Are You Looking To Buy Property?
Property investments are here to stay. There are times when one should realize the importance of owning a property for long-term gains. Residents after living all their lives as tenants are now effectively transitioning to real-time home owners. The rea estate market in India after the late 1990’s has been profitable and has created revenues like no other. Godrej Aqua by Godrej properties is one such project that is precisely located at Hosahalli in Bangalore. The project offers fabulous amenities that are in line with industry standards and customer expectations.
Hosahalli, which is one of the twin villages Mattur-Hosahalli is located along the banks of the Tunga River. This contributes to overall eco-friendliness that customer expect before they come to investment decisions. Over the years, it has been noticed that the property market has faced challenges that were tricky to confront initially. However, with devising specific marketing strategies, things have smoothened quite a bit. Taking Bangalore for instance, the rise in nuclear families across emerging localities is significant and this has led to the increase in demand for affordable homes. Realtors are now forced to make changes to existing marketing strategies that are specially catered to solve resident expectations. With the introduction of government regulatory bodies like RERA and tax reforms such as GST, operations have become a lot stringent in nature. Realtors are now required to share all project and land-related legal details with investors and make sure they deliver what is expected. This way some of the realtors are losing their credibility as service delivery is not often met. However, Godrej properties have seamlessly sailed through these challenges and have always had a customer-centric approach to break all barriers and provide some of the finest residential spaces providing numerous benefits.
Lets now analyze and interpret some pointers that are some of the common challenges that are faced by the real estate property sector. These are not really challenging if property developers undergo an in-depth study before committing expectations on paper as legal documents.
Economic slowdown and recession impact on the real estate sector
This is by far the most important challenge that the real estate industry is facing. The property market was the most profitable industry in the year 2006 and the years after. However, in 2008 when the recession hit, it was disastrous for the market as a major chunk of the population lost their jobs and funds were scarce. This eventually led to the downfall of the real estate market as they weren’t able to attract profitable investors for long-term gains. Investors who were earning quite well during those times were able to put their money to buy alternative properties. This again increased the number of unused assets which adversely affected the credibility of the projects launched by renowned realtors and decreased the overall market share.
Staggering interest rates and unclear taxation norms
This has been a major concern of the real estate property market. Bank loans provided to residents are never the same and keeps fluctuating based on the market trend. However, if the rate of interest increases, that would evidently mean that the demand for properties would decrease in a major scale which is quite a challenge as new strategies need to be formulated to match up to the demand. Secondly, there was no transparency as far as changing tax reforms are concerned. Residents and realtors weren’t provided enough clarity about tax clauses that involve VAT and excise duty.
Scarcity of resources in other sectors leading to employment failures
This is yet another challenge that the real estate market had to face. Because of certain unforeseen circumstances, residents working in other sectors were losing jobs because of the impact of artificial intelligence and increased automation. Residents were now not able to manage their funds in order to invest in properties that interested them. This would then result in the drop in the demand for residential spaces which adversely affects property developers as they would be left with units that are unsold for quite a while.
Godrej Aqua located at Hosahalli has effectively transitioned and planned their resources effectively so they don’t end up in risky situations. Residents are even called to the site for periodic visits so they experience the property development at various stages. This establishes long-standing relationships with key clients for future business prospects. With affordable housing structures, residents are sure to partner with Godrej Aqua Hosahalli for a secured future!