Financial Daily from THE HINDU group of publications
Thursday, Jan 09, 2003
Industry & Economy
Real Estate & Construction
Variety - Lifestyle
Newly-weds in Kerala keen on independent houses
Sajeev Kumar V.
KOCHI, Jan. 8
NEWLY-MARRIED couples in Kerala are in the forefront looking for new residential premises as they prefer to live in independent houses which they feel provides them with privacy and freedom.
This was revealed in a survey that 52.47 per cent of the people start to plan for a new house just after marriage as they are least interested in living with parents and other family members under the same roof.
The survey, conducted by D'Well, a Kochi-based marketing research group, also found that 25 per cent of the respondents wanted to move to a new home after having a child, while 2.86 per cent preferred to do so after the division of family property.
The participants who prefer to live in an independent house after having a child admitted that they wanted to bring up their child with more attention, care and love, apart from providing all sorts of luxuries.
According to the survey, the availability of easy home loans at affordable interest rates has propelled growth in the construction industry, especially in low-cost housing in the State.
Though there has been a rise in low-cost housing, most of the participants in the survey are aware of the hike in the construction cost in recent times and the probability of it increasing in the near future.
Nearly 91.81 per cent preferred to build independent cottages, while 6.21 per cent wanted a cottage in a township and 1.48 per cent preferred flats.
A double-storeyed house with three bedrooms was found to be the most acceptable mode of construction (46 per cent), with single-storeyed houses with upgradation was acceptable to 30 per cent, while only 24 per cent were satisfied with a single-storeyed house with two bedrooms.
Regarding the financial factors, the survey found that the maximum affordable budget for house construction among the middle class with monthly income of Rs 15,000 was found to be Rs 5-6 lakh for basic structure.
They preferred to construct the houses under their own supervision as they are interested in getting involved in design, raw material purchase, etc.
Nearly 35-40 per cent accept long-term finance and choose to get part of the construction finance from public financial institutions.
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