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By Ravi Kumar – Founder & CEO- udChalo
For the longest time, real estate properties have been most valued on prized zip codes, high-end interiors, architecture, and huge sq ft areas. While the pandemic has completely disrupted the real estate market, suddenly every new home buyer has realized the importance of community living.
The art of community living goes beyond the demand for open, hygienic, and green complexes, with facilities like healthcare, daily necessities, and everyday rejuvenation within walking distance. Community living in its true sense means – friendly neighborhoods, interaction with like-minded people, and having a family beyond your relatives that you can count on in times of crisis.
This code has been the core of success for one community – the armed forces; and they have earned the famous reputation of sticking together. This segment always prefers to be a part of a cluster where they can share similar stories, backgrounds, and life experiences that ensures their retired life is surrounded by people that they relate to and call their family.
Being a real estate aggregator servicing the armed force fraternity – has been a different kind of challenge. This consumer segment has very unique demands and to meet these requirements one has to decode the lifestyle trends of the audience.
- Community living is the key:
As the famous saying goes, “The army family is a family for life.” When they start looking for properties, they are looking for investments for a group of individuals from the fraternity. The need for familiarity with people they have worked with in the past is the top priority for this segment. They will always choose areas and projects where they are sure to be surrounded by like-minded individuals, with similar life experiences – that they can call home after moving far away from their native lands.
- Choosing the right city :
Since the community tries to stay together, there are certain cities that have always attracted more retired officers. Cities like Pune, Ahmedabad, Lucknow, Chandigarh, and Hyderabad are the cities most preferred by retired officers. Moreover, services like the ease in getting domicile certificates, sports facilities for defense children, and job facilities for widows of ex-servicemen add to the list of benefits that they prefer when choosing a city of preference.
- Seeking a cantonment lifestyle:
Every retired officer is anxious about how civilian life would be after spending years in the cantonment. Hence, it is imperative for developers to build a property that meets some basic demands of their future home buyers. Good roads and greater cleanliness in the vicinity is a must in these community. These properties should have sports facilities, an athletic center, and a normal bazaar and with easy access to local markets for the daily needs to be fulfilled.
- Opportunity to start the second inning:
A serviceman only moves out into a civilian society post their retirement. By this time they are 35 – 40 years old with their children still going to school and a veteran is planning for the second innings of their life. There is a high demand for properties with proximity to schools, hospitals, and area that is well connected to the city.
While the demands look very easy to fulfill many real estate aggregators have to understand that the price and cost of the property also play a major role. To top that up, the demand always comes in volumes, and catering to such demands in volumes without any preparedness becomes a challenge.
The size of the market is about 30 million inclusive of active armed forces and their dependent. For the longest time, no one has ever mapped the potential of the segment. Post-retirement buying real estate property has been the hardest decision for the fraternity and it is time that someone understands the basic challenges this group faces while investing in real estate and bridging the huge demand-supply gap.
source https://nrinews24x7.com/decoding-the-defense-lifestyle-to-cater-to-the-real-estate-demands/
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