BENGALURU: Once upon a time two marketing professionals were sent to Africa to find out the potential of marketing shoes to the people of that country in Africa. The first one reported back pessimistically, “No one here, wears shoes. Hence, No Market for shoes”. The second one reported back optimistically, “No one here, wears shoes. Hence, Huge Market for shoes”. The second marketing professional had attended CREA (I) training, probably.
The Real Estate market in India is presently facing a similar imbroglio. Fortunately, CREA (I), Confederation of Real Estate Associates (India), the largest Real Estate Association of Channel Partners and marketing associates has already produced the Marketing Professionals who are well educated, well trained, qualified and optimistically realistic to bring the best advice, choice and transaction to the Home/Office Buyer and the Real Estate Investor.
Demonetisation produced more economists in India than were ever admitted in economy schools, ever. Some of them jumped to the conclusion that Demonetisation is the doom for Real Estate and unqualified gurus predicted a downfall in the property prices soon. Currency got demonetized and a new currency has been introduced. Fabulous move and a bold decision by the PM on multiple counts and welcomed by all including organized Developers and Real Estate professionals.
Yellow and Red have become Pink reducing the shades of Grey between the White and Black. The Organised sector will only grow from here and grow faster and better on stronger foundations with transparency in the sector forthcoming with the implementation of RERA – Real Estate Regulation Act. The unorganized sector comprising developers and marketing professionals is the only one that will be impacted and it should have no bearing on the discerning customer.
The Property prices are stable at the moment and will go upwards subsequent to the good economy push and Tax Sops from the Govt. expected soon. Hence, the oft asked question, “When is the good time to buy a property? stands answered”. The time is Now. The Good Time to Buy a Property is always, Now. It is better to Buy property and Wait, rather than Wait to Buy Property. 91% of the Wealth worldwide has been created by investing in Real Estate. Do you even know of any other industry that is called Real?. The Real Estate creates Real Asset that cannot be stolen.
The 2/3 BHK apartments of Rs. 40 lacs to Rs 1.50 Crore market segment in cities like Bangalore was always home loan driven segment and hence it is the least or zero impacted market. The astute Buyer will start investing heavily in this segment post demonetisation cyclonic clouds withering off. Hence CREA (I) members are advising the best real estate solutions to Home Buyers in this segment by bringing the best pre-launches to ready to move in apartments from developers with clear titles and clean deals in this market segment.
The 4 BHK / Row House and Villas segment, generally between the Rs 1.50 Cr to Rs 3 Cr segment is an end user, self-living segment and again 80% home loan driven. The seller may offer a good deal today but will hold steady very soon and hence it is a great time to buy and invest in this segment with a CREA (I) assurance. The Home Loan interest rate corrections will automatically be passed on to the Buyer as they evolve.
The high end `3 Cr and above segment in Residential property has been undoubtedly used to some Cash transaction and It will see a minor correction in prices and a major correction in attitude to taxations and will get a move on by the time Budget and Tax Sops are announced in End Jan/Feb 2017. The Seller offering a minor correction and the Buyer buying with the correction with CREA (I) member assurance now will thus be the more intelligent of the investor breed.
Of course, like any other industry, Real Estate will have players that are referred to as unorganized developers, that will throw unrealistic prices, discounts, freebies in the present imbroglio which the unorganized and the non-certified Realtor, the first salesman will also sell to the not so knowledgeable customer.
(The author of this article is the CEO/founder of Huts Global and the Spokesperson and General Secretary of CREA (I). The article forms a series of a column on Real Estate by CREA (I). For queries, if any, you can reach the author or CREA (I) committee on query@creaindia.in )