Branded Homes: The new fad for Indian buyers
For the realty sector in India, the question at present is what shapes the demand of aspiring home buyers in the country, who do not wish to settle for less when it comes to ‘quality’. In tune with the quality of a housing project, the answer at present is the brand value of a developer that influences the buying decision of customers in India. As per experts, brand recognition and popularity inevitably makes its way to optimum sales, and increases awareness among the consumers irrespective of the construction status.
One of the primary premise that does the trick for branded residences is that the builders of such projects have tie-ups with international lifestyle and luxury brands that promise to offer a unique experience to all. This, has worked for branded homes to generate demand, which is eventually followed by supply. Going by market reports, this has found a fair degree of success in a number of major cities like Delhi-NCR, Mumbai and Pune.
How developers cater to this trend?
Consumers and buyers are attuned to the brand value. Holding this phenomenon true, developers and realtors have acted in response to this trend, by taking up best practices in their offerings.
In major Indian cities and metropolitans, key developers and builders have kept the consistency in such aspects going and have raised the bar by offering best design, quality and transparency in business. This, as a result has provided the developers the platform to secure their position in the competitive market. According to property consultants, developers are creating their goodwill in the market by offering high grade deliverable even in small cities such as Pune.
Challenges faced by the branded residence
Like other segments of the realty sector, branded residences are also not devoid of challenges. This would comprise of:
a limited buyer category, locating for required land parcels in the high-prestige areas offering the adequate infrastructure to supplement the luxury experience.
The fate of branded homes, somehow still hangs in the balance. Selling to the mid-income segment is easier than the high-end category, since the lion’s share of the population in the country falls in the mid-income category, from the churn point of view.
Brand loyalty gains prominence in India
In the Indian realty sector, brand loyalty holds a special place. This can be testified to the fact that a section of brands grab instant attention, while others do not fall in the buyer’s radar. The word ‘brand preference’ has created a niche for itself in the market, which promises superior quality, regardless of the mounting rates.
In India, home buyers find it a risky gamble to rely on developers, since they often fail to deliver on time. This stands as the sole reason why reputed developers and builders do not find it difficult to obtain funds for their domestic and international real estate projects.
