The North Indian Real Estate

Mr Gautam Thapar, CEO, Thapar Builders Pvt Ltd delineates the customer-driven approach which is seen dominating among the northern Indian realtors

Events like demonetization, GST, and implementation of RERA in the last three years has led to a decrease in the growth of residential prices way below than retail inflation growth; so much so that the gap has been increasing ever since. This serves different purposes for both, buyers and investors. For investors, it’s a difficult time while for the buyers, it has got them hooked.

While several renowned builders and investors are sorting ways to fulfill commercial as well as residential housing demands of the public, they are also experiencing operational hurdles in doing so. The real estate market goes through several changes, growth and depression being its constant partner. For a market like India, where currently there are more houses ready to be sold than demanded, it is not easy to practice as per what investors hope for.

Real estate has gone through several changes, for the better, yet it has been throwing challenges at the builders due to increased competition in the region. Among several other major operational challenges are:

First, building a recurring client base is a test for most of the real estate agents. A client commonly connects with a builder for at least a few years – from the start of a venture to the end of construction leading to ownership. During this period, designers should guarantee a positive encounter to improve the likelihood of reinvestment and referrals – the key drivers of offers in the real estate. Today, clients are exceptionally mindful of the options available in the market and expect the top tier administration from realtors. Given this bigger setting of “client-relationship,” builders compete based on what they have to offer to the customer, making it a key deciding factor for any investor, with an aim to build a name in the due course of time. The quality and viability of communication with clients at different phases of the venture’s life cycle require real estate organizations to put forward a variety of technologically advanced systems to match their customers’ requirements, leave behind any conflicting practices, and have an edge over other realtors by planning to convey a genuinely unique client-experience.

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