Home buying exercise has never been so flexible and hassle
free. There has been significant development in the age of home
buyers from 40-50 years to just 25 years now. With a plethora
of home making, varied choices, home loan options, competitive
rates and tax incentives, salaried groups are taking advantage
of the scenario to boost real estate. This also augurs well
to employment generation and general economy.
In a market predominantly driven by end users, there has been
a perceptible shift in the level of awareness by home buyers
with emphasis on quality and service. When the impact of slowdown
in the economy and the gradual revival is evident in the major
cities, secondary cities like Bhubaneswar are no exception.
The demand for both residential and commercial property are
likely to be on the rise, thanks to the plethora of opportunities
incentives and improved level of services. This signals an overall
improvement in the market scenario and Bhubaneswar is all set
for a turnaround in the property market. Since the elevation
of Bhubaneswar to the status of State capital in 1948, she has
been growing day by day. If looked into the checklist for buying
a property, quality product remains at the top of the list as
the most important aspect. This aspect is consistently and day
by day given more importance. When we talk of quality, a few
points come to our mind. Quality of what ? Herein, we can categorize
this to mainly (a) Quality Builder (b) Quality Construction
(c) Quality in Finance (d) Quality in Legality and of course
(e) Quality Buyers.
The construction activity has shifted a lot to the builders
or developers as of reasons like people believing and realizing
the importance and need of vertical living, cluster or group
housing, time constraint and finance and importantly the failure
on the part of the Government agencies in supplying quality
product in time. This has brought the builders into the fray
and shifted their role from just building a concrete structure
to home making. Trends focus on the use of new methods and technologies,
varied range of innovative construction materials and processes
and above all within affordable and acceptable limits. Many
new things are being developed and used nowadays to enrich the
homes. Builders of Bhubaneswar have already started making use
of the same. Not only this but also the up-gradation of different
raw materials has helped to keep the upbeat demand of quality
home making. Here, the need to educate both the builders and
the prospective buyers must be given a special importance and
again the builders has to play a major role in it, by self-educating
and appraising the buyers with changing times.
Money no doubt is the pillar to the whole gamut of the business.
As known, every one in the process is involved for money. The
present scenario is a welcoming one. Government policies (mostly
Central Government Policies), competitive finance market has
forced the housing finance industry in passing the benefits
right down to the borrowers. The finance sector has become so
much flexible that borrowers have virtually started negotiating
terms of finance. Almost all the bigwigs of the sector have
their branches in Bhubaneswar at the reach. At the same time
Government (particularly the State Government) needs to give
its due importance to the housing sector as a whole. In changing
times law needs to be reviewed, rewritten, changed or new laws
enacted. Appropriate bodies are required to take necessary advancing
steps in this direction. Of course, the speed is very slow and
it needs to be accelerated to keep it at the same pace with
other developments in the sector, particularly the laws with
respect to finance and ownership of the properties. Infrastructures
like roads, public disposal system, water, electricity and such
other aspects ought to be improved and running at the pace with
the real estates development. Approval and other regulating
laws needs to be simplified and made peoples friendly.
The customer is supreme. Its quality will determine, shift
and set trends. A quality customer is not the domain of fate
or geographical barriers. They can be developed by real education.
This is what, I would like to hit at, should be the new professional
approach to real estate development. The builder, Government,
home buyers and each and every member of the society has its
role to play. Seminars and exhibitions which are sparingly conducted
needs to be increased. Any programme which increases and enriches
the interaction between each and every part of the society in
home making need to be conducted.
One of the most important aspects of quality homes is that
of after sales services. Just talking of it won’t do.
It should be real business. Builders have the major role to
play here. They must at least look after their complexes for
certain period of time and give continuing guidance/support
afterwards. Because making doesn’t finish the home. It
needs to be maintained and the process must continue. This is
just the beginning. Bhubaneswar has many miles to cross over.
Tapan Kumar Mohanty
