India is currently one of the fastest-growing economies in the world, and therefore, it is no surprise that the real estate industry in this country is expanding at a rapid rate.
Numerous American real estate agents are now choosing to expand their businesses into India and are hoping to appeal to Indian buyers and provide them with world-class homes.
The prospects of investing in Indian real estate projects have increased in the recent times with more foreigners showing interest in developing properties here or buying them.
Many people from the United States, China and other regions have shown eagerness to invest in small-, medium- and large-scale real estate projects, and this has enabled the builders here to have more creative flexibility when it comes to designing residential environments.
The Indian government is also taking special measures to ensure that the builders here have all that they need to provide quality residential homes to the people here at cost-effective prices.
Nevertheless, catering to the Indian real estate market involves quite a different set of rules than what it does for the American market. Here are some of the things that an American real estate agent needs to know while working with Indian buyers.
1. Homes are well-loved before a move is considered
Traditionally in India, most families reside in a particular home for decades and even generations.
This means that when an Indian is looking to buy a property, he or she is considering it as a grand investment for many years to come.
This is quite unlike the trend in the West, where people are comparatively more mobile and would move to a new home quicker.
Families in the U.S. often shift from one part of the country to another, and as a result, it is not unlikely for a typical man to stay in at least two to four houses in his lifetime.
2. Vaastu Shastra matters to homebuyers when planning
Indian culture has always been steeped in rich spiritual ideas. One of the aspects of such belief systems is Vaastu Shastra, an ancient science that deals with forces of nature and how they affect homes.
Originally a method used for designing the architecture of temples, Vaastu is now used for developing homes as well. Indian homebuyers are likely to buy Vaastu-compliant homes. This means that the directional alignments, angles, placement of rooms and corridors should be decided according to Vaastu Shastra so that they bring prosperity and good luck to the residing family.
3. Prices vary greatly in India
The prices of properties in India vary greatly according to the city and the location of a housing estate. Even within the same city, one can experience wide disparity of prices. Moreover, other factors such as current economic conditions, inflation rates and so on also affect property prices from time to time.
Any American real estate agent looking to work with Indian homebuyers should consider these facts while expecting a certain level of financial return.