The real estate market in India is changing rapidly and developers need to adapt to these trends in order to seal their places in the industry. One of the main drivers towards this transformation is the affordable housing agenda that is being propelled aggressively by the current government.
However, the concept of it remains fluid and generic, giving no real shape to the need of the hour. Anarock Research claims that only 29% of the inventory that builders are calling ‘affordable’ really fit the bill.
How does that affect the market?
For starters, the definition of affordable housing was set for an area of 60 meter square and a ticket price of 45 lacs. This bracket is too fluid for most major Indian cities – it might work for Kolkata or the outskirts of Hyderabad, but when it comes to places like Mumbai, Bangalore, and Delhi, the price bracket for even affordable housing should be set higher.
It is this lack of regional specifics in definition that are leaving home-buying customers confused about their investments.
What this lack of definition results in?
- There is a steady increase in the house rent industry of metropolitan cities because millennials are not looking for long term commitment. A change in job could mean a change in location in this globalized world, and this attitude is becoming a major impediment for the home-buying industry.
- Unsold inventory in most cities is a result of the wrong product category – they are not what the market is looking for, whether it is a matter of total area or the price tag at which it comes.
- Demand for new housing is there among urban families but they are not getting the right kind of reassuring experience to actually pursue an investment like home buying.
How a dedicated real estate loyalty program can help?
The immediate change that is necessary to go toe-to-toe with these emerging real estate trends is a better customer experience.
Introduction of loyalty benefits and referral programs for home-buyers that reward with cash or kind incentives is what could get developers out of this slowdown.
Engagement programs, local benefits, memberships, and other vendor affiliations will work extremely well in giving your homebuyers a holistic experience that matters and bringing them back to mindset that is eager to settle and look forward to a secure future.
In fact, referral programs also allow existing buyers and customers to build their community with people they are close to and benefit from it. A comprehensive loyalty program will reinstate the community values that are likely to disappear in this fast paced world. This solution does not just work for developers but also for the society as a whole.
To know more about how to engage the right way with your customers, visit Loyalie now.