WildBlueSkies - Trends and strategies in Digital Media

Currently valued at US$ 12 billion, and expected to touch US$ 50 billion by 2010 and a staggering US$ 90 billion by 2015 - that’s the Indian realty sector for you. According to this report, the IT sector alone is expected to require 150 million sq ft of space across major citites by 2010, and is slated to be one of the key drivers for the growth of the market. The other is organised retail, which with a demand of 220 million square feet, would add over US$ 45 billion to the business by 2010.
No wonder then that the ad spend of real estate developers, now forms the second largest group of advertisers in the country after educational institutions. According to Sam Balsara, chairman and managing director of Madison Media, the spends by real estate majors during April to June 2007 were close to Rs 260 crore, which works out to an annualised spend of a little less than Rs 800 crore, which is close to the Rs 798 crore spent in the previous year. Most of this however was channelised towards the recent IPO activity by the majors. [Via]
Hoping to cash in on the boom is a slew of online property portals - 99 acres, Indiaproperty, Jaaydaad, MagicBricks, OnGaia, RealAcres, Makaan and the Bangalore specific PropertyJadoo. “The internet would take up about 10-15 per cent of the total real estate advertisement expenditure soon,” according to Indiaproperty.com CEO Murugavel Janakiram, “In the US, 90 per cent of property buyers use internet as their primary medium of search.” [Via]
Personally, I found my current place via an online portal, circumventing the broker, and so can vouch for the medium.
Wonder how long before we can think of a Zillow, or even a Redfin

Related reads:
Real Estate
India real estate report [pdf]
The Great Indian Wedding Bazaar
The online travel industry in India

Filed under: Business, India, Statistics