Nitin Agrawal: Bhopal Real estate attracts younger homebuyers
According to CREDAI Bhopal Vice President Nitin Agrawal, homebuyers in the state have become younger and are more willing to spend in real estate.
The real estate sector is known for being cyclical – there are three to four years of good demand, and then the market slumps for a year or two. The implementation of Real Estate Regulatory Authority Act (RERA), demonetization, and GST brought about a slowdown in the market. However, the market has absorbed all these changes now, and the real estate sector is blooming again.
According to Nitin Agrawal, Bhopal CREDAI Vice President, the demand for property back in the ‘80s used to be user-driven in the state. “
People bought homes for their own use. Such property owners constituted about 15 per cent of the population. If we add population growth and migration to it, it becomes evident that the demand in the industry would never cease,” he says.
However, that situation is changing now. Today, people in the capital of Madhya Pradesh see real estate as an asset. Planned development in the state and development along the airport road, Kolar and Karond have made the young working class to invest in a home of their own.
“Given the fact that home loans have become affordable, it seems more sensible to pay a monthly instalment every month (EMI) rather than rent a home,” says Agrawal.
He adds, “There is an increase in the number of young homebuyers that we see in Bhopal. With rise of household incomes, people see real estate as tangible investment.”
Talking about RERA, the Swadesh Builders Bhopal MD has been very effective in the implementation of the Act, and it would therefore build more trust between buyers and realtors. “Realty is a sector which has so far been suffering from a lack of trust. RERA will facilitate trust-building among the realtors and the customers, thus boosting the growth of the industry,” he says.
Real estate sector is making positive strides towards an unprecedented growth. With Bhopal emerging as a smart city and the national average age of homebuyers coming down to 28 years in India, this marks the early initiation of the young generation of Bhopal into realty investments. A spurt in real estate demand is imperative.