With the Real Estate (Regulation and Development) Act (RERA) coming into force, as well as various other policy initiatives such as the Benami Transactions Act and the government's push to affordable housing, we are seeing increased activity in the residential property market in the larger cities. After the dampener of demonetisation in 2016, the positive buyer sentiment visible now is especially significant. Consequently, builders are determined to capitalise on it, via increased marketing efforts. Given that there is already a lot of supply in the residential market – a lot of it for ready possession – fresh launches have been curtailed, so that the existing inventory can be absorbed. Much of the intensified marketing efforts are centered around special deals and offers.
How to ascertain the real value of a home
While this may be advantageous for property buyers, they should be judicious while evaluating offers and schemes and base their purchase decisions solely on the real value of the home. Freebies such as gold, cars and household goods, have an undeniable attraction but they are fundamentally frivolous in nature and do not add to the value of the home.
The importance of location in a property's value
Central locations are traditionally the costliest, as they offer great access to many important parts of the city , such as the CBD (central business district) and SBD (secondary business district). These areas tend to host the offices of high-profile companies and offer a vast cross-section of jobs, from highly-paid management to more modestly-paid support staff jobs. Even the second category of jobs is attractive, because the growth prospects in high-profile companies, are usually very good. This is what makes living in central locations very desirable and from a real estate pricing perspective, very expensive.
Correlation between brand value and quality
With a lot of housing supply available in the new growth corridors, buyers are spoilt for choice. The cost of a flat is obviously important but one still only gets what one pays for. Ultimately, a home is not just an asset but one which performs the very critical functions of offering refuge, comfort and security. Buyers must look for options, which offer them these three advantages to a satisfactory level. Branded builders provide these as part of their standard value offering, because their reputation demands it.
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