Emerging Real Estate Trends in India
The real estate market has seen a moderate to exceptional turn around in the last two years. After being plagued by sluggish demand, uncertainty and high interest rates the sector is making an impressive comeback. However, for some of the observers the rebound in the market is less than expected and there is a greater impetus required by lending agencies to help kick start any meaningful improvement in consumer sentiment.
It was expected that the festive season will bring some additional demand, especially with the Reserve Bank of India slashing interest rates. However, this has not materialized to a lot of changes on the ground leaving several stakeholders a little disappointed.
“After the announcement of unexpectedly high 50 basis points cut in repo rate by the RBI on September 29, it was expected that the move would improve market sentiment, leading to increased demand and more sales especially as only a part of the multiple rate cuts amounting to 75 basis points effected this year before September 29, was passed on to the consumers by the banks,” reported a report in The Economic Times.
In addition to the less than expected rate cuts, the average consumer is looking for additional discounts and freebies from the developers. Typical expectations include cash discounts, easy home ownership options and others.
Another emerging trend in the real estate space is that of several home buyers now inclined to buy homes via the internet. The internet has brought a whole new paradigm for developers and real estate marketers to contend with. As an increasing number of real estate buyers are now both NRIs and those who live in cities outside where they wish to make a purchase.
The online spheres a level playing field for all developers to find and target the right set of consumers. Buying home online is a trend that began a few years ago, but it is well and truly making inroads into the Indian real estate space right now.