Builders have segmented the market — Developers have primarily segmented the market into premium affordable and affordable homes.
Ashish R Puravankara, Managing Director Of Puravankara Limited
Chennai:
Builders are targeting non-metros — With the emergence of start-ups and a rise in the presence of multinational companies in the country, the disposable incomes have also grown considerably in the last decade or so. This has compelled developers to shift their focus from traditional markets like Mumbai, Bangalore, Delhi to new markets like Pune, Hyderabad, Chennai and Coimbatore.
Second homes was no more a dream — In the last 10 years, the residential market was bolstered by the emergence of destination homes and vacation homes. Home buyers are now more open to the idea of investing in a second home when there is a good price proposition on offer. This trend also attributes to the growth of residence-management companies which undertake both long & short-term contracts for these buyers.
‘Click on the brick’ — The concept of buying/selling a home online was a far-fetched reality around 10 years back. Established developers with a good reputation and good will in the market have promptly jumped on the e-commerce bandwagon to take the omnichannel route to buy/sell houses.
‘Homes got smarter’ — Connected homes or smart homes which come with interconnected devices that use Internet and remote systems to provide a superior living experience to homebuyers, have captured the imagination of customers in recent times. These products combine delightful features like comfort, entertainment, mobility and security, providing consumers with connected solutions all the time. According to industry estimates, the Indian smart home market is currently valued at about $893 million and is expected to grow by leaps and bounds in the next five years showing a penetration of 9.5 per cent of homes by 2023 compared to 0.8 per cent in 2018.
‘Community Homes’ — Living has seen a big tectonic shift during this period as people with like-minded interests and preferences came together to fulfil their desires. Builders have responded well to these communities by designing living spaces around their requirements. Eg. Senior Citizen Homes, Apartments wings for single women, single owners
Proptech is the new mantra — In the last 10 years, the real estate industry witnessed a strong integration of digital and automated technologies like Data Analytics, Data Mining, Artificial Intelligence, Virtual Reality and Machine Learning. Developers have now shifted their focus towards customer centricity and customisation to meet the ever-evolving desires of the home buyer.
Booming Millennials — Millennials (born between 1980 – 1996) were/are in their mid-twenties. With the advent of internet, exposure to better education and varied career aspects, these millennials have changed the lifestyle landscape of India. With high incomes and aspirations they have become very particular about investing on a new home and this has given us developers an opportunity to sharpen our strategy and outreach.
RERA brings in a new Era — With the introduction RERA, the end user had easy access to property related data and information, creating a transparent interface, which ultimately helped boost their confidence. RERA has not only brought back confidence in the end users but also given the customers better clarity to make an educated decision towards one of the most important decisions of their lives, buying a home.
In recent times these segments have witnessed strong latent demand, thereby increasing the supply and giving more Indians the opportunity of owning a desirable home.
Builders are more eco-conscious — From procuring raw material to adopting sustainable designs and technologies, builders have now become more eco-sensitive and environment caring. It is estimated that investments on clean and green technology has almost trebled in last 10 years.
Builders are targeting non-metros — With the emergence of start-ups and a rise in the presence of multinational companies in the country, the disposable incomes have also grown considerably in the last decade or so. This has compelled developers to shift their focus from traditional markets like Mumbai, Bangalore, Delhi to new markets like Pune, Hyderabad, Chennai and Coimbatore.
Second homes was no more a dream — In the last 10 years, the residential market was bolstered by the emergence of destination homes and vacation homes. Home buyers are now more open to the idea of investing in a second home when there is a good price proposition on offer. This trend also attributes to the growth of residence-management companies which undertake both long & short-term contracts for these buyers.
‘Click on the brick’ — The concept of buying/selling a home online was a far-fetched reality around 10 years back. Established developers with a good reputation and good will in the market have promptly jumped on the e-commerce bandwagon to take the omnichannel route to buy/sell houses.
‘Homes got smarter’ — Connected homes or smart homes which come with interconnected devices that use Internet and remote systems to provide a superior living experience to homebuyers, have captured the imagination of customers in recent times. These products combine delightful features like comfort, entertainment, mobility and security, providing consumers with connected solutions all the time. According to industry estimates, the Indian smart home market is currently valued at about $893 million and is expected to grow by leaps and bounds in the next five years showing a penetration of 9.5 per cent of homes by 2023 compared to 0.8 per cent in 2018.
‘Community Homes’ — Living has seen a big tectonic shift during this period as people with like-minded interests and preferences came together to fulfil their desires. Builders have responded well to these communities by designing living spaces around their requirements. Eg. Senior Citizen Homes, Apartments wings for single women, single owners
Proptech is the new mantra — In the last 10 years, the real estate industry witnessed a strong integration of digital and automated technologies like Data Analytics, Data Mining, Artificial Intelligence, Virtual Reality and Machine Learning. Developers have now shifted their focus towards customer centricity and customisation to meet the ever-evolving desires of the home buyer.
Booming Millennials — Millennials (born between 1980 – 1996) were/are in their mid-twenties. With the advent of internet, exposure to better education and varied career aspects, these millennials have changed the lifestyle landscape of India. With high incomes and aspirations they have become very particular about investing on a new home and this has given us developers an opportunity to sharpen our strategy and outreach.
RERA brings in a new Era — With the introduction RERA, the end user had easy access to property related data and information, creating a transparent interface, which ultimately helped boost their confidence. RERA has not only brought back confidence in the end users but also given the customers better clarity to make an educated decision towards one of the most important decisions of their lives, buying a home.