Parvez Khalid, Associate Executive Director, Advisory & Transaction, CBRE stated that COVID turned everything on its head. “Old strategies got replaced by new methodologies and sales took a new turn. We are seeing new locations becoming the hotspots of real estate growth.”
Anup Dalmia, Founder & Proprietor, Bobby Associates concurred, “New areas like Barrackpur BT Road, New Town and EM Bypass locations are seeing a lot of traction for big projects in recent times."
Amit Sarda, Managing Partner, Simplexinfra Technopark LLP shared, “In 2019 we had started the construction of Technopark in Salt Lake City Sector 5 and next year COVID hit us and we had a lockdown which was kind of unprecedented. The following work from home and hybrid model made us apprehensive of the project’s success. But in 2023, I am very proud to say that we have leased out the entire space.”
Harshpal Singh, Sr. Vice President, Sales, Shrishti Infrastructure Development Corporation Ltd added, “Tier 2 and 3 towns are growing fast and are the next big thing. The disposable incomes are there,infrastructure is getting better and cheaper land parcels are available. We are doing townships in cities like Guwahati and Asansol, Haldia, Siliguri and also the first city centre in Durgapur.”
Mayank Singh, Co-Founder, Kaarryam Realty stated, “Kolkata has evolved from bunglows and single buildings to large complexes and has opened up to new locations like New Town and Ruby, E M Bypass. COVID gave us a reality check. People now want bigger homes and amenities within the complex.”
THE NEW REALTY SEGMENTS
Parvez Khalid added his views on commercial real estate, “The Eastern Kolkata has seen influx of IT Companies opening offices due to the presence of IT professionals. Also, with the social infrastructure and malls coming up in tier 2 and 3 cities, they are attracting businesses.”
Harshpal Singh agreed, “Because of the various initiatives of the Government of India and State Government such as new airports, bus stations and metros, the connectivity is getting better and people can afford to live away from congested city centers."
Mayank Singh expressed, “The luxury housing has seen an uptick. People are either upgrading to bigger homes and first time buyers are preferring a more premium residential. Location remains an important factor for luxury segment. At the same time, in Kolkata luxury is an often abused word. Many projects being marketed as luxury residential are a joke.”
Anup Dalmia added, “We are also witnessing an increasing demand for vacation or weekend homes in places like Guwahati, Shillong, Siliguri, Kuresong, Gangtok and Darjeeling especially after COVID.”
Amit Sarda pointed out, “A factor towards rise in sales of luxury properties and second homes is the interest rate subsidy which allowed more purchasing power. A million square feet project takes six to seven years to complete and more often than not, there will be interest rate variations in those years.”
ARTIFICIAL INTELLIGENCE HAS ALREADY COME AND THERE IS A RAPID SHIFT AMONG THE REAL ESTATE DEVELOPERS AND BROKERS TOWARDS ADAPTING TO THE DIGITAL SHIFT. ANUP DALMIA
DATA MINING IS BECOMING AN IMPORTANT FACTOR. IT GIVES THE ADVANTAGE OF REACHING OUT TO THE LARGER AUDIENCE AND CATERING TO THE TARGETED CUSTOMERS. AMIT SARDA
FROM ATL AND BTL, WE NOW ARE TALKING ABOUT TTL (THROUGH THE LINE MARKETING) WHICH IS AN INTEGRATED APPROACH USING BOTH BTL AND ATL MARKETING. HARSHPAL SINGH
TECHNOLOGY IS INEVITABLE, THE DIFFERENTIATOR IS THE EXPERIENCE. THE HUMAN INTERACTION WILL ALWAYS BE ESSENTIAL AS REAL ESTATE IS A TOUCH AND FEEL PRODUCT. MAYANK SINGH
THERE IS INVESTMENTS HAPPENING IN KOLKATA FROM NORTH INDIA. REVERSE MIGRATION FROM BANGALORE AND HYDERABAD AND NRI INVESTMENTS TOO ARE INCREASING IN KOLKATA. PARVEZ KHALID
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