The transition of the real estate market has changed the dynamics of the sector completely. After the advent, multiple policies and regulation of the real estate industry has seen a paradigm shift with systemic checks and streamlined process.
Delivery delays, mismatch in area, changes in structure or designs in a project and developers going back on other promises have been quite common. These issues have given rise to consumer activism, in courts and outside. The Competition Commission of India (CCI) slapping a fine of INR 630 crore on DLF gave some hope to the buyers.
Some discussions about best practices in the Indian real estate has started because today the investors also do not want their money to be locked in an asset that is neither growing nor is likely to get delivered. Worse even, there is no authority or court in India that has been successful in getting a stalled project restarted or in forcing a bankrupt builder into selling his assets to compensate his allottees.
Secondary market attracts a significant number of transactions and as per a rough estimate nearly two third home buyers get an apartment in the secondary market.
Second home market is a new phenomenon in urban India but has emerged as a sunrise market in cities like Mumbai. With the ever changing trends the demand for holiday homes has varied according to the consumer’s needs and tastes amongst various cities. Hence, there cannot be a one size fits all answer to the dilemma of location or affordability. For many a second home in India is housing which offers opulent living spaces and ultra-modern luxurious amenities; whereas for others it is a safe investment.
In a slow moving market where the focus of the developers is to clear the inventory than new launches, Godrej Properties has bucked the trend with two back-to-back launches in Bangalore.
Would you like to monitor the use of power consumption and many such feasible conveniences on your mobile phone itself while sitting in your office? Would you like to switch on and off the equipments and even control the access to your apartment while holidaying? The answer once again is the smart home that enables you with convenience and comfort.
Developers operating in the redevelopment space are bullish that their area of specialisation does not have a saturation point or over-supply at any foreseeable future. Analysts believe the land crunch constraint that the city faces since many years can be solved only through massive redevelopment.
The satellite towns and periphery locations of major cities across the country has been stigmatised as the last refuge of the struggling home buyers. The collective consciousness looks at these locations meant for buyers who have no choice but to compromise with their wants and needs. These locations often have not helped their cause with poor infrastructure and connectivity, thus lending credence to the critics’ aspersions as down market locations.
Smart Home is a concept which is gaining acceptance with the Indian consumers these days as many residential developers are incorporating this concept in their luxury projects. Essentially, a smart home integrates state of the art technology in the electrical devices that enhances the experience as well as makes life easier. With a busy lifestyle, the affluent consumers nowadays demand integrated houses which can be controlled remotely.