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Consumer Behavior in Real Estate

2020-11-03

The real estate industry which was witnessing a steady growth jumped over two bumpy speed breakers in the past. One is the implementation of RERA, the second, being the Pandemic. However, post both scenarios, the industry seems to be picking back to its pace again. Buying a home is considered as one of the most important decisions taken by an individual which also stands as a once in a lifetime event. A home is a cascade of aspirations and people have their emotions deeply attached to a place that they call ‘Home’. The decision of home buying involves various parameters for one to choose their respective abode. The real estate sector is also bestowed with various Government initiatives like Pradhan Mantri Awas Yojana, Pradhan Mantri Gramin Awaas Yojana, Rajiv Awas Yojna, to name a few that aims at providing a house to all citizens. This makes it important for companies in this sector to identify the buying behaviour of customers looking to buy flats.

Pune’s Real Estate

One of the most flourishing sectors in the country has seen new lows and highs in the past decade. The city of Pune which is blessed with a pleasant climate, tourist destinations, educational institutions, and IT industry receives people from all across the nation throughout the year. The population growth and migration from rural to urban areas have considerably changed the outlook of realty in urban and its adjoining areas. Working professionals choose to settle down in the city which has given the real estate industry a noticeable boom. Many renowned builders and developers along with newcomers have been developing some magnificent projects all across the city. With the rise in demand for flats and homes, the industry proved itself and stood tall by giving the supply that the city asked for again and again.

After surveys and studies, various insightful factors came up showcasing how the presence of essential facets influences a purchase. As buying a home is a once in a lifetime event, consumers consider various touch points before finally locking a property. To start with, one of the most vital factors that play an important role is pricing. Amidst heavy competition in the industry, the factor of pricing has been benefiting the consumer immensely. However, a small margin has also impacted in changing decision amidst two different properties that the consumer wishes to buy. Another vital factor that affects a purchase is – location. Consumers look for a strategically placed property which is not far from prime destinations of the city or work. As one has to operate from the same home for the rest of their life, picking the best location automatically tops the list.

Residential and Commercial Consumer Buying Behaviour

Two different wings of the real estate industry have different sets of consumer buying behaviors. Where residential buying analyzes different touchpoints for purchase, commercial buying asks for a different set of touchpoints to be considered. Commercial property buying majorly revolves around amenities. Amenities such as location and security matter the most to any kind of commercial place. Distance from prime destinations of the city as well as its strategic placing plays an important role in the sales or walk-ins for a business. Hence, commercial buying behavior has evolved a lot and demands smart insights. The design of a commercial property, its ambience, and stature, also has a lot to do with a particular property. Proximity to the main road, connectivity to key destinations has a lot to do with a commercial property that influences the buying behavior. One of the most vital aspects is – security and safety of the premises. Being a commercial property, this one element majorly influences the buying behavior.

At Paranjape Schemes, we value, analyze, and understand each aspect of a consumer who is interested in buying a property. After having plentiful options of different projects across the city and by understanding the buyer’s persona, we are able to offer them the best they would love to buy. Home is an immaculate idea of wholesome living and we ensure to permeate the flair of that wholesomeness in each of our projects. Paranjape Schemes have developed many such projects around the city to give you all it takes for your dream living.

To know more, website - https://www.pscl.in/

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