Indian home buyers' wish list has pragmatically altered in the post pandemic era of new normal. Once, driven by the size of the apartment, pricing and location has now shifted its needle towards multitude factors impacting their decision. Over a time, the real estate sector has progressed from just being product centric to services and space management decisions.
The lifestyle value proposition in addition to seamless connectivity, branded social amenities, quality utilities, automation and unarguable civic infrastructure in proximity has raised the bar of home delivery.
The property site visit evaluation checklist has largely been redefined. Digitalization tools are assisting a notable size of prospective homebuyers with layers of research and requisite information to filter the choice of property. A quick dip survey about the market competition analysis is also accessible to the customers through IoT, industry networks, media platforms and associate partners. The awareness about RERA registration and its verification process has empowered the customer audits.
Today, developers have to forge trust and transparency by stating the facts and constantly engaging with their customer pool through periodic communication. The evolving structural policies at the Government level are well-envisioned to safeguard the homebuyers and bridge the trust deficit gap.
The minimum benchmarks for ideal residence have been raised to integrated townships and cluster development enabling access to branded social fabric, array of recreational and entertainment amenities, proximity to work areas, and vigilant security to ensure ease of living. A well-themed, curated project will stand out across the spectrum of competitive launches to entice a well-defined target audience. The quality of life is the supreme parameter to gauge the interest vector of the homebuyers. The community and social gatherings porticos are the newer embellishments demanded in the new-age residences.
Modern day homebuyers are peculiar to adorn internal features as much as external amenities. The strong desire for privacy, owned space, breakout corners, green foliage, open living, and flexi modular furniture have been added to their minimal prerequisites.
New micro-markets in suburbia and peripheral locations are redefining realty landscapes. The availability of an open canvas of land to curate niche real estate developments in suburban geographies has drawn the attention of many branded developers. The new projects will be mindful of custom-made developments to befit the wants of niche homebuyers. The homebuyers are considerate about the shift towards suburban metropolis for an optimal experience of an array of amenities offered at one stop addressing the desires of all the family members. Hence, growth of mid and luxury projects is evident in metropolitan areas and peripheral suburbs.
Satellite cities around the urban acropolis are gaining ground among the modern customers who wish to live a well-harmonized life on the back of hybrid life culture. The post-pandemic era is experiencing an enormous transition from rental to ownership accommodation as homebuyers refine their search parameters to finally shape their dream home into a reality. The accommodative behavior of the developers in the prevailing market dynamics can help discerning buyers to strike a favorable deal.
The rising alarm of the climate crisis has also nudged prospective homebuyers to act calculative on sustainability measures undertaken by the developers. The demand for Electric vehicle charging stations, solar panels, large-open ventilation windows, solid and wet waste recycling, vertical & rooftop gardens, organic farms in balconies, and ample green flora has been consciously evaluated. The usage of eco-friendly construction materials for healthy durability and quality is also part of customer research. Thus, weaving of sustainable development fabric is inevitable in raising the developer’s credibility.
The proven track record, financial ratings and streamlined compliance mechanism will be critical characteristics for the developer of choice. The trend of market consolidation has led to an increase in the share of branded players in the existing realty markets. Industry is also witnessing the merger of micro-macro developers to capitalize their credibility and leverage best practices as they expand their footprints in the newer real estate market.
Customer Delight is paramount in this ever-competitive open economy. Unique propositions in the real estate products and services will be valued by the patron customers. An unwavering customer experience is vital for a brand's sustainable growth, promoting loyalty and driving supreme word of mouth publicity. Exceeding customer’s expectations and delivering a wow factor will fuel sustained business generation and increased revenues. Active listening, periodic feedback mechanisms, loyal customer engagement, referrals and rewards will promote an elite customers club. Real estate is absolutely about ‘Delivering happiness’ to build customer loyalty and brand advocates for the lifespan.