By Shakthi Vairavan, CEO, MMRF Realty & Infrastructure
Track2Realty Exclusive: The spin in the century has brought a series of transformations for the Indian economy and influenced by this change, cities have become the focal point for future developments. As a result, the real estate sector is constantly transforming to meet the developing requirements. Even cities such as Bangalore, Chennai and Hyderabad in South India have acquired a place on the global real estate map – a standing that was restricted just to Mumbai and Delhi in the past.
There is an approaching requirement on office, retail and even residential space to serve the sprouting needs, leveraging economic growth. With the continued international interest in the real estate sector, and multinationals inflow in the country, real estate has begun to augment its service offerings. Design, customer satisfaction and value additions have now started to play a crucial role in urban India.
Real estate has become more organised, creating opportunities for tie ups with international real estate organisations. Also, with the ease of funding from international players, Indian firms are imbibing international practices. This move is fuelled by synergising of efforts of stakeholders, including the government, to standardise the practice and magnify standing of the real estate industry.
Ever since it opened its gate towards a liberalized FDI domain, the Indian real estate market has been on a high growth scale. After this, the sector has seen several firms emerge as leaders and powerful brands in the industry, especially in South India. Backed by strong professional management teams, the 21st century real estate sector aims at providing housing solutions by gaining a customer’s delight through innovative methodologies like Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP)- where the project is completed in a shorter time span, along with successful marketing strategies.
Realty markets across the country have grown by leaps and bounds. Today, the real estate industry in South India has become one of the major investment sectors. Building and strengthening its real estate development, southern India has emerged as one of the most sought after destinations in the country.
South Indian real estate markets that include Bangalore, Chennai, Hyderabad and Kochi have witnessed rapid growth over the last few years – driven primarily by a highly mobile IT workforce that provides a heavy influx of potential residential property buyers.
…..to be continued
