There are some future likely trends to which every builder and developer should understand and adapt to sustain in the business. These trends may or may not affect their business but these aspects might give rise to a different podium for business. These trends will further diversify the real estate business in to new dimensions of market. They are;
• The society in the future is likely to be an information based society. The people are intelligent, well informed about every project and constantly bombarded with additional information. They are well aware of their requirements and needs.
• Similarly the nature of buildings of the future is likely to change. The buildings will grow into more intelligent buildings with sophisticated equipments. The trend has already started with the office buildings and high rise residential buildings and the trend is likely to grow.
• More and more multinational players will be entering the arena, giving competition to the existing players. This competition will lead to better products, more quality conscious products and inflate the market with more risks and less profit, simply quoted “The survival of the fittest”, which eventually will show the exit route for lacklustre developers and builders.
• There will be more and more collaborations and joint ventures and single players will find it difficult to keep pace.
• Markets will grow more and more consumer oriented, thus increasing the demands from the consumer, which in turn will result in increasing the overall quality of the project.
• The family structure is changing from a homogeneous joint family to a heterogeneous family and hence the new structure will have more and different demands.
• One of the few fields where there lies an opportunity for the builders is the field of renovation, rehabilitation and restoration. With new and new structures being built, the structures of the last few decades may need renovation. So this is the field to look forward to in the future and could prove to be lucrative for the early birds in the business.
• Other line of opportunity opens up with the concept of service apartments. Currently this concept is mainly targeted at high end customers and frequent travellers who are generally provided with accommodation with five star amenities. However it can be transformed from a travellers segment to a professional class segment. This intermediary between a hotel room and fully furnished residential flat is a thing which is appealing to working bachelors, young couples, and travelling executives.
• A property management service is the thing to look forward to. This concept is well established abroad and with the multinationals coming in, this is bound to come to India. It has already made some mark in the commercial and office spaces. Foreign multinationals are initiating the turnkey concept in handling of their properties which minimizes the buyers responsibility towards the premises,
• There is another concept of rental housing which is gathering some momentum. Till now the builders are reluctant to enter because of the fact that the returns take in long to come and the money is blocked. But they miss the fact that after the break-even there are only profits which come. This concept will surely take off when appropriate financial arrangements are worked out.
6.3 THE WAY AHEAD
In the years ahead, the company must focus itself towards its objectives and goals. Here lies in the opportunities for tomorrow’s world. The builder who will cash in first is the one who is bound to succeed and get ahead in the race. It is said that the opportunities knock only once, it is the one who has to recognise it and act responsibly in a scientific and professional manner. The success is always there.
• The society in the future is likely to be an information based society. The people are intelligent, well informed about every project and constantly bombarded with additional information. They are well aware of their requirements and needs.
• Similarly the nature of buildings of the future is likely to change. The buildings will grow into more intelligent buildings with sophisticated equipments. The trend has already started with the office buildings and high rise residential buildings and the trend is likely to grow.
• More and more multinational players will be entering the arena, giving competition to the existing players. This competition will lead to better products, more quality conscious products and inflate the market with more risks and less profit, simply quoted “The survival of the fittest”, which eventually will show the exit route for lacklustre developers and builders.
• There will be more and more collaborations and joint ventures and single players will find it difficult to keep pace.
• Markets will grow more and more consumer oriented, thus increasing the demands from the consumer, which in turn will result in increasing the overall quality of the project.
• The family structure is changing from a homogeneous joint family to a heterogeneous family and hence the new structure will have more and different demands.
• One of the few fields where there lies an opportunity for the builders is the field of renovation, rehabilitation and restoration. With new and new structures being built, the structures of the last few decades may need renovation. So this is the field to look forward to in the future and could prove to be lucrative for the early birds in the business.
• Other line of opportunity opens up with the concept of service apartments. Currently this concept is mainly targeted at high end customers and frequent travellers who are generally provided with accommodation with five star amenities. However it can be transformed from a travellers segment to a professional class segment. This intermediary between a hotel room and fully furnished residential flat is a thing which is appealing to working bachelors, young couples, and travelling executives.
• A property management service is the thing to look forward to. This concept is well established abroad and with the multinationals coming in, this is bound to come to India. It has already made some mark in the commercial and office spaces. Foreign multinationals are initiating the turnkey concept in handling of their properties which minimizes the buyers responsibility towards the premises,
• There is another concept of rental housing which is gathering some momentum. Till now the builders are reluctant to enter because of the fact that the returns take in long to come and the money is blocked. But they miss the fact that after the break-even there are only profits which come. This concept will surely take off when appropriate financial arrangements are worked out.
6.3 THE WAY AHEAD
In the years ahead, the company must focus itself towards its objectives and goals. Here lies in the opportunities for tomorrow’s world. The builder who will cash in first is the one who is bound to succeed and get ahead in the race. It is said that the opportunities knock only once, it is the one who has to recognise it and act responsibly in a scientific and professional manner. The success is always there.