~ Vaastu amongst the biggest influencers of purchase decisions
~ Exclusive space for prayer rooms is the second most-considered aspect
~Storage lofts a low priority in internal home layouts
Mumbai, February 20, 2020: More homebuyers especially in tech hubs of the country such as Hyderabad, Chennai, Bengaluru are likely to consider Vaastu (the traditional Indian science of architecture) as the most important factor in their purchase decision than any other part of the country, a light-hearted insight published by Mahindra Lifespace Developers Limited (MLDL) has revealed. The findings suggest that even tech-savvy millennials continue to believe in and prioritize Indian tradition and sciences, when it comes to the biggest investment of a lifetime – buying a home.
Home buyers in Hyderabad are most inclined to factor Vaastu into their home purchases, with 82% respondents considering it to be the biggest influencing factor, as against the national average of 40%. Chennai ranks a distant second on this aspect along with Bengaluru, with both at 47%. The most tech-savvy cities in the country appear to also be the most culturally rooted, where Vaastu is concerned. While, Mumbai and Pune homebuyers appeared mostly indifferent to Vaastu, as only 11% and 17% homebuyers in these cities preferred Vaastu over other factors, respectively.
The study aims to understand evolving trends and future needs of homebuyers in terms of internal layout preferences, among other attributes. It was undertaken amongst 1,000+ householders in seven cities across India[1]. Respondents were asked to rate various factors within the layout of a flat that would typically influence their purchase decision. The findings comprise part of a new series – Mahindra ‘Life-slices’ (#LifeslicesByMahindraLifespaces) that offers unique insights into living patterns, preferences, lifestyles and homes in India.
Both Hyderabad and Bangalore are home to thriving Information Technology (IT) industries and fast-growing start-up hubs. While Hyderabad is the newer IT hub, Bengaluru is well-established as one of the largest technology clusters in the world. Hyderabad houses major IT parks such as HITECH City in the suburban area of Gachibowli, which boasts global names such as Microsoft, Amazon, Deloitte, Accenture, TCS and Wipro. In the 2018-19 financial year, IT products exports from the city amounted to INR 1.09 lakh crores (US 415.82 billion). Bengaluru, on the other hand, is home to the headquarters of about 80% of the global IT companies operating in India. It also accounts for almost 34% of India’s total IT exports.[i]
These cities are brimming with tech-savvy millennials who, as it turns out, continue to appreciate holistic design principals rooted in Indian culture when buying a home.
These insights are corroborated by other research reports, which indicate that four out of every five prospective home buyers tend to evaluate the Vaastu of a property before making a purchase.[ii]
While Vaastu remains a top priority for house hunters, a dedicated prayer room is the second most critical element, with 39% of respondents considering it important when shortlisting a property. 59% homebuyers in Jaipur consider a separate area for prayers in the home as a key decision-making factor.
Additionally, while home buyers in south Indian cities demonstrate considerable belief in Vaastu, those in northern cities value spaciousness and functional design; and consider balcony spaces as a top decision-making influence. In Gurugram, 70% homebuyers consider the balcony area as the most attractive attribute of a home, demonstrating how, as one moves further north, the design and development of homes is increasingly influenced by climatic conditions.
Among the least important factors for home buyers is the presence of storage lofts in rooms, the kitchen and utility areas. On average, nationally, only 6% people preferred storage lofts in bedrooms; only 15% of respondents sought storage lofts in the kitchen; and the utility area was preferred by only 14% respondents; per the study.
Sunil Sharma, Chief Customer Officer, Mahindra Lifespaces, said, “Location, cost and brand value are vital considerations for selecting homes across India. But, as our study reveals, Vaastu is among the biggest influencers of purchase decisions. Vaastu-compliant homes are widely believed to render positivity and success; and consumers seem to hold this belief close to their hearts when it comes to big-ticket purchases such as homes.”
He went on to add that although the survey is light-hearted in nature, it generates interesting insights into the homebuying journey in India.
“The findings from our ‘Life-slices’ provide us with valuable insights into the way Indians want to live, their aspirations for the future and how the real estate sector can best meet these expectations,” he added.
A few highlights from the study:
- Nationally, Vaastu, followed by prayer room and balcony are the top 3 factors considered for apartment layout.
- 47% of Chennai homebuyers prefer a dedicated area for a prayer room, whereas only 32% in Gurugram want the same.
- 43% of homebuyers in Hyderabad also prefer an exclusive prayer room within their apartments.
- Mumbai and Pune homebuyers appeared mostly indifferent to Vaastu, as only 11% and 17% homebuyers in these cities preferred Vaastu over other factors, respectively.
- Only 16% of Mumbai homebuyers perceive balconies as a consideration factor while making their purchase decision.
- Natural light and ventilation were key consideration factors for Mumbai (37%) and Pune (43%) homebuyers.
