The How Changes in Government Programs affected affordable housing- A Case Study of Maharashtra

Abstract

The Indian real estate sector has evolved significantly in recent years, with millennials playing a major role. Millennials are now the largest demographic group in India, constituting as much as 34% (or 440 million) of India’s overall population and are increasingly becoming homebuyers. Recent surveys revealed that 61% of millennial property buyers in emerging cities are end-users seeking spacious living environments and enhanced work arrangements.[1] This has led to several changes in how real estate is marketed and sold. The buyer goes through a complex decision-making process while buying a house based on several factors influencing consumer buying behavior. This study aimed to explore these factors with a special emphasis on government schemes and regulatory changes in Maharashtra. Primary data collection through comprehensive questionnaires and subsequent data analysis led to a deeper understanding of the impact of government schemes on consumer buying patterns in the real estate segment. Our survey form was sent to approximately 300 people across the country digitally. Collecting consumer responses helped gain important insights across gender, age, and location. The resulting data has helped conclude that government initiatives and landmark regulatory changes have boosted consumers' confidence, leading them to become homeowners.