In the real estate sector ‘niche’ segment is a new trend, which is synonymous with change – and, change is imperative for growth. For any economy, organization, industry or an individual, constant change in form of evolution is vital and crucial. It is the economics of demand and supply, which sees changes in sync with demand patterns and needs of society. So, Identifying new segments to cater to the niche demands of niche end-user audience results into what we refer to as the niche market segment. A business organization, which has the ability to foresee these niche trends and create products in sync with those development lines end up being the ‘trendsetter’.
Dr Niranjan Hiranandani, National President, NAREDCO says, “Niche segments in real estate are pointers towards future demand trends. Among the new emerging segments are senior citizens and students housing, both need to be catered with a new kind of product mix.”
Senior Citizen Thrust
The need for senior citizen homes is an outcome of a rapidly increasing trend of nuclear families. Also, there is a growth in trend to seek international exposure either through a formal education or career options, which forces the next gen to settle in abroad for a longer period. All these factors in the rise of a new set of audiences whose requirements need to be catered with a different product mix.
“This niche audience looks for an intelligent and easy to operate ‘Smart Home’ as value addition in terms of facilities and amenities. The Homes which can provide a comfortable environment to suit their physical and mental wellbeing is the peculiar demand coming up. Many mixed-used integrated township projects like ours offer truly a community living experience by tweaking the products on offer to fit in their demands,” said Dr Niranjan Hiranandani of NAREDCO.
Hiranandani went on to add that the enhanced home automation amenities like CCTV camera, live streaming video feed, remote driven appliances, voice assistance devices, tracking surveillance will be preferred a choice of the PIO and NRI home buyers. These digital amenities ensure a lot of safety and security of their other family counterparts in India. Also, the concept of community living is associated with facilitating best in class socio-civic infrastructure provided to the home buyers. Quick accesses to healthcare, retail, entertainment, facility management services along with green ecosystem for rejuvenation are necessitated for their healthy wellbeing. There are a couple of developers working on this concept to cater to this segment.
Speaking on the emerging niche market for the real estate sector Dr Niranjan Hiranandani of NAREDCO said, “Another emerging niche segment witnessed is the Student Housing. This is a product different from hostels and temporary/ rented housing. Here the student and their family move into a project which offers academic, sports and cultural facilities all at under one roof as a one-stop destination. These will augur well for students who can leverage multiple aspects to brighten their future. In this scenario, it is a winning situation for student and family as they enjoy community living within the project.”
In a similar manner, this logic makes sense to families of students who display proficiency and skill, families who are from rural or semi-urban locations who see the value in making the move to a housing project which offers proximity to different national and international education campus which would ensure better and higher education are looking for this niche type of homes. This niche has been created by a well-defined need for housing for such students and their families. It is about a home available at a feasible rate – and with the ecosystem suitable for the students’ bright future.
This is a very different segment and we have realized that there is a product requirement in terms of location, which is close to good academic institutions, a place which offers good connectivity, infrastructure, social surrounding, entertainment, and security. This is a niche product, which will fulfill the requirement of this new emerging segment.
“Not just as a business opportunity, I see these upcoming changed demand segments from a different perspective. At the integrated mixed-used townships we create, we focus on Community Living, and senior citizens as also families of students looking for better academic facilities are an integral part of that community. I would look upon both these niche requirements as segments which can be created to be a part of the township, rather than create a ‘home for the aged’ or a student housing complex,” said National President of NAREDCO.
There is a potential for these niche segments to grow, these are among the emerging trends of 2019. We definitely see a lot of scope for these niche segments, and hopefully, we will see both these grow through 2019.