Such misleading claims prima facie give an impression that the property market in the Indian cities in general, and Delhi-NCR in particular, have peaked up on the eve of long festive season ahead. The claims nevertheless raise more questions than could answer as to how and why there has been sudden spurt in the sales velocity.
This is probably one of the wishful thoughts of the developers that have been over projected round the year (NRI investment being the other). But a ground zero study of the property market across the key cities indicate that the online property portals offering real estate deals may have made inroads like never before, this definitely is not the end of traditional brokerage or substitute of traditional format of selling through taking clients to see it and believe it.
Gone are the days when the overnight appreciation of property prices was enough for the fly by night operators to lure the buyers with glossy advertisements. The ROI of the advertising spend by the developers was calculated with the number of phone calls in return. The economic downturn leading to an end of era of quick appreciation, however, changed the market dynamics completely.
Employees are the backbone of any given business. They are the reasons why your business is successful or not. The productivity of an enterprise is directly proportional to the happiness index of its manpower. But what would you call a business where the vast universe of the workforce is pretty disillusioned and the business is yet not ready to address it? Welcome to the work culture of Indian real estate!
Excuses galore within the sector and there is a big question mark over the execution and delivery capability of the developers. The execution failures have given a lending credence to the criticism that the developers just can not deliver on time. Delivery has emerged as a major issue even though the developers continue to blame it on external factors.
As per Colliers International, the overall absorption for H1 2018 now stands at ~ 24 million sq ft. Bengaluru (Bangalore) continued to account for the highest share of absorption at 34% in Q2, followed by the National Capital Region (NCR) at 28%, Mumbai at 14%, Hyderabad and Chennai at 8% each, Pune at 6%, and Kolkata at 2%.
The fact is that any outside view might baffle with the price point at Sector 150 of Expressway that is in the range of INR 6000 to INR 7000. Still, this sector is fast emerging as the first choice for the homebuyers, even though more affordable options are available in other sectors along the same Expressway at a distance of even 1km.
It seems the dare devil Dhoni, as he is known, has this time met another courageous risk taking developer who does not mind joining hands with someone who has only recently been in the news for all the wrong reasons. This also raises a fundamental question as to whether the developer has been smart in strategy or it is just another case of ‘Me Too’ in showcasing its financial clout to have a celebrity endorsing its brand.
I often question how will honest journalism survive in this eco system. It is not that I don’t face the challenges and resistance of not being a party to this cartel of corruption. Forget the builders, even a large section of builders’ ‘paid & pet’ journalists have issues with me. I am, after all, a game spoiler for them who is spreading the negativity with brutal honest and ruthless journalism.
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.