Considering your investments in the retail sector, how has the sector’s performance been in north India?
The real estate sector is one of the most well-known industry sector in India. Residential, retail, business, and hospitality are the four sub-sectors. The development of this sector is well accommodated by the expansion of the niche corporate sector, as well as the rising need for spaces in both urban and semi-urban locations. In this scenario, we are one of the leading developers creating contemporary and future ready commercial and retail spaces in Gurugram. Our main focus is to develop mixed use assets consisting of retail, commercial, residential or hospitality which serves as a complete ecosystem in the given micro market.
Secondly, the emergence of nuclear families, rapid urbanization, and rising household income are expected to remain the fundamental drivers of growth in all real estate sectors, including residential, commercial, and retail. The Indian retail business is expected to grow to $1 trillion by 2030, up from $200 billion in 2021 as well as by 2025, it will account for 13% of the country’s GDP.
Before launching a project, what is the kind of market survey you do for long term business?
With the shifting landscape, as the city progresses and expands its boundaries, numerous opportunities emerge. As a result, the need for spaces such as office space, malls, entertainment, and healthcare all require careful planning to enhance the experience with hybrid models. Also, in real estate market surveys, demographics are always at the top of the priority list. Hence, for the long-term success, business requires demographic analysis and location analysis planning into account.
Tell us about some of the innovations and technologies adopted in new projects?
As we live in a new era where technology advancement has already taken centre stage in organizations across industries. To keep pace with the trends, we are evaluating new age technology into new projects such as virtual assistants, in-store stylist robots, and AI-driven computers, as well as recommendation engines, bot operated billing counters, and so on. However, this move will fundamentally alter the future landscape of the real estate industry.
- Malls were intended to be social gathering places where people could do more than just shop. Today’s shopping is about much more than just buying items. As a result, the rise of digital technology in a diverse spectrum of purchasing experiences, particularly in the retail sector, will enhance the experience of the customer.
- The omnichannel retail strategy helps consolidate data management, which blurs the lines between physical and online platforms.
- There are many instances where customers get into trouble due to the parking system, in which automated parking would be highly beneficial for the growth of the business as well as for the customer satisfaction.
Gurugram is seeing a breath of fresh air in real estate projects. What are some of the trends here not seen in other parts of the country?
In the present scenario, leading real estate developers are already working on a variety of projects in Gurugram, a home to a burgeoning financial and technology centre in India. Technology, BFSI, and co-working space providers are driving growth in office markets. As we all know, real estate is a multidimensional sector with numerous aspects, thus also alter with the existing as well as the current trend of developments. This has various advantages for businesses that include extensive infrastructural support for restaurants, utilities, supermarkets, and so on.
- Developer are also focusing on quality places by incorporating improved design with distinct green zones, activity zones, and refuge spaces.
- Secondly, developer are also emerging with the technological innovation that includes conference room bookings, building parking slots, and smooth access and departure by utilizing smartphones.
- If we talk about new workspaces culture along with new technologies such as smart lighting, modular walls that allow for easy merging and reduction of offices, new phone boots, chat rooms, cubicle chairs are also some trends that developer is utilizing in our country.
A combination of improved social and infrastructure and the demand for enhanced work spaces, living experiences, healthcare facilities and entertainment avenues will surely add to the overall city development.
Source : construction week online