Sanjay Daga, Chief Operating Officer of Runwal Developers, shares the top five trends that are likely to define Mumbai’s real estate market in 2020.
Commercial segment on the upswing
While the residential sales stagnated, the commercial segment showed some promise. The emergence of start-ups and co-working spaces led the growth, which is here to stay. As e-commerce becomes a way of life, there is a visible incline in demand for warehousing in and around Mumbai.
Millennials changing preferences
Like other industries, millennials are the new decision-makers in the Mumbai real estate sector. Their personality, preferences for connectivity, love for technology is leading to the launch of gated communities and integrated townships. In fact, these young buyers prefer to rent instead of owning a house, thus tilting the residential segment.
Infrastructure projects and the emergence of micro-markets
It’s difficult not to miss the hoardings of several infrastructure projects in progress in the city and surrounding areas. These projects are hope for many residential and commercial buyers, thus creating micro-markets. Neighbouring cities of Thane and Navi Mumbai remain positive. The cities saw the launch of new residential projects while Kandivali, Mulund, Parel and Dadar continued to be an ideal choice for the mid-income buyers.
Marketing technology and customer experience
Technology adoption is disrupting and adding value across industries. 2020 shall be the year of technology adoption for the real estate sector. As millennials start dominating home buying, developers need to leverage marketing technology for customer engagement. Enhanced customer experience across touchpoints will help to build a positive perception about the sector.
Affordable housing in demand
With a constraint consumer demand and other factors, affordable housing is likely to see demand in the city and suburbs. Redevelopment of cess buildings and societies is expected to gain momentum, making way for affordable housing projects.
(The views expressed here are solely those of the author and do not necessarily represent or reflect the views of RoofandFloor)