Where is the houseproud consumer investing this Diwali?
Will this Diwali mark return of the slow yet steady Indian homebuyer thanks to great policy?
While discreet home buying for self-use in ready-to-move-in or near-completion projects is one significant trend, majority of the people are putting the big bucks in home renovation or upgrading existing spaces.
In many ways Diwali this year marks the slow but steady return of the actual homebuyer. With what the developers terms as the “triple tsunamis of the Indian real estate industry of demonetization, RERA and GST”, there had been a slowdown in the industry and buyer sentiment was affected. The paradigm changed, and it took time for every stake holder in real estate, from developers to home buyers, to get clarity on the new regulatory regime. According to Dr. Niranjan Hiranandani, National President, National Real Estate Development Council (NAREDCO) - “As the positive aspects of RERA come across the market with increase in transparency in the transaction and accountability from the real estate developers, the buyer is returning to the property market. The festive season which reaches its high-point in Diwali, is marked by positive sentiment driven property sales – and this year is no different.”
Add to that lucrative deals offered by developers that help convert many fence sitters to homebuyer. According to Samir Jasuja, founder and CEO at PropEquity, “End user driven demand normally increases during Diwali as big purchase decisions are made around this time of the year and developers provide the necessary trigger with schemes in the form of discounts in all-inclusive price, GST reduction, free registration, free car parking, club house membership, interest free subvention plans which helps in boosting sales.”
The question is will Diwali bring cheer back to the property market. According to research by PropEquity, the markets should witness gradual increase in sales as the markets have changed in the favour of buyers and now there is substantial amount of ready and near completion stock available in the primary market. Hence, homebuyers now have plenty of risk free ready to move in properties at lucrative prices.
Who will drive the market? Jasuja says that investors are inactive right now and bulk of the demand in coming quarters is expected to come from end users only. And they are primarily interested in ready-tomove-in and nearing completion properties as risk of delays is not there and the prices are also attractive. During the festive season, while some Indian homebuyers are buying discreetly, many others are seen upgrading and renovating existing homes. The big bucks are being spent on getting repair, renovation, whitewashing and upgradation of existing spaces.
What is trending in home renovations this Diwali? According to Aseem Vadehra, Director, Vadehra Builders, “In renovation work for homes, people are looking at replacing old stone work with cleaner lines and bigger slab sizes. In some cases, stone floorings in bedrooms are being replaced with wooden flooring for warmth and tone. There is a surge in replacing old doors and windows with technically advanced and thermally insulated products to make for more sustainable and environment friendly homes. Homemakers are also looking at replacing old wardrobes and kitchens with more modern counterparts that have a deep emphasis on functionality and usage.”
What style of interior is hot this season? “Vintage decadence” says Ms Handa - founder and creative Head - Sarita Handa company. The decor trends though contemporary are rooted in traditional textiles and techniques especially for Diwali. “From traditional floral motifs to time tested needlework in contemporary colour palette, this trend is finding its voice in most of the homes.”
Handa shares a few tips to give a fresh look to one’s home. She advises to use vibrant hues with throw pillows and bedding as a way to brighten-up the focal point of your home. Decorate that part of the house that is most visible.
Art is another way to add character to one’s home. Indulge in art as new paintings and artworks are a great way to enter the space be it in the foyer, living room or the bedroom. Finally, bring the outdoors in. There is nothing more intriguing than bringing the elements of nature in the house! Indulge in decor and soft furnishings inspired by flora and fauna.
“Change the landscape of your terrace or living room greens to accommodate new plants, garden furniture and soft furnishings inspired by safaris and exotic flowers”.
One of the most sought-after trends this festive season is wallpapers which is the easiest way to bring newness and fresh perspective to the spaces. According to Vadehra, “I see a lot of wallpaper trends to bring life to any room, with a more than ever emphasis on art, lights, chandeliers, decorative objects, and furniture. It is no longer just about having a fancy house with beautiful interiors - it is equally if not more important to furnish it with the intellectual and aesthetic appeal that art and culture bring to design.”
The design aesthetic ruling the world of home interiors is a modern Indian theme. Adds Vadehra- “As we travel the world and are exposed to different cultures and societies, we are learning to appreciate our own culture in a new light that values tradition while integrating it seamlessly into our contemporary lifestyles which translates not just in actions but in our homes as well.”