EXPECTATIONS & REALITIES REALTY TRENDS, CORRECTIONS & FORECASTS
Shubhankar Mitra, Managing Director, Advisory Services, Colliers set the tone of the conversation applauding the resilience of the real estate sector during Covid that helped it bounce back quickly. “In the last few years the sector has been performing fairly well across all asset class. Our data suggest that sales have been good and prices are rising across the major cities, making it an exciting time to watch out how the realty market will shape up going forward.” Anjana Sastri, Director, Marketing, Sterling Developers was of the view that there has been a fundamental shift in the buyer’s attitude. “The entire buyer’s mind-set has shifted towards multi-functional spaces. Developers are now building projects where buyers have the options of customisation along with green open areas and community spaces. Community living has definitely become a very important aspect of today’s lifestyle. Also, customers are more confident of real estate market and therefore we are seeing high sales figures.” Yukti Nagpal, Director, Gulshan Group shared that luxury residential segment has in particular seen an upsurge lately. “The biggest spike in sales numbers have been in the premium apartments above 1.5 crore ticket size. Villas and plotted development are in demand and most importantly, the customers have realised the value of lifestyle amenities and are ready to pay a premium for that. I think India is redefining the way it looks at luxury from being just a space to live to an experience.” Ramita Arora, Managing Director, Bengaluru, Cushman & Wakefield expressed. “This is probably the first time when all realty asset classes are doing well. The primary driver has been the pent-up demand. In residential segment, with work from home the priorities have changed, size of the units are going up, retail has seen a V- shaped recovery as people want socialising. In the office segment, the return to office has gone up to 40-50%, driving the demand, while E-commerce is boosting the warehousing sector. Over all the sentiment is positive compared to other countries.” Dr. Renu Singh, President, Sales & Marketing, Spaze Group added, “One of the biggest change in real estate has been the tech adaptation. Digital transactions have become a standard offerings for most of the developers today. Virtual tours are replacing site visits and the latest in line is the Matterport, the 3D space capture. An all-in-one platform transforms real-life spaces into immersive digital twin models and empowers people to capture and connect rooms to create truly interactive 3D models of spaces. Data analytics, Artificial Intelligence are now being employed in fractional ownership models of property buying. We will soon see blockchain too in real-estate.” Richa Pathak, Corporate Legal Counsel, L&T Limited shared her views on rising demand for ESG compliant buildings. “In today’s corporate world sustainability is the key concept. Investors and stakeholders are increasing the use of ESG parameters to screen their real estate investments. In order to cater to Environmental, Social, and Governance needs, developers are using the renewable/recyclable materials, energy, water and waste efficient systems and construction methods. In addition to the growing regulations and compliances, customer and investor preferences too are driven by ESG benchmarks.” “THE SECTOR HAS RECOVERED FROM THE PANDEMIC AND GOVERNMENT HAS SUPPORTED THE SECTOR IN VARIOUS WAYS. WE HAVE SEEN A HOST OF REFORMS TAKING PLACE ALONG WITH LEARNINGS ADAPTED FROM GLOBAL BEST PRACTICES.” SHUBHANKAR MITRA “THE MAJOR SHIFT HAS BEEN THE BIG TECH COMPANIES LIKE FACEBOOK, APPLE, GOOGLE AND AMAZON ENTERING THE REAL ESTATE SPACE. RESPONSIBLE INVESTMENTS ARE BEING MADE IN THE REAL-ESTATE SPACE THROUGH TECHNOLOGY PLATFORMS.” RICHA PATHAK “SINGLE WINDOW CLEARANCE AND THE DIGITIZATION IN APPROVAL PROCESSES IS THE BIGGEST NEED OF THE SECTOR. THIS CAN THE EASE FINANCIAL STABILITY OF PROJECTS AND MAKE THEM MORE AFFORDABLE FOR THE BUYERS.” YUKTI NAGPAL “THE GLOBAL INVESTOR CONFIDENCE IN INDIA IS DEFINITELY ON THE RISE DRIVEN. THE REGULATIONS TOO HAVE CREATED CHECKS AND BALANCES BOOSTING THE TRUST FACTOR OF BUYERS AND INVESTORS.” RAMITA ARORA “INDIA HAS REDEFINED WHAT LUXURY MEANS AND IT’S NOT JUST THE TOP METROS BUT IS REFLECTED ACROSS CITIES. KEEPING UP THE MOMENTUM IN THE LONG TERM WILL BE THE ONLY CHALLENGE.” ANJANA SASTRI “THE SECTOR IS BECOMING COMPLETELY DATA DRIVEN AND USE OF TECHNOLOGY IS NOW CRITICAL, HOWEVER THIS REQUIRES A CAREFUL APPROACH COUNTER BALANCED BY MULTI-USER EXPERIENCE”. DR. RENU SINGH
Tags : Realty Trends Forecasts Shubhankar Mitra Managing Director Advisory Services Colliers Anjana Sastri Director Marketing Sterling Developers Yukti Nagpal Director Gulshan Group Ramita Arora Managing Director Bengaluru Cushman & Wakefield Dr. Renu Singh President Sales & Marketing Spaze Group Richa Pathak Corporate Legal Counsel L&T Limited