How internet and information are changing property’s buying patterns – Property Trends
How property industry in India is changing requires a case study, consumers are becoming informed. People are opting for new ways to get new ideas while developers are opting for new ideas and technique.
We will not beat around the bush – we would rather come directly to the core point of our discussion. This will save your valued time and we will be happy you have gathered on your information bank by visiting our blog. Let us tell you, real estate industry in India is phasing through some definite changes.
Ever since the industry met with revolution around a decade ago, it has had its bitter times but never had it so good and bad altogether at one time. The new government’s decision to cut on home loan interest rates, the formation of REITs, and other pro-consumer and sometimes pro-developer moves have helped the ailing real estate industry in India to see a sign of relief; but then it is still striving for its due push.
Consumers are not buying enough flats, developers are delaying the process of handling over completed flats, and legal obstruction is hindering the growth of new construction. There are issues which we have covered in our article.
Having said that, these are the times when some important trends of property buying are being seen. People are turning to the Internet more than before; even from their hand-held compact devices. They are waiting for a golden time to buy flats, although they are unsure when that golden time is to come.
Consumers are researching and comparing the availability of flats online to get the best deals. And with the influx of rising income from a middle class, a group of people who used to opt for cheap end flats is now turning to buy high-end flats.
These things are giving rise to a peculiar scenario – good and bad altogether; but then this is how trends are born and good trends lead to development. Positively, most of the trends that are being materialized are on the good note.
With this article, we will cover how real estate industry in India is evolving and which trends are being the front-runner in shaping it
- 1 How Real Estate Industry Is Evolving
How Real Estate Industry Is Evolving
The rise of mobile websites is helping people to become more informed about a property. With people becoming more familiar with information virtually, Real estate websites are offering up to the minute info about a property. People are even working out on their hand-held devices to find property related info. This has led the development of apps. Today, if you are using an android phone, you can download Real estate website’s app only version and then compare, choose, and learn about your query from your smartphone. The rise of mobile phones has virtually made the online war of offering facts even more complex. Angel investors are spending money on new start-ups that offer property service and the ecosystem is becoming more challenging.
People compare and become informed
Gone are the days of manually asking consumers to opt for a property. Today’s audiences are intelligent folks. They compare and choose facts online and before trusting a real estate developer, they would ensure to become informed about the reputation of the real estate developer. A good developer that has a good reputation and online presence ensure its website is clicked and people ask it queries
Middle-class population opting for high-end flats
With changed income level, a group of a middle class is earning some good amount of money. If they were to buy simple flats, they are now edging on high-end flats. This means developers are upgrading on their inventories and even trying to refurbish flats that can be made available at good cost. People today are not very much cost conscious – at least in metro cities. What they want is good value – if the flats are going to earn high yields.
People are buying for quality, high yield perspective
As noted above, people are buying flats that yield profits. If a specific area’s development is done, and it requires stable and no further growth, people are skipping their interest from it to a certain place where growth is due. That means semi-urban areas where a return is good, people are opting for such places. Urban areas where growth is undue reduces on value. But places where growth is to happen, these place yield value
Developers are luring in investors with discounts
Another notable property trend is developers’ offering of high-value products and discounts. To fast-track the process of handing out new flats, developers are offering high-end gadgets such as smartphones, and even gold and bikes to consumers. This property trend hints how important has it become for developers to opt for consumers and how consumers are not purchasing flats like they should. However, even after offering discounts and freebies; people are waiting for golden time. We have covered about the property trend in one of our earlier articles titled.
Golden time wait is it truly to come
Golden time, according to some consumers, is the time when property prices would come down to an all-time low, when home loan interest would be too good and when they can buy high-end flats with a range of facilities. That is called a consumer’s way of thinking – but such trends are unlikely to happen since in this age of globalization and recession; it is tough for a country in literally any place of the world, to holistically change the entire ecosystem. The prices would meet with changes but it is actually hard to bring out a range of welfare schemes all at once
These are some of the Real estate trends that are shaping the real estate industry in India. While the trends are a mix of good and bad, they, however, point to changing audience who are more different than earlier. Today, people are opting for flats when they are done comparing the statistics. People are not being influenced by claims and feedback, rather they would work around their key ideas. The way India’s real estate industry is working out, it hints for some regularized growth. Read our earlier articles, and if you think of any idea, do write