Numerous religious beliefs drive the Indian realty sector
A saying goes that the best investment on earth is earth. In the words of Charles Dudley Warner : "No man but feels more of a man in the world if he have a bit of ground that he
can call his own. However small it is on the surface, it is four thousand miles deep; and that is a very handsome property . To own a bit of ground, to scratch it with a hoe, to plant seeds and watch, their renewal of life, this is the commonest delight of the race, the most satisfactory thing a man can do."
Especially true for Indians, for whom home ownership has the most positive and uplifting effect. How the face beams with a megawatt smile when they start talking about their own home... 'sadi kothi' (my house)!
A house is not just a house - it stands for safety, security and there is great deal of pride in ownership of this unique asset for an Indian. Owning a house is a keystone in financial and emotional security. You aren't buying a space to eat and sleep. It is where you go after a hard day on the job - it is your 'safe haven' .
India, with its unique social landscape, is driven by numerous religious beliefs and, for most people, they are sacrosanct.
To approach the Indian market one has to be mindful about these social realities. One significant trend is of buying during Navaratra and Diwali. In Indian real estate industry, it is common knowledge that one third of the annual sales happen during Diwali.
On an average, the festive season stokes up real estate transactions by 25-35 %. On the contrary the "Shraadh" period typifies stalemate and a complete lull in the industry . This period is utilized for marketing and research activities to set the ground for sales during festive season starting from Dussehra to Diwali.
The real estate market operates on trust, rather than it being a plain commercial deal. People find brokers, more from word or mouth and references and bestow full trust on these agents. Brokers have a great deal of influence on the decision-making process and house hunting of a common man; hunting a house without a broker is akin to fighting a legal battle without a lawyer.
Even though things are changing now, and investors keep a keen eye on the internet platforms that provide reams of data on every locality and project, the final call, however, is made with the 'trustworthy' brokers. The New Age broker is becoming much more professional with even the term 'brokerage' rechristened as 'transactions' !
The other important emotional driver during house purchase is the family. "Family is the real engine or driving force of Indian real estate market. Strong family ties play a pivotal role; even today, if a person is buying a house, he consults his full family before a final decision," says Sonika Khurana, Planning Head, Vardhman Estate & Developer (P) Ltd.
An individual may zero in upon a property , but a final call happens only with consensus of family members. The stamp of approval of elders is seen as a must.
Family often lends financial support, without any 'interest' and, at times, without any expectation of return of their money . How else would one imagine people at the beginning of their career in their early thirties buying homes in metros; bank loans notwithstanding, it cannot be without the support of their family. So whether it is parents, in-laws , siblings - all have a role to play in that home purchase.
Some prefer to buy house in proximity to their extended families. And even those who, due to professional and sundry other reasons, are living in another city or country, are very keen and particular about the 'safety' and 'security' of their parents. "I am looking for a flat for my parents aged 70 and 65 in Gurgaon . I am keen on a place for them which has constant power, water and most importantly , tight security," says Amol Mehta, a US-based NRI.
Rajeev Talwar, the managing director of DLF Universal Ltd, says: "A majority of customers are senior people - in their middle ages and beyond, since only at that time can one have this kind of affordability . One of the major reasons they come to this elite community of DLF apartments, besides exclusivity, is safety and security - something that their children , especially if they are living elsewhere , are very particular."
Vastu compliance and east-facing property are other beliefs that drive the choice of customers. "People usually prefer eastfacing property. As the Sun rises in the east, this direction symbolizes life," Sonica says, adding, "According to vastu principles, the main entrance of a house opening up to the east or the north is considered best."
In fact, there is a new emerging trend of hiring 'astro' architects. Neeta Sinha, an 'astro' architect, has a clientele who are a veritable who's who of Bollywood and the corporate world (like Amitabh Bachchan, Shah Rukh Khan, Kirron Kher, Karan Johar, Punj Lloyd, Kotak Mahindra, ICICI Ventures, Cox & Kings, among others).
http://articles.economictimes.indiatimes.com/2012-07-14/news/32675068_1_festive-season-real-estate-indian-realty-sector
