The Indian real estate industry has Mumbai as its
hub of innovation. Migration of people from various parts of India, lack of
space and increasing property prices have driven Mumbai’s property market to
constantly innovate in every new project. This factor is solely responsible for
keeping the real estate market in Mumbai moving.
The country head of Imperial Servcorp, Taranviir
Kaur has said that innovation is the process through which enhancement in value
can be achieved in commercial activities by introducing new or better goods and
services and organizational and operational processes. It acts as a significant factor for enhancing
competitiveness, improving market share and quality along with lowering of
costs. With changing market dynamics and business, the resources being pumped
into business should also change. A good innovation is the introduction of
virtual offices. It gives a corporate existence in the Indian CBD and
flexibility for working from anywhere. It keeps overheads low and helps the
corporate focus on sales. Trade experts belie that the process of innovation is
ongoing over product development- construction, design and delivery. Technology
is being employed extensively for making new benchmarks; projects are being
styled bearing in mind environment friendliness and customer expectations.
Therefore, no single factor can be emphasized upon. The process is complete and
ongoing. Because of customer demand, real estate in Mumbai is coming up with
newer technology and design. Compared to other metropolitan cities, Mumbai has
the highest shortage of space which is why all builders are emphasizing on
space based solutions.
Rajesh Krishnan of Brick Eagle Group has explained
that builders are developing properties in the form of townships on the
periphery of the city because it is more economical. Khopoli, Panvel, Karjat
and the EMD or Eastern Mumbai District are hotspots for real estate development
and they will benefit much due to the Delhi-Mumbai Industrial Corridor and the
12 lane multimodal highway from Virar to Alibaug projects.
Financial aspect is one of the key reasons for
innovation where the entry point is being kept fairly low at 10 to 15 percent
and builders also offer several schemes where buyers will have to pay less.
Parallel funding also aids financial innovation and provides support for the
growth of the real estate market. Discounts are one of the most common
innovations in the market for real estate.
CFO and COO of the Wadhwa Group, Srinivasan Gopalan
has said that all good developers are trying to innovate in some form or the
other. Green projects, solar panels on the roof top and theme related styling
are some of the innovative aspects that are being implemented much in real estate
projects. Swimming pools were considered to be luxury earlier but nowadays they
count as necessities. The parameters of innovation keep changing with time. A
branded developer pays more heed to innovation than a non-branded one because
they need to make sales and compete with other builders regularly. Lesser known
developers cannot provide such amenities to customers. The models of innovation
offer wider choice to customers as they can decide to pick a greener home with
more amenities. Security is at its zenith and mechanization is there in
everything. Modern facilities are being used to customize apartments according
to requirements. Some 5 star hotels are also entering the realm of real estate
and they are developing property in the form of service apartments. Some of
them are also tying up with top rated hospital for providing 24 hours medical
assistance to buyers.
Innovation In The Mumbai Property Market
The real estate market in Mumbai is much cluttered
and much expensive compared to other metropolitan cities. This is the very
reason why innovation is required because as commerce and population expands,
faster modes of transport are required. President of Marketing at RNA Corp,
Surjit Singh had explained that property market in Mumbai is unique in its own
fashion. It cannot be compared with any other market as it has its own set of
challenges. The challenges faced by the market make it more difficult to
improvise and provide value to customers. Customers have become very demanding
in their own way.
Development of something totally new or improvising
on what currently exists is the essential ground work for innovation. Both
builders and buyers are benefitted in multiple ways. Some of the innovations
result in efficiency and better value, while some others can improve the living
conditions and convenience. Automation of homes can spell savings and improved
use of technology in security, apart from better style and convenience.
Tips for buyers to decide the premium value that
corresponds with the innovation
Experts are very sure that Mumbai cannot go wrong in
terms of innovation ever. One of the innovations, which is a good value for
money to buyers is mechanised parking. Branded developers have the ability to
provide such innovations which are technologically advanced. Buyers can
recognize their wants and needs and match accordingly with the property options
available to them along with the supportive facilities available with the
alternatives. Innovations do not necessarily add cost to properties. On the
contrary, they can bring down property prices owing to the use of modern
technology. A premium is charged only if the input costs are impacted.
For selecting the property after evaluating the
premium for innovation, Srinivasan has suggested that buyers should assess the
property first and then the facilities provided. Keeping both factors in mind,
buyers should take a decision regarding the property. Developers quote prices
according to their condition of the market. Therefore, there will not be much
shift in prices, except 2-3 percent give or take.
To be on the safe side, a buyer should judge his own
budget and then take a decision about the suitability of the property.
Properties that are near office areas are bound to be more expensive as residents
would not need to spend much time commuting. Moreover, they would have other
amenities such as restaurants, departmental stores and parks etc. nearby which
are much important for quality living.
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