The Rise of Experiential Economy in India: How will it Impact Real Estate in India
Authored by LC Mittal, Director, Motia Group
Consumer expectations are evolving at an unimaginable pace. For a sizable percentage of modern-day consumers, authentic experiences matter more than a materialistic procession.
What may seem like a hyperbolic statement to many is the unavoidable truth. There is a growing appetite for building unique, memorable, and shareable experiences.
The demand for tailor-made experiences is growing at a staggering speed. From customized travel itineraries to fitness programs to entertainment, the market for tailor-made products and services are increasing throughout the length and breadth of the economy.
The pandemic has also played an instrumental role in driving the new trend. The lockdown period demonstrated the power of the digital world as exemplified by the relevance of virtual meetings, classes, gyms, etc. It demonstrated how well the world can function even in a purely virtual setup. Through increased thrust on digitization, it made superlative experiences accessible to the wider masses via social media, augmented reality, virtual reality, etc.
Marketers and enterprises now understand the growing significance of the experiential economy and embrace it as a part of their overall business strategy. It is estimated that the current size of the experiential economy is around USD 5.2 trillion and is set to reach USD 12 trillion by 2028, as per the World Experience Organization.
The Era of Experiential Real Estate
As the contours of the experiential economy are expanding, real estate can’t also remain largely insulated. People now believe that real estate is not just about a place to live or work but a curation of lifestyle choices. From design to construction to brokerage, experiential technologies are growing everywhere. From static digital assets, real estate is now aggressively embracing enriched technologies such as AR, VR, IOT, AI, etc.
There is an increased emphasize on the sense of community alongside security & long-term sustainability. Projects are built that bolster meaningful social interaction within the community. It encourages residents to not live in shells but to meet and interact with each other and develop healthy bonds without compromising on their personal spaces.
Likewise, sustainability and security are key themes now. Through remote access security systems, a sense of safety is enforced in communities.
Many homeowners are now willing to pay a premium for green buildings. Real estate contributes 30-32% of the global greenhouse emissions. People are realizing the danger and hence both buyers and developers are working proactively towards sustainable real estate. Realty projects incorporate a host of profound practices such as water recycling, renewable energy, improved ventilation& sunlight, etc. to contain carbon footprint. Also thanks to newer technologies such as IOT, it is very convenient to reduce wastage with the use of smart meters and switches.
Brick & Mortar Stores Pivoting to Retailainment
There is also a visible change in the retail segment. When the pandemic blew, many believed that brick-and-mortar stores were dead. However, despite being eclipsed for some time, the physical stores are back, albeit in a new avatar. The role of retail stores is no longer just limited to places for transactions. Rather malls, shopping arcades, and high streets are transforming to become facilitators of entertainment, meaningful social interaction, and shareable memories. This is giving rise to a new term called Retailainment a word made by combining retail and entertainment.
As digital natives Gen Z and millennials form a large portion of retail clients, shopping places are repackaging to support the active social media lives of their customer base. From interior decors and trial rooms, everything is designed to be more Instagramable. Likewise, retailers are investing more in play zones, food courts, and open spaces to give a more fun-filled and comfortable experience.
IPDDMumbai 2024: Kritika Rawat & RealtyNXT Propel PropTech to the Forefront of Indian Real Estate
Mumbai, September 16th, 2024: RealtyNXT successfully hosted the highly anticipated India PropTech Demo Day 2024 at the Jio World Convention Centre, Mumbai. The event brought together over 200 attendees, including key decision-makers, investors, developers, and PropTech startups, for a day of innovation, collaboration, and cutting-edge technological solutions that are set to transform the Indian real estate landscape.
The Demo Day saw the top 12 shortlisted PropTech startups from a pool of 40 companies showcasing their innovative solutions designed to address pressing challenges in the real estate industry. The event lived up to its tagline, *“Ignite New Possibilities,”* by providing a platform for startups to present their technologies and engage in meaningful discussions with industry leaders, fostering partnerships that can inspire lasting change.
The top 12 PropTech startups, each given 7 minutes to present their solutions, followed by 3 minutes of Q&A with the jury, represented the best in real estate technology. These startups tackled a variety of challenges, from AI-powered property management and sustainable water management to construction automation and virtual reality in real estate.
