitchen or living room! This holds true even for high-end housing complexes that feature flats on a single floor in a straight row. While this layout ensures zero common walls, and the space in between two adjoining flats is open to sky, nevertheless, it is not conducive for privacy. In order to ensure adequate sunlight, ventilation and a better view, the best option is to buy a ‘corner flat’ which comes at a premium. A better option would be to increase the area between two adjoining flats.
The Price
“Basically, anything and everything comes at a price. Even if there is a minimum of 10 feet distance or more, that will add to the customer’s budget,” says C Sai Kumar Naidu, GM, Sales and Marketing, Aditya Construction Company. He adds, “The property rates will see an approximately 15-25 per cent hike in the next quarter depending on the location. With the prices of cement, steel and labor rising considerably, developers will have to eventually hike the rates. Thankfully, the slight decrease in home loan rates will act as a major incentive for buyers.”
The Value
Manju Sunkuri, a resident of Miyapur is on the lookout for a gated community in the Greater Hyderabad region. She prefers the cosmopolitan culture, security, recreational amenities, power back-up, and other such facilities that a gated community has to offer. She says, “We look at the past projects of the developer. Moreover, some builders provide extras such as solar panels and rainwater harvesting that help to save costs in the long-run.” Regarding whether the builder would deliver on what has been promised, Manju says that even if the developer delivers 80 percent, she would still consider it a winwin situation!
Of course, whatever the builder gives is what the buyer expects. Over and above the project, anything extra that the builder provides is an add-on. Amenities are all project based. If space is a constraint, then tennis courts and other such amenities are out of the question.
We are living in an age where disposable incomes have increased, and home buyers tend to want it all. Going forward, developers will have to rethink living spaces and make construction and energy efficiency key aspects of their offerings for the modern day buyer.

Source: Times Property in The Times of India, Hyderabad