Making a mark in the interior & home design space in India: challenges and opportunities
The real estate sector in India is seeing an increase in investor capital. Commercial real estate and co-working spaces are where the majority of the investments are focused.
By Anand Suman,
The marketplace for interior design in India was valued at USD 23.2 billion in 2020, and it is anticipated to grow to USD 38.2 billion by 2027, at a CAGR of 7.4% from 2021 to 2027. The thriving real estate market in India is what’s driving the country’s interior design industry. The market for interior design in India is expanding as a result of urbanization, rising income levels, and population expansion. Smart home technology, social media impact, and changes in lifestyles and living standards are some other reasons influencing the rising need for interior design services.
Let us have a look at the growth drivers that have led to a rapid rise in the interior and home design space in India.
Increased Investments in the Real Estate Sector
The real estate sector in India is seeing an increase in investor capital. Commercial real estate and co-working spaces are where the majority of the investments are focused. So, in the near future, India’s expanding real estate sector will also increase demand for interior design services. The number of interior designers and architects working in India’s Tier I and Tier II cities is also increasing as a result of increased investments in these areas. The Indian interior design business is also growing as numerous architecture companies enter the country’s interior design sector.
Growing Need for Better Interior Design
Indians are adopting new house designs and decorations as a result of the infusion of cultures and international trends. They are prepared to shell out extra money for interior design services to have distinctive designs that will make their homes stand out from the competition. The demand for commercial interior design is also anticipated to rise throughout the forecast period as firms recognize the value of a beautiful workplace for enhancing employee performance. During the anticipated period, this is projected to aid in the expansion of the Indian interior design market.
The India interior design industry is divided into two categories based on end-use: commercial and residential. The commercial sector now controls the market and is probably going to keep doing so during the projection. The market for interior design services is steadily evolving as a result of the rising demand from commercial properties. This industry is anticipated to have significant growth in the upcoming years due to the need for commercial space. The office environment and furnishings in India are evolving as a result of the country’s rapidly changing work culture, which is also driving the country’s commercial interior design industry.
While there are new opportunities in the sector there are also certain challenges that restrict the growth of the sector.
Despite the burgeoning interior design industry in India, there are still several obstacles for designers to overcome. Nowadays, owners of both residential and commercial properties want designs with a specific theme, such as the European, Mediterranean, or traditional Indian styles. Thus, blending the newest trends with a component of classic style is the hardest aspect of an interior designer’s job.
The job of an interior design business also entails a number of additional difficulties, such as finding the appropriate suppliers and staying current with tools and technologies to increase productivity. For instance, the country’s interior design business has been impacted by virtual reality, which enables clients and designers to imagine and explore. The expense of implementing this technology in the sector is rather considerable. Another factor impeding market expansion is a lengthy gestation time for the project.
Development of the interior and home design space is mostly being driven by changes in the work culture in India and a rising desire in luxurious lifestyles. Hence, the Indian interior design market is expanding as a result of a rise in tastefully adorned residences and elegantly planned business spaces.
(The author is Founder at Cinnamon Homes. Views expressed are personal and do not reflect the official position or policy of the FinancialExpress.com.)
Link to the original Article : https://www.financialexpress.com/lifestyle/making-a-mark-in-the-interior-home-design-space-in-india-challenges-and-opportunities/2704579/