The selected startups in alphabetical order were:
1. 13 Sq Ft
2. Bizcerebro Technologies
3. Clairco
4. DigiQC
5. Habytat
6. JalSevak
7. MOB
8. Pacerobotics
9. Paving+
10. Propall
11. The VR Company
12. UrbanREV
The event featured a distinguished jury panel consisting of some of the most influential leaders in real estate and technology, who took time out of their busy schedules to evaluate the startups. The jury members, known for their contributions to integrating technology into real estate, carefully assessed the solutions and engaged in insightful discussions with the startups.
The jury members included:
– Mr. Arvind Prithvinath Singh, CTO & Product Officer, Executive VP-IT, Puravankara
– Mr. Chintan Sheth, Chairman & Managing Director, Sheth Realty
– Mr. Shridhar N, Group Director & CEO, Hiranandani Group
– Mr. Vishesh Kaul, CIO & CDO, Prestige Group
– Mr. Vivek Agarwal, Co-founder & CTO, Square Yards
– Ms. Deveshri Patel, Chief Technology Officer, Godrej Living
The 200+ attendees at the event included top executives, investors, and stakeholders from across India’s real estate industry. This carefully curated group of decision-makers actively participated in the presentations and networking sessions, exploring opportunities to integrate innovative technologies into their business strategies.
Many PropTech startups secured follow-up meetings with these key decision-makers, establishing connections that will likely lead to strategic partnerships and business pilots. The event created an environment ripe for collaboration, where technology could be leveraged to address real-world problems in the real estate space.
Kritika Singh Rawat, founder of RealtyNXT and the driving force behind India PropTech Demo Day, expressed her gratitude to the industry and shared her vision for the future of PropTech:
“When I founded RealtyNXT, I envisioned a platform where innovation meets opportunity, and collaboration sparks real impact. Today’s event is a manifestation of that vision. ‘Ignite New Possibilities’ is not just about technology—it’s about partnerships that inspire change and solutions that transform the real estate landscape.”
Her words captured the essence of the event, reflecting how RealtyNXT’s mission has materialized into a successful platform that not only showcases innovation but drives change and growth in the real estate sector.
Sponsors and Support
The success of the India PropTech Demo Day 2024 would not have been possible without the generous support of its sponsors:
-Technology Partner: Absolute CX
– PropTech Mixer Partner: Nisus Finance
– Gift Partner: A Vanilla Bean
– Education Partner: Whistling Woods International
The India PropTech Demo Day 2024 was a resounding success, serving as a launchpad for innovative technologies in real estate and fostering valuable connections between startups and industry leaders. Organized by RealtyNXT, the event set a new benchmark for the integration of technology in Indian real estate, ensuring that PropTech continues to shape the future of the industry.
Rising Demand for Luxury Homes in India: A Blend of Comfort, Exclusivity, and Investment Opportunity
The need for luxurious homes in India has risen greatly over the years, mostly as a result of a number of significant variables that meet the increasing requirements and expectations of privileged residents. Because they blend exclusiveness, comfort, and cutting-edge features, these luxurious homes are quickly moving to the top of the list for high-net-worth people (HNWIs), successful professionals, and NRIs seeking a better way of life.
One of the main variables driving up the price of luxury real estate is the increasing need for larger living spaces and greater safety. After the pandemic, people are now more likely to give preference to cozy residences with enough room for employment, leisure, and personal well-being. Ultra-luxury homes often have private gardens, large floor plans, wide rooftops, and modern home offices—the kind of retreat that many affluent buyers want. In addition, these houses are often located in restricted areas or luxurious areas, which ensure security and privacy.
Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd. Says on growth of luxury housing “India’s luxury housing market is experiencing unprecedented growth, with rising incomes, shifting consumer preferences, and a booming ultra-high-net-worth population driving demand for premium homes. According to an industry report, 12% of ultra-wealthy Indians plan to purchase another home this year, as they typically own more than two properties. The steady rise in home prices, predicted by housing experts, indicates that this trend will continue, with luxury property prices expected to outpace inflation in the coming years. As earning levels rise across India, more affluent buyers are seeking opulent living spaces that reflect their evolving lifestyles. However, while the market flourishes, there is growing concern that economic benefits are being funnelled primarily to the wealthy, leaving millions of job-seekers, especially the youth, out of this prosperity. The future of India’s real estate sector hinges on maintaining this balance between high-end growth and inclusive economic opportunities.”
