The real estate industry in India, particularly the commercial segment has remained stable over the last few years. Although various reforms have been made in the industry to maintain its transparency and enhance its integrity, the commercial real estate market has not been affected much. Unlike the real estate segment, which experienced lower demands, the commercial market, including office and retail spaces, has expanded in the metro cities. The second-tier cities have also witnessed a surge in commercial real estate. Presently, commercial property in Gurgaon is in high demand. Other metro cities like Bangalore, Pune and Delhi have also witnessed a growing demand for commercial real estate.
Marketing commercial real estate has been a challenging pursuit, as the industry has gone through several changes in the last few years. Starting with demonetization, the government has implemented several measures, including the inception of RERA and the implementation of GST in real estate. In the digitized environment, marketing techniques for commercial real estate have been more sophisticated.
Here are some of the marketing processes, that the reputed real estate groups have adopted:
Collaborating with property agents
Collaborations between real estate developers and property agents have increased significantly over the last decade. The real estate industry has also become much more competitive, with a larger number of real estate developers operating in the industry. Evidently, the developers are trying to reach out to a greater number of property buyers, collaborating with the agents. The reputed real estate brokers, on the other hand, have been playing an important role in the industry, bridging the sellers and property buyers together. You will come across several real estate portals, where the agents post the offerings on behalf of the developers. Since these websites have a greater number of visitors, the newly developed properties get more exposure. You may be looking for commercial property in Gurgaon for sale. Check out the new properties on the listing and book the property you want to invest in. In 2020, the real estate developers are likely to engage in further collaborations to market commercial real estate property in India.
One of the recent trends in the real estate property market is the rising interest of the NRIs in commercial properties. Particularly, after the rupee weakened against the dollar in recent years, a greater number of commercial property owners from foreign countries are investing in these projects. The government has also come up with favourable policies for overseas investors and foreigners. Most of these people are buying commercial real estate, rather than residential ones. The reason is, the commercial real estate market in Gurgaon and other cities is more stable, as compared to the residential property market. The price trends are increasing in most of the metro cities in India. Investing in a commercial property can generate a more consistent stream of income, as compared to residential real estate. Many foreigners and NRIs have purchased entire projects in the key metro cities in India for commercial purposes. They are primarily focused on earning revenue through rent. In 2020, the developers are likely to advertise more on international real estate sites to enhance the visibility of new properties.
Logistics and retail sector
Apart from the office spaces, people are also interested in purchasing logistics and retail spaces. With the policy reformation and enhanced transparency in the industry, the marketers are likely to focus on these areas. Presently, many of the leading real estate marketers are studying the appetite of investors to purchase new properties. Ecommerce companies are also looking for commercial spaces in prominent cities. The marketers are using AI and automation technologies to assess the demand for new properties. In 2020, they are likely to follow the same strategy. In the process, a better targeting of the market would enhance the salability of these properties. One of the other factors that the real estate marketers consider is the profile of the buyers. In recent years, a large number of international firms have purchased commercial spaces in the metro cities of India. Targeting these groups would result in better sales and returns.
Co-working spaces and serviced apartments
One of the interesting trends in commercial real estate in the prime cities of India is the rising demand for co-working spaces. A large number of startups are currently buying new properties at affordable rates for commercial purposes. They often share resources in these properties to manage their funds better. As a result, the marketers are likely to target these segments as well. Besides, corporate employees are settling in serviced apartments. They are more likely to purchase these properties, when they reside in a city individually, or move to a metro city for employment pursuits.
Therefore, targeting these segments is likely to generate greater returns for the real estate developers. 2020 is likely to be a good growth period for commercial real estate in India, as the marketers would be implementing fresh strategies to sell the properties.
References: Media Reports, Economic Times, Press Releases
Disclaimer: This information has been collected through secondary research and Elite Landbase is not responsible for any errors in the same.