Pune's real estate market has been transformed in less a decade, and the credit goes largely to the infusion of fresh talent into the industry. There can be no progress without change, and it is change that the new generation of developers have brought with them. They have a fresh outlook on the real estate business, and the vision and zeal of youth on their side. They come from various backgrounds - some are the scions of existing real estate concerns, and some are absolutely new to the field.
In my opinion, those who have the benefit of continuing in established family businesses have had a greater advantage. They have the benefit of an existing business foundation and a loyal clientele. In India, the reputation and credibility of a development firm is built up over many years, and customers learn to trust certain brands for their proven adherence to quality locations, construction and after-sales service.
However, even brand-new entrants in the field are making a mark and we are seeing a lot of good work happening from them. They have the advantage of entirely breaking the mould and starting out, from the ground up, with fresh concepts and innovations. They can build their businesses to their own specifications, pick their own staff to maintain and build upon their own youthful edge and incorporate business practices which may sometimes meet with some opposition in older firms.
No matter what background they come from, the new generation of developers today have invariably had opportunities to a more cutting-edge education, and more exposure to the world markets. Many of them have travelled extensively and have seen new, modern concepts in housing in more advanced countries. They are able to bring these concepts to the table back home and adapt them to Indian requirements. For instance, the 'green homes' and 'smart homes' revolution in India is largely thanks to the fact that the new generation of developers have recognized the importance of these new concepts in India.
Young minds think alike. It is sometimes difficult for the older generation of developers to completely grasp the requirements of the current age. Pune is a city where youth drives everything in terms of growth - from the IT and IT enabled services sector to retail and car manufacturing. We find that the spirit of youth needs to be effectively interpreted and translated into today's home designs, and the new generation is helping us to do this very effectively.
Meanwhile. thanks to the infusion of youthful talent into the business, the older generation of builders is learning to change with the times when it comes to the designing of homes, to market their products to the right customer segment and to bring better efficiency to overall business operations. This matters a lot in a very individualistic market like Pune, where these younger developers have already made a huge difference. If we look at what Pune's residential market offers today and compare it with what existed only ten years ago, there is visible and profound change in almost every aspect.
We now have sleeker, more efficient designs, better construction techniques and the introduction of green and smart homes. These homes are designed and built for a younger, more aware generation of buyers who know what it means to want more out of life.