Kushagra Ansal, Director of Ansal Housing said, “High-end luxury properties in India are known for providing first-rate amenities that facilitate an extravagant yet practical way of life. These opulent residences provide every convenience that a discriminating buyer could ask for, such as concierge services, smart home technology, and private pools, gyms, and spas. Top developers are defining the standard for luxury homes, which are now known for their opulence, convenience, and comfort due to their constant innovation in amenities and cutting-edge architecture.
Luxury real estate is also considered a stable and appreciating asset class. The value of premium properties in prime locations tends to appreciate over time, making them a favorable long-term investment. Moreover, with the growing influx of foreign investors and NRIs, luxury properties are seen as a secure and lucrative investment option. The potential for rental income in metro cities further adds to the financial attractiveness of luxury homes.”
There is also a growing emphasis on health and wellness, which has shifted the focus towards homes that offer wellness-centric amenities. From wellness centers, yoga decks, and meditation spaces to lush green surroundings and air-purifying technologies, luxury homes are catering to the holistic well-being of residents, which has become a top priority for many post-pandemic.
The rise in demand for premium luxury homes in India is a result of a combination of lifestyle aspirations, investment opportunities, and the desire for comfort and privacy. As developers continue to innovate and cater to the evolving preferences of high-net-worth buyers, the trend of purchasing luxury properties is only expected to grow in the coming years.
Sushma Group Acquires 59-Acre Land Parcel in Ludhiana for Mixed-Use Development
Ludhiana, 14-09-2024: In a significant step towards contributing to Ludhiana’s infrastructural and economic development, Sushma Group has acquired a 59-acre land parcel in a prime location. The strategic acquisition will see the development of a mixed-use project, comprising residential, industrial, and commercial plots, aimed at bolstering Ludhiana’s real estate landscape.
This development comes as a response to the growing demand for integrated infrastructure in Ludhiana, particularly in light of the Ajmeri-Ludhiana Economic Corridor. The project is expected to catalyze new opportunities for growth, attract businesses, and enhance the overall quality of life in the region.
“Entering into this deal with Sushma Group has been an excellent decision for us. We’re positive that their vision for the project on this land will bring transformative developments to Ludhiana’s infrastructure. We are confident that this collaboration will open doors to new opportunities and contribute significantly to the city’s growth,” said Mr. Kulwinder Singh Gill, a representative of KVVR Infratech.
Speaking on the significance of the acquisition, Mr. Prateek Mittal, Executive Director of Sushma Group, said, “This land acquisition is a part of our long-term vision to contribute to the strategic growth of Ludhiana. With the Ludhiana Periphery Road, which is part of the Ajmeri-Ludhiana Economic Corridor, set to enhance connectivity, we believe this project will serve as a catalyst for economic prosperity, attracting industries, startups, and residential communities alike. We are excited to be a part of Ludhiana’s journey towards becoming a major hub for commercial and industrial activities.”
This mixed-use project by Sushma Group is poised to create a ripple effect in the real estate sector, with a focus on sustainable development and modern urban planning. The project’s industrial segment will offer fast connectivity to Ludhiana Airport, ensuring quicker transportation of goods and products, while incorporating essential services like on-site medical facilities, designated areas for drivers and helpers, underground cabling, emergency firefighting systems, electric charging stations, and solar-powered common areas.
The residential component will feature a primary school, green areas, medical facilities, open gym spaces, skating parks, and wider roads, creating a holistic living environment for the community. These features will provide Ludhiana with the necessary infrastructure to support its growing economy while enhancing the quality of life for residents.
The strategic decision by Sushma Group is anticipated to pave the way for transformative developments that will further position Ludhiana as a key player in the region’s economic future.
Navin Kumar appointed as Managing Director while Dr R Kumar to be Chairman of Navin’s
Chennai/Mumbai, September 13th, 2024: Navin’s, the most-trusted real estate developer in Chennai, has announced promotions for its executive leadership. Dr R Kumar, the founder of Navin’s will be the Chairman and Mr Viswajith Kumar (Navin) will be the new Managing Director.
