Real Estate Developers should take Lessons from the Past Year
Jan 10, 2019 Real Estate News
Buying a house is a once in a lifetime investment for most of us. It is as much emotional investment as it is financial. Owning a home is a dream that people have for most of their lives, and when they take the plunge to invest in the one that fulfils not only their needs but also requirement, they don’t shy away from making sure from every corner that the investment won’t go wrong.
Money is a crucial part of home buying, but one cannot overlook the emotions that drive the property investment. The developers always advise the buyers to keep their feelings at bay when buying the property, but alas it never works. Since the last year has been an average year for the real estate sector, the developers should take notes for 2019.
Buying a property is a considerable investment and buyers are not willing to buy a property only to have it pending for years in court. Even though they are provided with the solution, it would be too many years late, and the buyer’s financial status would be hit badly.
Even the forums like RERA and NCLT have not been able to show any promising result of helping the buyer with their grievances.
This should come as a lesson to the developers, and they should take forward the leanings from the past year to make sure the buyers are given a fair deal. The buyer is always the king, and the developers must not make a mistake of overseeing the fact that it is the buyer who runs the market.
Money is a crucial part of home buying, but one cannot overlook the emotions that drive the property investment. The developers always advise the buyers to keep their feelings at bay when buying the property, but alas it never works. Since the last year has been an average year for the real estate sector, the developers should take notes for 2019.
Insolvency
There are lakhs of home buyers who are still waiting for the solution of the issues they have been facing from the most prominent builders of the country. Some cases are pending with the highest court of the country, waiting to provide the buyers with the relief. Such cases do not seem to be given a solution, and the rise in the number of developers that are going insolvent is concerning.Buying a property is a considerable investment and buyers are not willing to buy a property only to have it pending for years in court. Even though they are provided with the solution, it would be too many years late, and the buyer’s financial status would be hit badly.
Even the forums like RERA and NCLT have not been able to show any promising result of helping the buyer with their grievances.
Trust
The trust between the buyer and developer is the key for selling the property. If the developer cannot keep their promises, then it does terrible publicity for them, and the customers lose their faith. Home buying is not merely based on the affordability; trust plays an important part too. If affordability were the only factor driving the sales, the first quarter of FY18 would have seen a massive rise the sales in the real estate market. Even the slashed down rates and the reduced interest rates couldn’t get the homebuyers in the mood to invest in the real estate.This should come as a lesson to the developers, and they should take forward the leanings from the past year to make sure the buyers are given a fair deal. The buyer is always the king, and the developers must not make a mistake of overseeing the fact that it is the buyer who runs the market.
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