The developer will run away? Is the project even genuine? Are they going to deliver on time? Is my investment safe?
These are just few of the questions that every individual asks. There is a misbelief that investment in land is risky and commercial spaces are ‘not that beneficiary’.
Although it might have been true to an extent till a couple of years back. But, with constant changes in the laws and infrastructural developments, there is a dire need for keeping oneself updated with the technology.
Property-swap and technology is now an integral part of this sector. But, are people really aware? There is a major section of our society that is still unaware of these revolutions. Awareness is key for relevant counter-questions before making an investment.
Most of the clients i speak to, lack awareness about the RERA Act.
The Act was was enrolled to safeguard the interests of the customers. It is applicable to both residential and commercial properties. RERA ID is the guarantee seal for the genuineness of the project.
Another misconception is that the commercial sector will not reap higher benefits.
But, commercial projects offer assured returns which is not possible for vacant land. It offers a long-term rental income. Developers are coming up with mouth watering marketing strategies, and offering opportunities to their customers.
Real-estate sector is also the second largest employment generator, and the sector can increase with more meaningful interaction between investors and developers.
The world is trying to decrease the labour force with use of robots and AI and its use in real estate has been implemented, although not many are aware. Live footage of projects shot by drone can be live streamed to the users.
As a developer, I personally believe that my audience must possess the right information. This will help us in longer run. It will cut short the time that we have to invest in making them understand the requirements and the solutions we provide to them.
A knowledgeable customer base will extend market opportunities too.
Currently, due to the lockdown, people now understand the importance of having an investment with great returns and low risk. From the year 2017 there has been no fraud by the developers. We need to update people, not just for them, but for ourselves too. If the customer will know the benefits beforehand we can invest that time in explaining them the USP.
Also, it will be able to build a trustworthy customer-developer relationship for future endeavours.
We can direct our marketing forces onto a direction of education. It won’t cost much but will reap assured benefits.
Khurrum Zahoor is the CEO & CO-Founder, Alif Realty. He is a law graduate and has been a successful investment advisor. He has 12 years of experience in the real-estate industry.