Innovations in Home Building and Home Decor Industries in India

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Case Details:

Case Code : BREP002
Case Length : 16 Pages
Period : 1991-2004
Pub Date : 2004
Teaching Note : Not Available
Organization : Parryware, Asian Paints ...
Industry : Home Building and Home Decor
Countries : India

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The Home Building Boom

Until the late 90s, homeowners in India, were typically persons over 40 years of age. The average age of people buying homes has come down in recent years from 40 years and above to around 30 years.

Data available with financial institutions show that people between the age of 25 and 30 years were taking home loans³. Low interest rates on home loans, the increased availability of real estate especially in the suburbs, multiple incomes, the transition from joint family system to nuclear families, and a change in mindset of people are some of the factors that have led to more and more people owning homes in recent years.

Perhaps, the single greatest incentive to owning a home has been the low home loan interest rates (Refer to Exhibit I for a chart on home loan interest rates). In addition, the procedures for getting loans approved have become simpler and it takes much less time to process a loan than before. Owning homes became easier and people have even been buying second and third properties, or upgrading to bigger apartments.

As mentioned earlier, the availability of real estate at competitive prices has also influenced many to buy a home. The development of real estate in the suburbs of major cities has taken off in a big way.

Huge apartment complexes have sprung up to fulfill the aspirations of salaried and self-employed individuals to own homes. Most of the higxh-class apartment complexes have 24-hour power and water backup, a security system, swimming pools, gyms and recreation centers.

Therefore, suburbs that used to be the destination of old people after retirement have become places where people in their 30s are living.

According to an apartment owner in a suburb outside Chennai, "I am 37, and I am not the youngest here — younger people are making more money. We bought the idea of happy living, so even commuting isn't really a problem, because you know that at the end of it you are coming to this environment - it's quiet, green and cosmopolitan."⁴...

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4] Primary care is care provided by general phdysician at clinic. Minor ailments are treated and preventive care such as vaccinations is provided. Secondary care is provided by physicians who have specialized in various areas such as gynaecology, internal medicine, general surgery etc.

5] Tertiary care is highly specialized and is provided by specialists like ENT doctors, cardiac surgeons, neurologists etc. This type of care includes emergency and trauma care, organ transplants, neonatal care, etc.