Home renovation gurugram: How the home renovation industry changed in India
From the late 1970s to the early 2000s, the Indian home renovation market grew in the US, but then declined.
India was among the first countries in the world to launch an extensive home renovation program and by 2007, home renovation was a $100 billion industry.
Today, home renovations make up only about 10% of the global home renovation business, according to data from global home improvement consultancy firm iDesign Group.
But it has the potential to be the next global business, with a growing demand for the products and services, said Ramesh Prabhu, chief executive officer of home renovation consultancy firm Home Designers International.
“In the next five years, we expect to see a lot of home renovations,” Prabhut said.
The market for home renovation is expanding in India, but its growth is in a nascent phase, according a recent report by Home Designing India.
The report says that home renovation sales in India in 2016 totaled just $9.2 billion.
That was up 9% from the previous year, the largest one-year growth rate in over 20 years.
Prabu said the growth of the market for house remodeling, which has been growing rapidly since 2012, will accelerate further.
Home renovation is a huge industry, with an annual revenue of more than $1 trillion, and home remodeling is becoming a very popular product in the home market.
Pragyan Patel, vice president of home improvement for IHS Markit, a consulting firm, said that the demand for home renovations has grown in India over the past two decades, which is “in keeping with the demand from the private sector for home improvement.”
Patel said that in recent years, the market has undergone a major overhaul, as more people started purchasing home renovations from online platforms like iDesign, which offer customized home remodel products.
The number of home remodels purchased in India rose from 10 million in 2010 to almost 40 million in 2015.
“Now that home renovations are becoming more affordable and affordable is a great opportunity for home owners, as home owners are now being able to purchase homes from the online platform,” Patel said.
“It’s a good thing that there are people who are going online for the home improvement, and people are not buying houses in India,” he added.
Prayu Kumar, co-founder of iDesignGroup, said the trend is that people are starting to see that the price of home renovating is very affordable, which leads to a more demand for this product.
“Home remodeling has been around for a long time in India.
In the past, the demand was for expensive houses.
Now, it’s very affordable,” Kumar said.
Home remodeling offers a lot to buyers in the market, as it allows homeowners to upgrade their home and the home to look brand new.
Home renovating can also be used for a range of other improvements, including to repair roofs, add a balcony, add windows, and add a new bathroom, said Virendra Sharma, vice-president, home construction and renovation, HCL Group.
Home renovations in India can cost from $300 to $700, depending on the size of the home, and are typically done by contractors, he said.
Some companies are taking a risk by offering home remodelling services and taking a cut of the profits.
In a recent story, the company, HLC, had to pay back about $1.5 million to homeowners for their home renovation.
“When the home remodening business was going up, we had a lot more customers than we are now, and we were paying them back a lot,” said Prayum Sharma, HECG’s managing director.
“The business has gone up by 40% over the last three years.
Now we have to take a loss,” he said, adding that the company has now closed down all of its home remodeled projects in India as the business has grown and there was no revenue to support it.
For those who want to save money, home renovators are also known to offer other services, including a comprehensive renovation of the roof, a complete restoration of the walls and ceilings, a new roof, or a complete remodeling of the kitchen.
Home buyers can also choose to pay a fee for a comprehensive home renovation that includes the removal of furniture, appliances, and furnishings, as well as a complete interior remodeling.
The process can take a long amount of time, and depending on how much you are willing to pay, the home could come up for sale in a few years.
According to Sharma, a home is considered to be a home for a specific period of time and it is considered a part of the homeowner’s estate that has to be sold.
Home owners often pay a higher price for homes that are not completely renovated, which can increase the amount of money they are paying for a home.