With the onset of the global economic recession, the realty rental prices witnessed a hike. Therefore, as a strategy the realty players decided to reduce the size of property in order to lower the rental prices. According to a report by Jones Lang LaSalle Meghraj (JLLM), enquiries from prospective property buyers were on the rise, especially in the residential realty market, in order to gain knowledge about the best deals.

Certain factors such as lower interest rates, correction in residential realty prices and stability in terms of job after tiding the recessionary pressures have acted as key drivers for growth witnessed in the realty sector in India.

Moreover, with early signs of an economic revival, it is being noticed that consumers now prefer to buy two to three bedroom apartments with rental rates ranging from Rs 25-35 lakh. However, the scenario was a little different over the last few quarters, with demand rising for low-cost one bedroom apartments and studio units. This noticeable transformation in the mindset of the property buyers has given a further fillip to the rising realty graph.

Residential realty in demand

With the gradual development in the global market, the future prospects of the construction sector are also looking up. It has been observed that realty players have a brighter prospect as work has commenced on projects that were in the pipeline. There are a number of realty projects to be launched across India over the coming months. However, realtors are not offering freebies and esoteric incentives; instead they are focusing to offer discounts on rentals for a limited period. Realty players are looking to utilise this strategy to increase their sales and thereby earn higher profits.

Realty players have leveraged IT as one of the key tools to promote their projects, which are expected to be launched over the coming 6 months. Therefore, realty players are utilising the Internet to promote their projects through brochures and advertisements. This will give the Indian realty players increased recognition in the domestic as well as in the international realty market, thereby attracting more buyers to purchase residential property.