In the last eight to 10 months, the real estate market has swung from being a builders’ industry to a customers’. “Today, a client is given more value and has a plethora of options,” feels Dharmesh Jain, MD, Nirmal Lifestyle. Just before the slowdown, he explains, the real estate sector was flooded with projects. However, once the slowdown began, customers backed off citing financial security. As a result, a lot of inventory got accumulated and distress sales started.

Till a while back, certain developers were offering ‘free’ cars, along with properties priced above a particular slab. Such tempting offers have now been withdrawn from the market, with the first signs of economic recovery.

Developers have now adapted their strategy, when it comes to offering incentives. For example, Pune-based Rohan Builders have an offer, wherein, they accept a down payment on any of their under-construction properties and offer to pay back the difference, should the market correct further. Another developer has offered to shoulder part of the interest rate on the buyer’s home loan for a year, but, with a three-year lock-in period clause. Such offers are essentially aimed at the fence-sitters.

Today’s buyer is extremely smart, asserts Pawan Datta, CMD of Lakshish. “Now, a customer asks for how much extra space a developer can provide, or how the payment schedule can be worked out, instead of any freebie,” explains Datta.

Value for money is what a customer today is scouting for. The customer is aware of the additional expenses he / she will be incurring. “In the commercial sector, too, things are changing, with clients asking for the ‘amenities’ that they shall get,” reveals Ramprasad Padhi of Pinnacle Realty.

“On the residential front, a few developers would build a one BHK flat of 500-550 sq ft and a two BHK flat of 700-750 sq ft and offer it at a lower rate. This essentially meant that a two BHK flat was being built in the size meant for a one BHK flat. In addition to this, there were charges made for clubs or parking, once the buyer has bought a place,” he says. So, what was supposed to be an ‘amenity’ is ultimately charged for, from the buyer.

Today’s buyer has become conscious of all these dubious tactics.

“The market correction was a necessity, as it was increasingly becoming disorganised. Fortunately, developers realised this and started giving value for money additions,” says Jain. Though the market is picking up, Datta feels that buyers will continue to dominate the market. This time around, the expectation is that healthy competition will take centre stage and the customer will walk away with his hands full.

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