Realty panel focuses on consumer preferences

There is a mismatch between consumer preference and what the real estate developers have on offer in the market, according to Ashwinder Raj Singh, Chief Executive Officer, Jones Lang LaSalle Residential Pvt Ltd, an international property consultant.

With changing consumer preferences in buying residential buildings and increasing demand for quality office space, gaining insights about the consumers needs will boost real estate growth.

Singh said most of the projects launched in the last two-three years did not take into account customers’ buying preferences. Consumers have become choosy when buying a house and look for value-add for the property they are buying.

“Being an end-user driven market, it becomes critical to understand their need and earn their trust, which will in turn drive growth,” he said at a panel discussion on the topic Resilient Chennai organised by Jones Lang LaSalle.

T Chitty Babu, Chairman & CEO, Akshaya Pvt Ltd, said developers should focus on providing value addition rather than providing creative deals and discounts to attract consumers. “Though discounts will gain consumers, in the long run consumers will look for value for money,” Babu said.

Ajit Kumar Chordia, President — Confederation of Real Estate Developers Association of India (CREDAI), Chennai, said though real estate sector is showing signs of revival, builders should shift from residential spaces to developing commercial buildings. “Chennai lacks quality office spaces and considering the current economic situation with boom in IT, manufacturing and healthcare, builders should undertake more commercial projects,” Chordia said.

Chordia said in order to attract investments in commercial buildings, capital value of land should be brought down. “Land in Chennai is very expensive so bringing down the cost of owing real estate will facilitate ease of doing of business,” he added.

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