THE CONVERSATION REVOLVED AROUND THE WAYS MILLENNIAL ARE RESHAPING HOUSING MARKET AND THE NEW BUSINESS MODELS OF YOUNG ENTREPRENEURS OF REAL ESTATE SECTOR.
Piyush Gupta, Managing Director, Capital Markets and Investment Services, Colliers India shared his perspective, “The real estate sector is evolving with the changing demands and therefore we are now seeing new products like shared living, co-working, student housing, data centers, warehousing etc.”
Anuj Goradia, Director, Dosti Realty briefed, “Housing sales process has evolved drastically from sample flat and model walkthrough to VR. It is now a buyer’s market, post pandemic ticket sizes are increasing and they also ask questions regarding building and amenities maintenance post sales.”
Rishab Siroya, Founder, Legend Siroya added, “Apart from other amenities now homebuyers are asking for balconies, open spaces, office space and e-charging stations. They are thinking long term.”
Jay Morzaria, Director, Vraj Group agreed, “As we move towards the younger generation of buyers it is important to be technology centric. Developers are capitalizing on data driven decision making while planning new projects.”
Pushpa Bector, Executive Director - DLF Retail elaborated on the retail sector, “Experiential retailing and alfresco dining are becoming popular. Categories like leisure and luxury did well during Covid, how well it will continue to grow is a matter of speculation.”
INCREASING ROLE OF TECHNOLOGY
Anuj Goradia shared, “Technology has been a great boon in the last few years but, from a booking point of view when a customer shows up in the sales office it is easier for the sales manager to understand the customer requirements, their preferences. When it comes to customer relationship management and facility management for a large IT Park or Corporate Park, technology helps.”
As per Jay Morzaria, “Through data collection and analysis we can understand the demand of the market to plan our projects accordingly and by using the latest tools of advertising on social media, one can generate good results.”
Pushpa Bector added, “In retail space one of the biggest technology trends we see is omnichannel retailing. A lot of discoverability will continue to happen digitally followed by physical visits to stores.”
Rishab Siroya stated, “We are utilizing tech for showcasing apartments in metaverse, the booking process is easier, faster. The block chain model enables the real estate industry to be more consistent.”
Piyush Gupta added, "Furthermore, technology driven REIT and Fractional Ownership platforms have democratized real estate with small investors being able to invest in high worth commercial properties through online transactions.”
THE NEW DEVELOPMENT FORMAT
Pushpa Bector elaborated, “We are seeing growth in tier 2 -3 cities with developers expanding their portfolios in smaller cities. High street plazas are anchoring residential developments and a lot of focus is on retail office complexes.”
Anuj Goradia shared, “Our earlier developments comprised 95% residential and 5% commercial and retail plots. In new developments we are integrating 20-25% retail with residential.”
Rishab Siroya added, “Developers creating mixed-use developments is a better strategy in lieu of selling the retail portion. Due to poor maintenance, retail becomes a nuisance rather than a convenience.”
Jay Morzaria said, “Co-living or fractional housing is relatively new to the Indian real-estate but it's growing. Investors can utilize their financial investment in co-living, senior living or maybe in fractional ownership and diversify their investments.”
Piyush Gupta sharing his inference of the discussion said, “We are moving towards second homes, luxury homes, fractional ownership, co-living, student housing, senior living, overall the trends are changing and are now forming an integral part of a developer’s strategy to grow portfolio.”
“PURPOSE DESIGNED CO-LIVING AND SENIOR LIVING PROJECTS ARE THE RAPIDLY RISING ASSETS FOR DEVELOPERS. PEOPLE ARE ALSO INVESTING IN VACATION HOMES TO RENT ON AIRBNB AND EARN 25-27% PER ANNUM RETURNS.” RISHAB SIROYA
“WE ARE SEEING NEWER PRODUCTS AND CONCEPTS EMERGING IN INDIAN REAL ESTATE WHICH ARE CLEAR INDICATORS OF THE NEW WAY THE CUSTOMER IS THINKING AND HOW REAL ESTATE MARKET IS CHANGING FASTER THAN EXPECTED.” PIYUSH GUPTA
“REAL-ESTATE IS AN EMOTIONAL PROCESS FOR INDIANS. ALONG WITH METAVERSE AND CRYPTO CURRENCIES, INDIAN REAL ESTATE WILL CONTINUE TO BE 50% PERSONAL INTERACTION AND EXPERIENCE.” ANUJ GORADIA
“NEXT-GEN BUYERS ARE SPECIFIC ABOUT THEIR REQUIREMENTS, FROM THE BRAND AND AMENITIES TO LOCATION AND ECO-FRIENDLY FEATURES OF THE PROJECT.” JAY MORZARIA
“WITH WFH CULTURE, PEOPLE ARE BUYING LARGER HOMES, VILLAS IN SUBURBS AND INDEPENDENT FLOORS. IN DOWNTOWN MILLENNIAL ARE INVESTING IN SMALL FORMAT OR STUDIO APARTMENTS.” PUSHPA BECTOR
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