India promotes multi-cultural and multi-faith diversity. The new immigrants together with the existing residents and their culture contribute to the evolution of the property market on all scales. Formed within a certain culture, a buyer’ behavior and psychology have direct impact on the sales price of a property.
The participants of the property market are quite often found emotional and irrational. The emotion and psychology factors play a significant role in the property transactions, which therefore contributes to the dynamics of the property market.
Armed with insights into the the culture and psychology aspects of the property market, the market participants is more likely to make rational decisions. Assuming all participants are well-informed about these aspects, a more rational, more predictable market can be expected. However, the reality is that participants always possess different level of understanding about these factors. This separate the seasoned investors from the inexperienced, the good agents from the average ones, the professional developers from those who try and error.
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