The new trend that is seen among real estate developers is their increasing focus to meet demands of customers. It is reflected in their growing interest in getting into affordable housing.
According to market analysts it is the affordable segment that would drive future growth particularly in Bengaluru, Mumbai and Delhi NCR.
They say that the Indian housing market is currently going through a churn, which is to the advantageous to the home buyer.
A survey of 300 builders by QuikrHomes said 50% of developers are launching affordable projects for under ₹50 lakhs per home, with Mumbai, Chennai and Kolkata
Builders are quoted as saying that the blend of social media and customer experience can work wonders for sales. Virtual tours, presentations and customer experience play an important role.
Affordability is also marked by the shrinkage of home sizes with people preferring smaller homes that are available at competitive rates from credible developers.
Chairman of Anarock Property Consultants Anuj Puri said buyers in Mumbai prefer compact homes and want an all-inclusive price, with no added costs.
“Developers have realized that the luxury story will not work. Prices have corrected and more buyers are coming out because prices are getting more affordable,” he is quoted as saying.