As the RERA and other numerous policy changes being announced in the recent times the property market become more buyers friendly. The prospective property buyers are looking to readily put their hard earned money but keeping their priorities on the top.
A majority of home buyers believe that the wide trust deficit between the developers and the buyers, can be bridged to a considerable extent, if the developers genuinely come forward to understand the home buyers’ point of view.
More than seven out of 10 (72%), maintain that the buyer must have access to communicate with the builder throughout the projects for sale lifecycle. Nearly as many (68%) feel this will address conflicts, even if there are changes in the layout of the project.
More than half of the home buyers feel that if the developer starts collaborating with the buyers, then, the buyers will also understand his point of view, in case of any delay, policy paralysis, or other force majeure.
What Home Buyers Want From Developers In 2017
- Title assurance and the right to see all approvals in place.
- Rates based on carpet area.
- Right to a full refund, within 30 days of booking.
- Equal penalty for delay in completion.
- No change in area bought.
- No hidden charges or escalation charges.
- Separate escrow account mechanism.
- Free first transfer.
- Fair agreements with indemnities for delays, poor workmanship, etc.
- Open and transparent communication throughout the project period.
As per the survey, the respondents were a mix of seasoned home buyers, with experience in more than one property purchase and first-timers who were on a house hunt. The survey had a mix of open-ended and close-ended questions, to understand the concerns of the home buyers.
Home Buyers Expect Honest Dialogue, On Issues Like Hidden Charges And Penalties
A majority of the respondents (66%) felt that issues like hidden charges, escalation clauses or penalties, could be settled, if the developer was honest and came forward for discussions.
Open and honest dialogue, can take care of a majority of the issues, as home buyers do understand the concerns and legitimate problems of the developers. Similarly, most of our concerns will not cost the developer a fortune. The real issue is the lack of trust on the developers as many cases of no possession or insolvency of the developer came up.Â
The major issue that comes is the fact that the top management is seldom involved in the execution of the project and communicating with home buyers. This creates a vicious cycle of lack of trust.
As if developers communicate properly with their home buyers who are ready to buy a property, they will not only give you some end-user perspectives for project enhancement, but will also be your partner in progress, either through repeat buying or by referring friends and family.
Beyond these expectations, a lot also needs to be done at the legal and government level (proper land titling, title insurance, quick judicial remedies, standardisation of norms, etc.), to build confidence among home buyers.
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