There are many factors that affect the real estate market of any city. Be it Bangalore, Delhi or Kolkata. We tend to consider and acknowledge many of them like the development, culture and other things. While there is one factor that we tend to ignore: the attitude of people. While many real estate experts think that it is not a very important factor, we can assure you that it is something that effects the changes in the real estate market to a large extent and is also the basis of development in the real estate.
Here are the different ways in which the attitude of the people effects the real estate market of the city:
- The residential properties:
Every city has its own ways of living. When we look at flats in Kolkata, we will see that they are big and spacious. Most of the newly constructed flats are larger than those of the ones in Bangalore. The people in Kolkata generally prefer flats which have a lot of space.
This makes it easier for the developers to make houses better and with modern facilities, balconies and also other amenities that one will not find in many other cities.
- The fine detailing:
Here again we can consider the example of flats in Kolkata and the residential properties in Bangalore. One can clearly see that the Kolkata real estate consists of properties that are detailed well. You will see that there are many designs and sculptures on the walls of the properties in Kolkata. When you look at the properties in Bangalore, you will see that there is very less detailing in the houses that are constructed in Bangalore.
This is because of the people and their preferences. The people in Kolkata like the detailing in their houses and the people in Bangalore do not have a preference for it. The detailing also costs the people. In general the houses in Kolkata cost a little more than the ones in Bangalore and the proportion of construction costs to the cost of land is very different.
- Kinds of houses:
When we look at houses in Bangalore, you will see that the localities that were established earlier were built in colonial style and all the houses were essentially bungalows. Now the people are looking at flats in the city. They are happier with apartment complexes and buildings that are built in a modern manner.
People in Kolkata have always preferred flats. There are very limited independent houses. Most people live in buildings with a few flats, but do not really construct bungalows to live in. This effects the land prices like none other.
- Amenities in the complexes:
People are now a lot more practical in terms of what they want in their houses and complexes. The prices of land and also construction costs are very high. People have now understood what they want and what they can afford. They are now looking at residential complexes with amenities like swimming pool, gymnasium, courts for sports and other things.
This leads to the buying of flats in relatively newer projects giving way to real estate developers to make better projects in the cities.
It can be safely said that the kind of people who live in each city are looking at different kinds of real estate. There is a difference in attitude of the people and how they look at real estate investments. It is stupidity for people to ignore the attitude of people while analyzing the markets. This way one will be able to predict much better the dynamics of the real estate market of the particular city.