1.What are the emerging trends in the real estate market?
High energy prices, climate change and government regulation are pushing sustainability up the real estate agenda. However, their impact will be far greater by 2020. Technology is already disrupting real estate economics, but by 2020, it will reshape the entire sector. The real estate community will play a greater role in the financial ecosystem.
The Indian consumer has evolved over the years and has embraced various e-commerce platforms. The digital revolution is gaining momentum in the real estate sector too. The house hunting business has turned 'digital' as developers are keen on adopting modern technologies. For instance, at Mantri Developers, we opted for unified video chat solution that offers virtual tour of the site location and live construction status. This technology helps the customers connect with our representatives directly.
We have also pioneered the use of online buying tools like 4D property viewing where patrons can view and book flats at the click of a button. Backed with an exhaustive range of information online like details of the availability status of apartment units to balcony views, has facilitated online payment for interested buyers via secure online Mantri payment gateway. All such digital solutions have aided easy purchase of apartments irrespective of geographical location of prospective customers.
The other trend that is emerging is that homes are getting more compact and well equipped at the same time. These homes have various benefits such as ease of maintenance and lower capital values and many developers are giving furniture options making it a one stop shop for home purchase.
2.What are the key challenges real estate players likely to face?
Urbanization is a phenomenon that is growing at a blistering pace. Most metros such as Bangalore also enjoy a large influx of migrant population. This is going to create huge demand for housing in urban India, at the same time huge challenges in terms of planning and infrastructure.
The key challenge is that basic infrastructure such as roads, power and water pose as a big problem to the growing aspirations of the city. The other challenge is that the government policy and regulations around real estate, need to be clear, free of any ambiguity and with accountability from the government authorities.
3. Would there be a growth of intelligent smart buildings and smart homes in our country? If yes, what would be the major factors contributing to its growth?
Yes, there is a growth of intelligent smart buildings and smart homes in our country. Empowered with rising disposable incomes, the burgeoning middle class of the country is driving the demand for improved workplaces and homes that can provide them opportunities to lead better lifestyles, while addressing their need for sustainability, efficiency and functionality.
Sign up for CIO Asia eNewsletters.