The year 2009 was full of modernization, foreign collaborations, new businesses, new inventions in technology, financial meltdown and what not happened last year. It even had a lot of impact on real estate industry for that matter. Now let us talk about how the Modern Real Estate business proliferated in India with upcoming and modern builders here, who are providing modern India with modern constructions and property deals.
Apart from this, many new international companies are also setting up their bases here. These construction efforts have been made to ensure better comfort and amenities for prospective buyers. Therefore the stance of the real estate industry took new dimension in 2009 due to global financial meltdown. Let us look at the first level impact, which was very evident in the growth rate and that was shocking the world and causing the global markets to crash. Once the markets re-invented their expectations factors in a new set of rules for the game, a new paradigm emerged. Hence real estate owners complimented with lower real estate rates offered lower interest rates etc with better incentives to customers to purchase homes.
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2009 has also seen a change in the customer sentiment towards purchasing a home and expected that the currently visible trickle of change in customer sentiment towards purchasing a home will translate into a normal buying cycle. The consumer purchasing power has improved a lot better to substantiate the current market scenario but they were deferring their purchase decisions in the beginning, literally waiting till the midst of May 2009 to get a good deal.
When the prices were reduced by the builders there were three big buyers who were willing to invest in real estate without bothering about financial tangles. They are primarily NRI’s, high salaried IT professionals and business owners etc. It was a hitch for countries like America, Europe and other major counties due to the financial meltdown and their real estate prices also went down by 18% which is an unexpected rate. The financial crunch didn’t leave a single sector of people in this world.
As we all know that the Real Estate industry had a great amount of contribution towards gross domestic product (GDP)last year and it is expected to grow in the next few years on a high scale say the experts from the industry. Though it was a slow pickup in the beginning of 2009 later the industry caught up with good business by concentrating in other important aspects and it is no more about selling lifeless lands and houses, it is about giving a feel good factor to their customers. I am sure 2009 was a fruitful year for many including the sellers and buyers and on the whole for all of us which fetched good fortune.