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Points which might attract property buyers

29 Feb 2020

Builders have targeted now to sell affordable properties and completed slabs because of its huge demand. So 3BRICK.com is a new Real Estate Portal where end user can search for property and submit their own offer price against the builders quote (real-estate website and android app)

You can register on 3BRICK here at :- https://www.3brick.com/register

 Property buyers are the main persons across stakeholders in real estate.

Real estate is known for accounts for the majority of the savings of Indian households and has become notorious for improper service such as :

  1. Delay in projects
  2. Siphoning of investors money
  3. Changing project layout without consent of property buyers
  4. Increased prices. 

Below are some factors that may help rekindle interest in the sector.

Affordable housing:

In the previous 2 years, affordable property was like a saviour. Most of the Indian middle class constitutes more than 70 percent with high demand. But with limited supply of dedicated developers.

The existence of well known builders encourages demand too. “Most of the property buyers who are buying it for the first time get satisfied after buying it from a reputable builder.

Thane is a hot location for property buyers in Mumbai. So, even mid-size developers are working for creating property options for property buyers.

JVM Builders, Sky Court Project is offering 1BHK & 2BHK at best pricing as per the Thane real estate market.

Sky Court is a meticulously planned imminent residential apartment project from JVM spaces that is coming up in Maharashtra's Thane West. The quality apartment housing project is set to meet the expectations of luxury home buyers with residential flats of various configurations. The premium quality finish and home design is complemented by a number of amenities that provide a life of convenience in this project. Residents can expect closed car parking and open car parking, energy management, landscaping and green spaces, water supply, etc.

Thane West is a premium grade neighbourhood that witnesses demand from buyers by the dozen. The Eastern Railway, the highways NH3 and NH4 facilitated connectivity to the rest of Maharashtra. Borivali, Dadar and Airoli are some of the prominent locations that enjoy easy connectivity to this location. Residents can also expect robust commercial infrastructure in the area, in the form of schools, hospitals, markets, etc.

Consolidation:

Previously in the absence of law, anyone with land and money could become a builder. In this present regulated environment it is difficult that requires enhanced compliance by developers. It has given a tough where established organisations are putting efforts to sell units, and developers who are non-serious are lacking professional capabilities are exiting the business. This is the main for consolidation in the business.

There will be less new builders because it would be difficult to find property buyers in new upcoming projects.

Though new builders had expected to enter, builders which are present are also taken over by well known big builders. Several projects which are not working successfully are being obtained by some of the well known developers such as Godrej Properties, Mahindra Lifespace Developers and Prestige. This move will be beneficial for property buyers.

Users are most important of consolidation across stakeholders, that is owing to the action of Rera and other initiatives. Users are more clearly empowered and set for consolidation, and would lead in standard quality, clear prices and most important timely delivery.

Completed units:

Stuck projects and delayed projects are the major issues because of which the industry is struggling . Government realised the problem and recently announced the creation of a stressed fund of Rs. 25,000 cr to help last-mile funding to stuck projects.

Most of the property buyers  prefer properties of ready to move because they don’t  want the risk of delay and charge no GST. Ready to move in properties sales completely went up to 25 percent  in the year 2019 as compared to 11 percent in 2014.

As the builders noticed the changes now they are more focusing on completed projects.

In most cases, ready to move in properties are usually at a premium over under-construction properties, but the gap is decreasing. And there are two  reasons for this as mentioned below:

  • Under construction properties prices are not increased by developers every 6 months or so, that used to happen before

  • New launches properties are happening at rationalized prices and organic growth is hardly in it.

Unique loans:

Newly State Bank of India launched a unique home loan product, which guarantees the property buyer to pay back the principal in case the builder fails to give the possession within the promised time. Bank will monitor the progress of the project and deal with the funds accordingly.

Banks have never given such a guarantee so this product is very unique. Previously some financial institutions issued loans without making sure that the builder had the necessary approval. If there is such product so the bank will do their own assiduity

SBI will reveal its confidence for some builders and projects after launching this product and property buyers will also get confidence after looking at such projects.