Indian Real Estate market is expected to hit $1 trillion by 2030, making it the third largest market in the world. There are several factors which will help the sector in shaping up its future such as – the government policies to clean up the property sector, accelerated transparency, rising global inflows, growth of tier II and tier III cities and emergence of new business models.
Jayesh Dave, chairman of Jayraj Builders Vadodara, states that a new business model which is a recent phenomenon, is positively affecting the real estate market not only in India but throughout the world. He says that the emergence of shared workspaces and co-working spaces is a revolutionary business model which fuses the start-ups and businesses with commercial spaces. He suggested that this not only utilizes the commercial spaces but also creates a room for exchange of innovations and ideas.
Although many people use these two terms interchangeably, but they mean very different, says Dave. He deems co-working spaces as ideal for start-up businesses and entrepreneurs. Many freelancers just work from these spaces without being tied up to any specific business or industry. They allow the start-ups to stay inexpensive and offer a dynamic atmosphere to work. On the other hand, shared spaces generally house established businesses. They are more focused on providing office equipment such as copiers, audio-visual equipment, and professional looking atmosphere.
The whole idea is to work in community and collaboration, the concept is already an established business in the US. Jayesh Dave says that as the businesses are proliferating in India, proportionally the commercial spaces will develop. With the number of new businesses and start-ups, the idea of coworking spaces and shared workspaces is going to grow with a considerable speed. Jayesh Dave also predicted the development of tier II and tier III cities 25 years ago. Speedy development of tier II and tier III cities is the top priority of the Modi government at present.
