Going by the developer’s remark, one wonders whether a real estate purchase can be termed as another expensive purchase. In a BMW purchase, for example, the buyer can look & feel the end product before one takes a final call. But in real estate it is only a promise and the product is yet to be produced.
When the property market is hot, the sharks begin to circle; recognising the opportunity to fleece the rest of us out of our money. The problem with property scams (cartel of appreciation) is that they are hard to detect in advance and often perfectly legal. They are marketed convincingly and professionally, unlike the instantly recognisable scams we are used to in other walks of life. Property sharks are harder to pin down when the market is going up, but they are nowhere to be seen when the prices crashes.
The satellite towns and periphery locations of major cities across the country have been stigmatised as the last refuge of the struggling homebuyers. The collective consciousness looks at these locations meant for buyers who have no choice but to compromise with their wants and needs.
Whether it is the clash of two generations or natural progression where the generation next has taken the business forward to the next level, the tale of two generations has always been a subject of interest in the business community.
In a first-of-its-kind initiative, Puravankara Limited, has announced a Home Exchange Plan – an initiative with multiple benefits for the home sellers who are looking to upgrade their homes.
Track2Realty Public Perception Survey, however, proves these assumptions wrong. More than half of Indians, as many as 54%, track the real estate news, analysis and launches even after they have purchase their house. Even more in number, 58%, monitor real estate sector and developers’ performance along with reputation for future investment purposes.
Ever since I got into the hitherto-untouched & challenging business of brand rating of Indian real estate developers, I only get the reactions in extreme, depending upon whether the developer has been rated high or low. After all, every builder is a God’s gift to the world of brand, as per his own make-belief metrics.
RICS will continue to offer thought leadership, engaging with policymakers, end-users, service providers, employers and practitioners to foster trust in the built environment through enforced standards, transparency and accountability.
What has been an interesting finding during this fiscal year is the fact that a number of relatively smaller developers but with impeccable track record of delivery and consumer satisfaction are breaking the myth that it is the sheer volume and premium that elevates a company at the Brand Leadership Chart.
There is also a third set of buyers who buy properties in the second home locations as their first home. They are the buyers who look for locations that would be first home location in the next few years. Of course, the budget constraints force them to look for low-cost housing. Analysts believe this third set of buyers can not be classified as the second home buyers.