The changing real estate investment dynamics in Indian holy cities: effect of spirituality on property buying behavior
Journal of Cultural Heritage Management and Sustainable Development
ISSN: 2044-1266
Article publication date: 1 June 2022
Abstract
Purpose
Holy cities in India are seeing tremendous gentrification. This study aims to investigate the effect of the changing lifestyle of people towards spirituality and the changing lifestyle's impact on consumer buying behavior on properties in Indian holy cities which has not been studied anecdotally.
Design/methodology/approach
The research is exploratory in nature. A questionnaire has been sent to collect primary data through SurveyMonkey. Simple random sampling was used to collect a sample of 450 respondents which was also verified using G* software. The data were analyzed using descriptive statistics and partial least square–structured equation modeling (PLS-SEM).
Findings
Findings obtained through the structural model using bootstrapping technique suggest that intrinsic and extrinsic factors are attracting tourists leading to an increase in the demand for real estate in holy cities.
Research limitations/implications
The research findings may vary as per the cultural differences and belief in spirituality, which is subject to perceptual biases in different holy cities.
Practical implications
The traditional determinants of property buying behavior are considered inadequate to attract real estate investments. The inclusion of these behavioral aspects – intrinsic and extrinsic factors may improve the investment inflows in India.
Social implications
Spirituality connects to the concept of behavioral real estate, where the decision to buy property is largely affected by the emotional attachment of people.
Originality/value
This research adds value to fill the gap by finding out the latent determinant – emotional reasons impacting transnational gentrification in India.
Keywords
Citation
Kaur, T., Bansal, S. and Solomon, P. (2022), "The changing real estate investment dynamics in Indian holy cities: effect of spirituality on property buying behavior", Journal of Cultural Heritage Management and Sustainable Development, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JCHMSD-04-2021-0075
Publisher
:Emerald Publishing Limited
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