KNOW YOUR CUSTOMER NEEDS & DELIVER ACCORDINGLY
The pandemic has been a steep learning curve for many organizations. We have learned to live with the uncertainties and have made us more focused on listening to customer needs and designing and delivering products accordingly. One of the biggest changes we have seen is the rise in demand for luxury housing. Be it within the city or as a second home, people are inclining towards a luxury property. Upgrading lifestyle amid the pandemic is a major driver of the luxury housing segment in 2022 and the trend will continue in the coming years. Another big trend is that of bungalows, especially in Kolkata. For second home buyers the choice is now shifting towards bungalows rather than apartments. The health benefits of living in spacious and green surroundings are prominent factors attracting buyers to luxury second homes. Hospitality is another sector that has seen a quick recovery post covid and again the luxury properties are much in demand. The Kolkata real estate has always been a stable end user market and in recent times has become even more organized with non-serious players leaving the sector. Apart from genuine homebuyers in the market, even the investors are returning to real estate for their long term investment strategy. One of the most critical challenge for West Bengal real estate is the Urban Land Ceiling Act. It creates hurdles in land acquisition for large projects such as townships and commercial campuses and a long time to acquire a land. A favourable policy intervention in this regard will not only create encouraging environment for real estate sector’s growth but also attract domestic and foreign investment in townships, logistics, commercial and residential real estate of the state. I believe real estate and hospitality are two major pillars of the economy. These sectors not only manufacture product but also support hundreds of other sectors and are two of the largest employment generators for the country. Beyond 2022, the future of real estate is bright. The developers will now have to keep their ears to the ground. The projects will have to be very specific and for a specific target audience. Going forward market research will play a big role in defining project details as per the location and the customer profile. Developers can longer take the liberty of designing projects as per their fancy. Due diligence and feasibility study before launching a project has become a necessity rather than an option. Irrespective of the challenges, the Indian real estate is on a growth path as there is a huge pent up demand for all segments of real estate from residential, commercial, hospitality to industrial. Investors’ confidence too is at an all-time high in Indian real estate. At present the realty market is stable and is showing steady growth. We are past the earlier times of seeing sudden highs and lows. My advice to young developers would be to create very exact projects as per the target audience, execute project in a phased manner and remain debt free. PREDICT WHAT YOUR CUSTOMERS WILL WANT AND STAY AHEAD OF THE CURVE. IN TODAY’S CUSTOMER-CENTRIC WORLD, IT’S NOT ENOUGH TO FOCUS ON WHAT CONSUMERS NEED RIGHT NOW, BUT ALSO TO PREDICT THE FUTURE TRENDS AND REQUIREMENTS OF THE CONSUMERS.
Tags : ee BaFirst generation Bengali entrepreneur Manab Paul The pandemic Sree Balai