Quality services at reasonable prices. Key to take advantage of USD 93,000 million worth living. Poll
New Delhi, June 12 () Operators who live in housing need to improve the quality of services and charge reasonable prices to boost demand for those spaces and exploit the true market potential of this segment estimated at USD 93 billion, According to a survey conducted by a property brokerage firm PropTiger.com.
The housing segment in India has the potential to become a USD 93 billion market, however, changes must be made to the existing modus operandi for this segment of housing to be a success, he said in a report.
PropTiger.com is part of Elara Technologies, backed by News Corp, which also owns Housing.com, Makaan.com and FastFox.com.
The survey revealed that the quality of services, poor maintenance and lack of trust were the main areas of concern for consumers that service providers in this segment should address.
The common housing segment has an untapped total demand of about 46.3 million beds, of which 8.9 million come from student housing.
The demand for spaces of coexistence is also increasing due to brand confidence and ease of search, something that the accommodations paid by guests can not provide to consumers.
The consumer survey conducted in May 2019 also revealed that those who seek spaces of cohabitation begin their search online, including Facebook groups, but also depend on various offline media to reach their final destinations.
According to the budget, the survey said that respondents who participated in the consumer survey were willing to pay between Rs 4,500 and Rs 33,000 per month, depending on the number of beds in a room, quality of service, brand and services what they wanted
The survey indicated that although price is a key consideration, consumers are willing to pay for better services in a convivial setting, he said.
There was also a great variation in tenure for which people want spaces of coexistence. While some of the respondents stayed up to five years in spaces of coexistence, others moved in three months.
The lack of transparency in the rental process and the focus of service providers that do not respond to maintenance facilities are some of the factors that act against this concept, leading consumers to change to housing options traditional, says the report.
The cohabitation segment would perform better if consumers were not obligated to pay security deposits, the survey revealed. The respondents who participated in the survey said that opting for living spaces only makes sense if it equates to lower monthly expenses compared to independent rental options, says the report. DRR MJH