Innovative Trends in Realty to Entice Buyers

Bangalore: Indian realty market is going through an unstable phase due to slow growth in economy and anticipated real estate laws. At present both buyers and developers are accepting new trends in real estate sector, reports Pritam P Hans of Business Today.

Below are some new trends that have emerged in the real estate market.

Group booking:

In this present market scenario, developers are warming up with group-buying portals to increase their sales volume by giving freebies and other attractive discounts. Home buyers are getting the taste of collective bargaining and so they are grouping up with like-minded buyers on real estate group-buying websites to buy properties. Group-buying websites like Groupon.com, GrOffr.com and SnapGhar.com are offering handsome discounts for buyers on collective property deals.

Customizable homes:

Home buyers are no longer stuck to the predesigned homes offered by developers. They want to customize their apartments their own way and so developers are introducing customizable homes where the buyers can show their creativity by selecting floors, kitchen, layouts and various other aspects.

The advantage of the customizable homes is that it would save half of buyers’ time and money to modify their respective apartments. Anil Kumar, executive director, Millennium Spire India Management stated that, earlier buyers spent 15 to 20 percent of the total value and 2 to 3 months to modify their apartments after possession. To avoid such problems, customizable homes are the solution.

Funding process:

Over the past few years, the major cause of concern for developers is the funding. In the present volatile market, developers are delaying to execute their projects because of less funds resulting in lesser home sales as the buyers do not want to be stuck in delayed projects.

Private equity firms these days are not only funding the developers but also participating with the developers in a joint venture plan to complete projects on time. Private equity firms like Fire Capital Fund and Indus Capital Partners have come in a joint venture with real estate developers in Delhi, Bangalore, Indore, Nagpur and Chennai.

Private equity firms have their own requirements and legal due diligence as they ensure the investors to deliver the projects on time. Om Chaudhry, founder and CEO, Fire Capital cited that, "Involvement of realty PE funds is a symbol of financial security as well as legal due diligence. It also offers assurance that the PE fund will ensure that commitments are met and properties delivered on time," reports Business Today.

Go green:

Eco-friendly green homes are the new trend that buyers are looking for these days to improve their lifestyle.  Developers are coming up with eco-friendly projects to lure more buyers as they are getting more cautious about environment.

The new concept of green building is not only offering healthy lifestyle but also helping developers to market their projects to increase sales. In recent past, many corporate houses opt to customize the traditional buildings into green buildings to maintain healthy environment. Banks like National Housing Bank and some commercial banks have introduced incentives on loans for eco-friendly buildings.