Dr R Kumar is recognised as an industry thought leader and it is under his leadership that Navin’s grew into a leading construction firm known for its innovation, quality and integrity. Dr. Kumar’s dedication to excellence and sustainability has earned him numerous accolades and has set a benchmark in the construction industry. He holds a Doctorate in Construction Science and has completed management training at Harvard Business School.
Sharing his thoughts, Dr. R Kumar, Founder and Chairman, Navin’s said, “Honesty and integrity are the bedrock on which the edifice of trust can be built. At Navin’s, we have driven ourselves tirelessly, since 1989 to achieve the culmination of architectural brilliance and highest value-for-price in our projects. We have completed more than 125 projects and these stand testimony to our commitment and dedication. We have emerged as the most trusted builder and we are very proud of our journey and achievements. We will continue our work of building communities while clinging on to our core values of honesty and integrity.”
Mr. Viswajith Kumar, alias Navin Kumar, has an inherited passion for excellence and he has been the driving force in cementing Navin’s position as Chennai’s leading real estate developer. He has won appreciation from various quarters for demonstrating strategic acumen and visionary leadership at all times. An engineer by profession, he holds a MBA in strategy, international business and finance from George Washington University, USA. Mr. Viswajith Kumar holds the position of treasurer in the Confederation of Real Estate Developers’ Associations of India (CREDAI), Chennai chapter.
Commenting on the elevation, Mr Navin Kumar, Managing Director, Navin’s said, “Navin’s has been creating lovable functionally elegant living spaces for more than 35 years. We bring to the table clear titles, excellent locations, perfect constructions with strict adherence to rules and regulations, environment friendly green buildings, safe and progressive HR policies, creative designs & communications and above all, ethical business practices. We care for our customers and we are committed to delivering quality. We have an able team and we are aiming to reach greater heights in the years to come.”
NTPC Ltd. Paid Final Dividend of Rs. 3,151 Crore for FY 2023-24
New Delhi, Sept 12th, 2024: NTPC Ltd. paid the final dividend of Rs. 3,151 crore on 11th September 2024 for the financial year 2023-24, representing 32.50% of the paid-up equity share capital of the company.
This is in addition to the first interim dividend of Rs. 2,182 crore and a second interim dividend of Rs. 2,182 crore paid in November 2023 and February 2024 respectively.
The total dividend paid for FY 2023-24 is Rs.7,515 crore, at the rate of Rs. 7.75 per share of a face value of Rs.10 each.
This is the 31st consecutive year that NTPC Ltd. has paid a dividend
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Police campuses in Bengaluru to have 590 Percolation Wells
Bengaluru, September 12th, 2024: Mphasis and United Way Bengaluru officially announced the launch of the “One Billion Drops” campaign at five police campuses in Bengaluru, including CAR (City Armed Reserve) North, Karnataka State Reserved Police 9th Battalion, Centre for Counter-Terrorism, CAR Headquarters, and KSRP 1st Battalion. This year, 590 percolation wells will be constructed across these locations.
The event was attended by the Commissioner of Police, Bangalore City, Mr. B Dayananda, who commended the initiative for its significant contribution to Bengaluru’s water sustainability.
The “One Billion Drops” initiative addresses climate-change-related issues through percolation wells designed to capture rainwater at the point of impact. This approach reduces surface runoff, prevents floods, and conserves water by slowing its flow. The campaign is pivotal in restoring Bengaluru’s water resources, replenishing groundwater, and maintaining soil moisture to support the city’s green cover.
“I wholeheartedly appreciate the proactive support of Mphasis and United Way of Bengaluru for coming forward to make our police campuses water-neutral through their CSR initiatives. Your commitment to sustainability is a shining example of community policing in action. Together, we are not only ensuring a greener future for our personnel and the community but also setting a benchmark for responsible governance. Thank you for your invaluable partnership in this noble endeavour,” said B. Dayananda, Commissioner of Police, Bengaluru City.
