SPOTTING THE TRENDS TO STAY RELEVANT
I have always believed that one cannot do today’s work with yesterday’s know-how and still be relevant tomorrow. Staying relevant is a powerful business need, and is perhaps the most critical aspect of building a brand.
Today, the BHADRA Group is already over 20 years old, and when I look back, I’m happy that we have been able to spot emerging trends early enough to create relevant offerings within the boutique luxury home market.
Consumer demand has always been a key factor in the real estate market, especially when it comes to homes. In the coming year, consumer needs will continue to form the pivot. While the pandemic created a serious disruption globally, I’m happy to note that the Indian real estate market has made a good effort to bounce back. In fact, the national level sales from July to December 2020 was pretty strong and market is certainly getting more stable.
However, the last 2 years have created a change in customer behavior and quite naturally these sentiments are driving the main trends. The real estate industry is surely a buyer’s market more than ever before. And especially in the luxe home category, customers are looking for unique offerings that accentuate their lifestyles. Interestingly, the real estate sector continues to remain a hot favorite with investors.
The ‘work from home’ model is likely to remain this year and beyond and is quickly becoming a part of real estate offering. Customers are looking for an appropriate ‘workspace’ within their homes. There is a need for dedicated spaces and functional planning that takes into account the emerging trend of home-offices. Modern high-rises, gated communities and high-end homes will continue to be in demand, driven by HNIs, expats, business leaders, etc.
In addition, thanks to low lending rates which are unlikely to see a revision, the market is seeing healthy buoyancy. The Govt has brought new policies into play. Also, the market is offering attractive offers. All this will continue to keep the real estate industry in the green.
In this dynamic market, customers are expecting not just excellent quality but also quick delivery of homes. In fact, ready to move in homes will be one of the biggest continuing trends. A few years ago, customers were willing to wait a few years for their homes. Now, that waiting period is being crunched significantly. Builders who can offer ready homes will win. Such fully ready homes are seen as a safer bet with reduced risks.
Now more than ever before, builders and developers will have to be totally customer-focused. Customers will get more demanding and this is a good opportunity for the industry to set higher benchmarks. The increase in demand will be more organic and real because the value of owning a property will be felt more in the era of pandemic, as real estate will continue to be one of the most attractive and safest investment options in the country.
The good news is that as the world overcomes the pandemic, positive sentiments will creep back to help both buyers and suppliers. The Indian Govt is doing a commendable job of mass vaccinations. At the same time, the buyer segment is also coming to terms with the new normal. And with all this, I believe the real estate sector will continue to adapt, grow and thrive in this coming year.
SARVESHAA SB
MD – BHADRA Group
