Will gold or iPhone help clear India’s property backlog? Property trend
The property market is changing and it is helping grow a new type of trend – while property developer is opting for new discounts, consumers are trying to research on the market. We are trying to cover the crucial challenges and shaping the process in real estate industry. Know about the property trend, read the article; and for any query; please ask your queries.
A few years ago, when India’s property sector was in its booming stage; real estate developers used to struggle for allocating space on their offices for greeting enquirers. Today, property developers are running after fleeing consumers. The depression is due to its tipping point, held some analysts.
To lure in more investments, developers are sorting to offering add-ons and gifts such as iPhone and gold; in some cases bikes, and discounts. Yet people are not eager to invest as much as developers require. The property trend is likely to continue if proper measures are not taken.
Even if proper measures are taken it will hopefully take years to clear India’s property backlog.
How to breathe zest into the ailing property industry?
The government needs to come up with the improved variety of developing strategies to encourage consumers to invest more. This includes bringing down the rate of interest on home loans, set up of a unified body that could stop irrelevant spending and keep a tab on unrealistic advertisements of developers etc.
Some of the measures are in practice and because of introducing reduced consumer liability and bringing forth improved the variety of developmental strategies by the present government; a rise in investment is being noted. But it would take years for the real estate sector to fully recover from the downturn. Only government help is not enough. Real estate developers even need to understand the buying pattern of consumers and provide wonderful buying baits.
Surprisingly the trend is already popular and these days developers are populating leading newspapers with advertisements mentioning about deals and discounts. Iphone, bike, gold, discounts etc are being offered as a gesture of thanks for the purchase of flats. The better flat you ask for and more investment you make, better is your chance to avail better gifts and more discounts.
Will the buying baits helping the real estate trend change?
People are intelligent today; much more than the previous generation of flat buyers. It is mainly because of the Internet, and access to free information. Buyers are doing calculations before spending. If they think a flat at a specific place is unreal to yield near-term return, they are not asking for discounts, let alone purchase.
In some cases, property buyers are asking for better promotions and better gifts for the flat that does not even entail a gift. In some cases, people are opting for the time. Therefore, the trend of curing the property backlog with discounts and offers are not helping too much, however, it has certainly improved consumer inquiries and some cases people are buying.
So, what’s really the problem?
The problem is not with the way people buy. People need flats and they want to buy, but property developers need to come with pricing that matches the budget. Developers need to sell the unsold flats before developing the new ones. The trust factor is also important. Developers need to come up with flats that are built properly. So, developers should bridge the gap and become more trustworthy.
However, blaming property developers alone is not a good thing. People have suddenly become choosier, they now want to compare, choose and buy after analyzing a range of flats so the process becomes more time taking, having said that, it is a true fact that people should have the liberty to compare their flats before purchasing and it is a right.
But some consumers are taking too much of time and they are adding up the queues. Besides that, the global economic downturn is impacting India’s property sector. It is offering stiff challenges to the development goals introduced by the govt. So, the mismatch of realism from consumers, developers and global economy ensuring the reduced growth
How is Internet helping bridge the digital backlog?
The Internet is improving the overall scenario of how the real estate industry works. It is helping the real estate industry to scale new heights and helping scope out. With the help of the Internet, consumers are now comparing the property before purchase. They are comparing from different types of lists.
The important aspects of helping spread the Internet is that it is changing the overall scenario of how the industry work. The consumers are opting for improved variety of work-specific information while reducing the chance of getting wrong info.
It can be said that property industry in India is changing and it is helping spread new type of trends. The real estate developers are working on new ways to convince consumers to opt for new flats while consumers are working to find out information. So, although the process of new property development is changing, it is taking a tab on practices that were previously restricting the growth.
So, the pattern of evolving challenges and consumer preferences are changing and it is helping the industry to grow.
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