“Our ongoing partnership with United Way Bengaluru has empowered us to address global environmental challenges like climate change while making significant strides in reviving the state’s biodiversity. The ‘One Billion Drops’ campaign remains a powerful initiative in rainwater conservation and sustainability, demonstrating our commitment to a greener future,” said Deepa Nagaraj, Senior Vice President and Head – ESG & CSR, Sparkle Innovation Ecosystem and Communications
“Rooted in a community-driven approach, the ‘One Billion Drops’ campaign represents a scalable and replicable model that promotes ecological sustainability and resilience against climate change. By harnessing the power of collaboration between corporate entities, NGOs and government bodies, this initiative is setting a new standard for climate action and water conservation,” said Rajesh Krishnan, CEO of United Way Bengaluru.
This initiative aligns seamlessly with the Prime Minister’s National Water Mission initiative, “Catch the Rain, Where it Falls, When it Falls.” Each percolation well can conserve up to 128,000 litres of rainwater annually, directly enhancing groundwater levels in their respective catchment areas.
Once known as the Garden City, Bengaluru now faces the harsh realities of India’s climate crisis, dealing with severe groundwater depletion, erratic rainfall, and a shrinking green cover. In response to these growing challenges, Mphasis, through its Corporate Social Responsibility (CSR) efforts, has partnered with United Way Bengaluru to drive an impactful campaign called “One Billion Drops”.
Since 2022, Mphasis has supported the creation of 1,338 percolation wells across Bengaluru, including in major parks and the iconic Lalbagh Botanical Garden. These percolation wells can conserve approximately 175,284 kiloliters of rainwater annually, making a significant contribution to the city’s water resources and environmental health. These wells have benefitted 251,000 members of the community. In the coming years, the goal is to reach out to approximately 225,000 beneficiaries by creating 1200 wells by 2026.
Bric-X Infra Celebrates 5 Years of Success, Announces Major Expansion Plans in Delhi NCR
September 11, 2024 || Bric-X Infra, a leading name in the real estate industry celebrates its 5th anniversary. It is a milestone that reflects its remarkable growth and commitment to excellence. Over the past half-decade, the company has established itself as a trusted player in both the residential and commercial real estate markets. As the company celebrates this success, it is gearing up for an exciting new phase of expansion and diversification.
Building on its momentum, the company is all set to expand its footprint by opening new branches in the highly competitive Delhi NCR region in the coming years. As part of its growth strategy, the company also plans to extend its team, to support the increasing demand for its services. Additionally, to address market challenges, the company is set to launch new verticals in the commercial real estate segment, focusing on resale, leasing, and also in the luxury residential segment.
Commenting on this significant milestone and the future roadmap, Mr. Sher Singh Rathore, Vijay Kamboj, and Amit Rangi, Founders of Bric-X Infra says, “The completion of five years is a proud moment for us at Bric-X Infra This milestone not only highlights our achievements but also sets the stage for the next chapter of our journey. With our planned expansion into Delhi NCR, we aim to further establish Bric-X Infra as a leader in the real estate market. As we expand, we are also focusing on tackling an important issue within the commercial real estate sector, vacant commercial spaces. Our goal is to provide comprehensive solutions for resale and leasing, helping landlords and developers maximize their investments by ensuring spaces don’t remain idle.”
In recent years, Bric-X Infra has successfully captured the interest of Non-Resident Indians (NRIs) looking for both residential and commercial real estate investments in India. To cater to this growing demand, the company plans to launch a specialized venture dedicated to providing a one-stop solution for NRI clients, particularly targeting those in Australia, Singapore, the US, Canada, and South Africa. This new offering will simplify the process for NRIs seeking to invest in India, whether for personal or commercial purposes.
As the company moves into its next phase of growth, it aims to remain committed to its vision of providing innovative, client-centric real estate solutions across India and beyond.
NeuralGarage selected in Startup Battlefield 200 at TechCrunch Disrupt 2024
Mumbai, 11 September 2024: NeuralGarage, a Bangalore-based Generative AI startup building foundation models in the audio-visual domain, has been chosen to exhibit at TechCrunch Disrupt 2024 as part of Startup Battlefield 200, the world’s preeminent startup competition identifying& showcasing disruptive technologies.
