Changing Face of Real Estate Target Market:
If you are a real estate target audience and reading this blog then you are likely to become a probable stakeholder of the real estate industry. You are a target audience as a buyer or a seller or perhaps an investor in the times to come. This definitely is not an urgent order but the current trend of property ownership in India suggests that. The bent
towards buying real estate among young Indians is the real estate target audience like never before. The average liability of property ownership is almost 40%, which is the highest since the independence of the country. This spike in property ownership is good news for the overall real estate industry PAN India. My purpose in choosing the topic is to put forth a few interesting observations recorded in recent years.
Interesting Observations
First, the average age of property ownership has experienced a sharp decline PAN India, which is a great news for the overall Indian real estate industry. The silicon city, Bangalore is leading this chart from the front.
Second, the percentage change in the propensity to own commercial real estate has sharply tilted towards first time entrepreneurs. The sharp rise of just about 17% is very significant for the real estate industry to remain rude towards the start-up India mission. Among last five years India has risen to 5th position in recording the numbers of first time entrepreneurs from 11th position in 2014.
Third, the GST collection from the MSME sector exceeds all records. Last quarter of 2020-21 witnessed the GST collection to stand at INR 1,28,673 Crores. Highest ever GST collection recorded in India.
Fourth, India recorded almost 60% growth in exports in financial year 2020-21. The good news is the MSME sector recorded 17 new product & service line introduced in this new milestone.
Understanding Target Markets:
The sudden change in the Indian economy will force all the real estate developers’ strategies and device new plans away from normal wisdom. The consumer expectations are far higher than the overall market preparation. The global exposure coupled with an improved asset will determine the forward march for many real estate developers in India. The latest trends in the European cities are rapidly becoming the minimum benchmark in the industry. The “Mixed Land” use projects are the most rapidly accepted such change. The development which offers safety, security, the benefit has experienced a significant boost in the overall sales and target real estate target audience
Conclusion:
All these spikes in the Indian economic activities are during the most challenging times not limited to India alone. The world is struggling with the Covid-19 pandemic and some countries take almost half a decade to cancel out the overall impact of this disaster. India on the other hand has bounced with lightning speed despite almost being locked down for 3 months, starting April 2020. The geographical dividend is playing its role rather quickly than predicted.
