Commercial reality of India is shifting with each passing day. It’s becoming more consumer-friendly by providing an array of services to the clients. The picture of Indian real estate industry is reawakening as there is a focus on housing, retail, hospitality and commercial sectors. The real estate sector has witnessed a number of changes which could be attributed to the rising use of technology in the construction industry.
Clients have become more tech-savvy with the growing online market. Another major change has been a trend shift from owning to renting. These changes have fueled up the real estate sector with unprecedented growth.
Although, renting has been seen as one step in the ladder to build the family home but now with changing time it has become the endgame. The changed status of renting has shifted the dynamics of home ownership. The increasing number of renters throughout the country have evolved the commercial landlords into service providers.
Now the traditional landlords have become service providers and are broadly developing on the idea of ‘Space-as-a-service’ or ‘SPaas’ which seems to cater to the increasing number of renters throughout the country. The concept of SPaas gained momentum because of the evolving technology paired up with out-of-the-box thinking. Clients are now looking for an eclectic, energetic urban environment, as for them it is more to do with having an access to an active lifestyle. Ownership has taken a backseat as the discussions are now happening around flexibility and convenience.
This transition towards modernity is playing a crucial role in the Indian real estate sector. There are groups of construction companies who are talking and working towards embracing this modernization, says Jayesh Dave, managing director of Jayraj Group of Companies.
The Vadodara-based firm looks forward to facilitate the infrastructure development by providing community and productivity-based amenities and services. “This change in the bigger picture could feel overwhelming, but it is also about implementing changes which prove to be groundbreaking for the Indian economy”, points out Jayesh Dave.
This drastic change can already be seen making an impact in the Indian commercial realty sector. As the demand for office and multifamily spaces is rising, the construction groups are ready to meet the expectations of their clients who are looking for sustainable and affordable options.