The changing real estate investment dynamics in Indian holy cities: effect of spirituality on property buying behavior

• Published in: Journal of cultural heritage management and sustainable development Vol. 14; no. 4; pp. 730 - 749
• Main Authors: Kaur, Taran, Bansal, Sanjeev, Solomon, Priya
• Format: Journal Article
• Language: English
• Published: Bingley Emerald Group Publishing Limited 18.06.2024
• Subjects: Amusement parks; Buying; Cities; Councils; Cultural factors; Developers; Emotions; GDP; Gross Domestic Product; Older people; Population; Random sampling; Real estate; Religion; Spirituality; Statistical sampling; Structural models; Suburban areas; Tourist attractions; Urban areas; China; Mumbai India; India
• ISSN: 2044-1266; 2044-1274
• DOI: 10.1108/JCHMSD-04-2021-0075

PurposeHoly 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/approachThe 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).FindingsFindings 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/implicationsThe research findings may vary as per the cultural differences and belief in spirituality, which is subject to perceptual biases in different holy cities.Practical implicationsThe 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 implicationsSpirituality connects to the concept of behavioral real estate, where the decision to buy property is largely affected by the emotional attachment of people.Originality/valueThis research adds value to fill the gap by finding out the latent determinant – emotional reasons impacting transnational gentrification in India.