Mumbai being India’s economic capital is one of the biggest as well as the most expensive real estate market in the country. Although the economic downturn of 2008-09 did take the sheen off the property rates that were continuously booming for nearly four years, a rebound is slowly but surely being seen in the market. Various factors such as better than anticipated growth of the economy, high liquidity, low interest rates, higher disposable income etc have contributed to the uptrend. Besides, being the hub of reputed companies in the finance, insurance, IT/ITES, pharmaceutical and telecom sectors, there has always been huge requirement of quality commercial space. No wonder then that office rental in Mumbai areas such as Cuffe Parade, Nariman Point and BKC rival those of top destinations like Tokyo, Manhattan and London! The increasing realty prices are also being fueled by a huge demand supply gap. There is hardly any new land available in the city area and most of the construction is of the redevelopment type. This in turn has put upwards pressure on the property prices in the suburbs too.
This scenario has presented an immense opportunity for developers and consultants alike because of the massive profits involved. Having a mega project in Mumbai is always on the wish list of most real estate developers. Similarly, with prices of residential and commercial units quoting in crores of rupees, even a couple of high end deals enable real estate consultants to make handsome profits. Consequently, there has been a mushrooming of real estate advisers with some reports suggesting a count of over 25,000 in the city.
It is thus very essential to differentiate oneself, since in this intense competition only the best survive and thrive. There is an utmost need to become professional. Adopting the use of IT definitely helps in this regard since it not only streamlines business but also helps businesses to grow. Fortunately, niche IT players like Realty Redefined are giving real estate companies and consultants a much needed competitive edge in the market by offering a suite of business solutions especially designed for them. By opting for CRM solutions, professional client communication, targeted marketing and online presence, realtors are not only building trusted partnerships with their clients but also giving a new face to this unorganized real estate industry.