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The branded real estate developers have been proactive in the industry after the government launched a series of reforms, since 2016. After demonetization, RERA and the implementation of GST in real estate, the transparency of operation in the industry have increased manifold. As expected, the genuine and loyal real estate developers are dominating the industry, as they have been able to sustain the changes that have taken place in the sector over the past few years. Statistics reveal that in the first half of 2019, 53% of the new residential projects have come from the branded developers.
For homeowners, the quality of homes and the brand names are two of the most prominent parameters, when they make the purchase. This is applicable even for affordable homes. A report reveals that in the first half of 2019, the branded developers have launched 73,930 units in the top 7 cities of the country. On the other hand, during the same period, the non-branded developers have launched 65,550 residential units. Interestingly, before the implementation of RERA and demonetization, the non-branded real estate developers used to dominate the industry 60:40. After demonetization in 2016, the number of fresh launches being made by branded developers sharply increased. The smaller companies were consolidated with the key players in the industry.
Even when people were buying affordable property, the quality turned out to be the first parameter, and then the brand name. Another report reveals that for 80% of the property buyers, the cost was the first parameter for choosing a property. Security and safety, however, turned out to be the second criterion for as much as 71% of the property owners. Besides, 52% of the homeowners said that the parking space was required in modern residences, and adequate security was necessary. Others pointed out that they would love to move to complexes having playgrounds and public transportation system around.
All these features are available in homes that are being developed by the branded real estate developers. Evidently, they are performing better than the non-branded ones. They have launched more homes in recent years, as compared to the non-branded ones. The key reasons for this trend of development include demonetization and other regulatory measures that the government has taken in recent years. A statistic shows that 53% of the property buyers want to purchase the property for self-use. However, a significant segment of property buyers purchases the homes to rent them off. In the top cities in India, the rental income generated from property is lucrative enough. 48% of the property owners focus on a good location, while others are concerned with family size. Therefore, it is evident that several factors drive the purchase decisions made by the property owners.
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