The COVID-19 has disoriented not just businesses and industries but also the virtue of trust among people; this has led to a situation where the buyers are now inclined towards branded developers instead of new realtors or non-branded developers. The scenario has been changing for quite some time now, but the pandemic has only intensified the scene. Last year only, the number of projects launched by the branded developers increased to 53%, which was an indication of the growing trustworthiness of the branded developers.
The branded developers have multiple added advantages such as capital stability and market recognition. The newly established realtors, on the other hand, are just getting started to establish themselves in the prime realty hotspots. Throwing light on the growing trend, Mohit Goel, CEO, Omaxe Ltd. said, “The developers who had occupied top slots after the displacement caused in the last five years or so by non-serious real estate developers in Noida are now struggling with cash flow and market share due to the COVID-19 pandemic. The poor demand scenario has aggravated this problem; this makes it an ideal time for branded/reputed developers to enter the Noida market and create newer and innovative real estate supplies.”
“The fast emerging trend of homebuyers’ preference for branded developers with a strong financial background and a delivery record will provide them with an opportunity to invest in return generating assets. The Noida market has a far greater potential for price appreciation than is being seen now, especially with the UP Government’s effort to make Noida the biggest business hub of North India and the subsequent infrastructure work that is being undertaken in the region,” adds Goel.
Branded lifestyle- Demand of millennials
Branded players are able to deliver quality that speaks for itself, coupled with innovation and technology integration in their projects. The new generation of buyers craves for such smart options in their homes. Adding on to the increased acceptance of branded developers among millennial, Amit Modi, Director ABA Corp. and President-elect CREDAI Western UP, a 30-year old real estate firm in Noida said, “Not for the first time, the millennial generation has kick-started a progressive trend which benefits the consumer value chain. Leading realtors who earlier restricted their efforts to niche luxury offerings are now venturing into the high-demand affordable and mid-segment categories. The increase in the supply of such projects gives buyers at large the option of investing in homes by the top names in the real estate industry, and thereby availing of all the associated benefits”.
Then we have the concept of having sports facilities within the project that not only give buyers a chance to take care of their health and recreation but also gave a boost to such projects. These sports cities or projects create communities with a focus on health-consciousness and a participative lifestyle. “As a developer catering to this segment, the concept makes a lot of sense from a marketing perspective, as well. Having a theme helps in creating differentiation in a market that has been deluged with run-of-the-mill residential projects. In the current scenario, the demand for projects having sports facilities is likely to increase manifold as people are more health-conscious than ever before,” says Kushagr Ansal, Director, Ansal Housing Limited, and President, CREDAI – Haryana.
Legacy and innovation- building blocks
The reputed developers have a legacy in the business, which is an epitome for the customers to choose from. The branded developers provide buyers with projects that are not run-of-the-mill. Even the innovations in commercial segment are brought by these branded developers such as Omaxe Connaught Place in Greater Noida, which brings the charm of Delhi’s Connaught Place to residents of Noida.
“Now, the buyers are not fascinated by foreign tiles or faucets but are looking for features such as the ones in the first-of-its-kind wellness project Gulshan Dynasty. So, wellness homes are going to score over other run-of-the-mill luxury projects. Ultra-rich buyers and HNIs have a new preference after the pandemic has struck, which is spacious units with an increased green cover. The Delhi-NCR region has all the requisites to be a better choice as extended locations are emerging as the next best realty destinations of NCR. Here, more green spaces and a plethora of wellness amenities coupled with other luxury features ease the life of the residents. The focus is on a self-sustaining island that acts as a resort to provide the best living experience,” says Yukti Nagpal, Director, Gulshan.
Highlighting the need of functional spaces post-COVID, Dhiraj Jain, Director Mahagun Group said, “Buyers have proactively started seeking for amenities related to health and wellness. Our projects designed with futuristic vision are able to address such needs. It is positively influencing their decision of entering into the agreement. As the real estate market is ripe with low home loan interest rates, pent-up demand translating into a higher number of enquiries.”
Jain further added, “Buyers are shortlisting projects on the basis of these additional 3-4 characteristics that build the foundation of their trust and interest — timely delivery records, construction quality, amenities offered and price vis-a-vis the future potential of development in the neighbourhood. Achieving all of these at once needs an experienced and able team in motion.”