The latest reports from the real estate industry in the country point out that the outlook of the sector will be stable in 2013. The major reasons are stability of margins and the easing of liquidity pressures. The real estate market in the state is also expected to follow the trend.
Many of the builders in Kerala are looking for designers to add value to their projects, particularly in the premium segment. Builders are reportedly hiring fashion designers to do the interiors of various projects.
The interior design cost of the apartments ranges from 20-40 per cent of the total cost of the project, sometimes even more. According to sources in the industry, designers are the most sought after in the construction field now.
“In Kerala, the premium apartment segment is showing more movement because of NRI and investment factors. In order to add value to the projects they are now giving more importance to interior designing. I heard that some developers are even hiring fashion designers to do the interior of premium projects,” said Gokulam S Venugopal, managing director, Gokulam Engineers India Private Limited.
It is estimated that the profit of real estate companies are steadily declining from about 55 per cent in 2008 to around 30 per cent during 2012. With funding options limited, the key to sustainability for real estate companies is growth in sales. Hence, they are looking for options to woo the customers, said sources.
S N Raghuchandran Nair, secretary-general, Confederation of Real Estate Developers’ Associations of India (CREDAI)-Kerala said that with the easing of bank interest rates there will be a spurt in buying in real estate properties.
“In Kerala, especially in Kochi, people are more concerned about the look and feel of their apartments. Hence it has become a trend to give more importance to the interior design of the apartments. This trend will increase in the coming days,” he added.