Why are buyers interested in paying extra for Home from well-renowned Brands?

COVID-19 hit the Indian real estate market that made its buyers realise the importance of purchasing properties from reputed developers.

The customers looking for ‘gold standards’ seem to consider established real estate developers to buy a home, ignoring the fact that they might have to pay a premium amount. The trend seems to be true more for under-construction properties than ready-to-move homes.

Here are some reasons why customers are willing to pay more to buy a home from established real estate developers:

• Easy Home Loan Sanctions – When any customer wants to buy a home, one of the initial criteria they consider is easy home loan sanctions along with quick legal approvals. Established real estate developers like Godrej Properties, Lodha, Hiranandani, L&T Realty, Mahindra Lifespaces, and Runwal are the names having brand value for their hassle-free process and customer experience. The name of these developers alone can get their customers a quick and easy home loan approval. Besides, it also caters to their seamless processes.
• High ROI – If the customer is not purchasing a property for their use, a higher return of investment becomes the main concern that a reputed brand can easily offer. For instance, if you buy a home from established real estate developers like Godrej or L&T Realty, trust in the product and brand name is likely to elevate ROI. Besides, the properties developed by these brands have high security, better modern amenities, and an upmarket neighbourhood.  
• Impeccable Track Record – A renowned real estate brand receives premium status through its impeccable track record of construction quality and modern amenities for a fair amount. Since they have properties across different locations, customers can put faith in them for catering to their specific needs. Moreover, the reputed brands also offer a variety of properties ranging from villas to apartments at different price ranges.
• Dedicated Customer Service – Buying a home is not an easy task but if you get dedicated customer service, the process becomes smooth. A happy customer is what every business aims at, which is an easy feat for reputed brands for their better customer experience services. Known for multiple years of experience in the field, established real estate developers like Godrej, Brigade group, or L&T Realty can offer insights as per customer demands.
• On-Time Project Handover – Brands like Godrej Properties, Hiranandani, L&T Realty, Mahindra Lifespaces, Lodha, and Runwal are some of the names known for their on-time project completion and handover. Therefore, people also invest in their properties well aware of the fact that they will get the possession on time.

The strategy of customer experience driving real estate market

Investing in property is a luxury not everyone can afford. Those who can, demand a good experience since the relationship extends to a lifetime. It is also one of the crucial factors along with product quality pushing their purchasing decisions that overlook the price factor. Most established brands consider customers to experience their strategy to influence people who want to buy a home. 

For the customers in their 20s or 30s, the definitions might change a little but the core values remain the same as the customers in their 60s or 70s. Buying convenience, seamless project handover, and trust in the brand defines their ‘Gold Standard’, which is critical to buy a home.

The customers are not only looking to buy a home but invest in the brand reputation as well, thereby driving their decision of investing more money.

disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.