About a quarter of a century ago, the Indian economy chose to break free from the self-imposed shackles of economic license-permit raj and embark upon a new trail of economic liberalisation. In the last two decades almost every single facet of the economy has undergone a sea change and none more so than the real estate sector.
Once dominated by a handful of unorganized builders developing rather modest properties, the real estate space is now a burgeoning melting pot of new concepts, designs, marketing strategies, amenities and of course end-consumers. Almost the entire value chain of real estate development has undergone a colossal change.
Given that the real estate industry needs a long gestation timeframe, we see that the changes are more profound in the last decade rather than the decade prior to it. The influx of new players has revolutionized the market with fresh capital, engineering technologies and marketing methodologies taking over.
Homes are no longer just places one finds shelter. Homes have now come to define specific lifestyle. The place you live not just gives you an address it lends a certain social stature. The ever expanding middle class in the country now has access to unlimited funding capabilities and has seen a tremendous spike in aspirational values. A simple 2BHK is no longer considered a luxury, for some it is not even in the necessity block – because aspirations are much higher. With families becoming increasingly nuclear and our cities more congested, most of the real estate development seen in the last decade has been vertical rather than horizontal.
Gone are the days where simple independent houses made a statement, homes are now more about creating communities that offer a specific level and taste of lifestyle. Basic amenities are also getting a facelift and have become a compelling feature of every real estate product.
The advent of internet and information has further altered the manner in which homes are searched and purchased. Homes today can be found, selected, purchased and paid for – all on the internet. This has opened up a huge untapped market for real estate marketers. However, like much else on the internet there is also misinformation, misrepresentation and lack of regulation. While the tool helps inform it also gives rise to a creed of miscreants looking to cheat genuine consumers.
Well into the second decade of the 21st century, real estate space is seeing many more fascinating changing in every aspect. From government regulation to market freedom to customer satisfaction – every aspect is undergoing a change and real estate developers seek to keep pace with this change.