TechCrunch Battlefield receives thousands of applications from across the globe &NeuralGarage is one of the only 5 startups from all over Asia selected in this final list of 200 startups who cut. This year’s Startup Battlefield participants span artificial intelligence (AI), software as a service (SaaS), fintech, security, sustainability, space exploration, and more.
“Being selected for Startup Battlefield 200 is an incredible recognition of our ground-breaking original research & technology and validates what we are building at NeuralGarage. Getting to showcase your technology at TechCrunch Disrupt is the ultimate high for any startup,” said Mandar Natekar, Co-Founder and CEO of NeuralGarage. “We’re excited to present our technology, VisualDub, which redefines the way video content is created and meant to be viewed globally. We aim to demonstrate how our innovation can continue transforming the content viewing experience for billions of non-native audiences worldwide. This selection is not just a significant milestone for NeuralGarage but also a very proud moment for India’s fast-growing AI ecosystem.”
“Our models are capable of creating precision LipSync on production quality videos while maintaining exceptionally high visual fidelity and temporal consistency,” said Subhabrata Debnath, Co-Founder and CTO of NeuralGarage. “Being recognized by a global platform like TechCrunch Disrupt aligns with our mission to create globally relevant technology while showcasing the capabilities of Indian innovation on the world stage& in Silicon Valley”.
TechCrunch Disrupt 2024 will be held from Mon, Oct. 28 – Wed, Oct. 30 at Moscone West in San Francisco. The event is known for debuting the hottest startups, introducing game-changing technologies, and discussing what’s top-of-mind for the tech industry’s key innovators—and this year will be no different. Past companies launched at Disrupt include Dropbox, Mint, Cloudflare, Fitbit, Yammer, and more.
Deadline Approaching for Entries to Second Edition of Abu Dhabi Maritime’s Marina Awards
Awards spotlight marina facilities that achieve excellence in six categories
Abu Dhabi, UAE – 11 September 2024: Abu Dhabi Maritime, part of AD Ports Group (ADX: ADPORTS), has announced the submission deadline for the second edition of the Abu Dhabi Maritime Awards (Marinas Edition) is coming to a close on 17 September 2024, following widespread interest from prospective applicants.
The Abu Dhabi Maritime Awards promote marina facilities in the Middle East, North Africa and Türkiye that have distinguished themselves in the key metrics of ‘Sustainability,’ ‘Employer Excellence,’ ‘Health and Safety,’ ‘Customer Experience’ and ‘Innovation.’ The ‘Outstanding Marina’ award category recognises the facility that has achieved overall excellence in the maritime sector. Finalists are honoured at a ceremony at the Abu Dhabi International Boat Show (ADIBS) on 23rd November.
The prestigious awards aim to elevate outstanding organisations in the region, inspire their peers and set an international standard for success in the sector. Such recognition further strengthens finalists’ organisational standing by underscoring their dedication to high performance and quality for clients, investors, authorities and employees.
Enter now to showcase your notable accomplishments at the Abu Dhabi Maritime Awards using the link: https://www.maritime-awards.com/. To become a finalist, nominees must meet the eligibility requirements, demonstrate competence in their award category or categories, and highlight their best achievements.
Captain Saif Al Mheiri, CEO of Abu Dhabi Maritime and Acting Chief Sustainability Officer at AD Ports Group, stated, “We are elated to be hosting the second edition of the Abu Dhabi Maritime Awards, welcoming the region’s leading marina operators. The excitement for this year’s edition has been high, leading to the latest extension in the deadline for submissions. The inaugural event last year was a great success, showcasing the accomplishments of marinas throughout the region. We are excited to see even more entries in the upcoming edition, as these awards demonstrate our unwavering commitment to promoting excellence and honouring the remarkable contributions of the maritime community.”
Abu Dhabi Maritime, which operates under AD Ports Group in tandem with the Department of Municipalities and Transport is tasked with safeguarding Abu Dhabi’s waters and fostering the development of the city’s maritime sector. The second edition of the Abu Dhabi Maritime Awards will contribute to the group’s vision of shaping a resilient and advanced maritime sector, and creating an environment that meets the highest levels of efficiency, health, and safety, elevating Abu Dhabi’s position as a leading global maritime hub.