Aslow but steady recovery of the economy seems to be under way with signs that the real estate gloom finally seems to be moderating.

It also ascertains that prices bottomedout during this period and signs of stable pricing, though not upward moving, seem to offer much needed relief, says Samson Arthur, General Manager India, Quinn Group. Property developers are, therefore, positive of a space uptake in 2010.

However, while there was some con solidation in the later part of 2009 due to an easing in property prices, it became clear that only serious players with a strong focus on quality, reliability and customer satisfaction would sustain and continue to outper form in the long term.

This is because there are still worries facing the industry. A case in point looming large amongst developers are the huge debts raised to develop office towers, hotel complexes and retail projects during the good times when the economy was booming and credit was easy to come by.

Other problems for the industry include a surge in bankruptcy and employee layoffs, along with near record levels of vacant office and retail spaces, he adds.

On the flip side, the ready availability of rental properties and downturn in prices have opened up an opportunity for players with intelligent, market-based business plans and superior customer care to win over consumers who have become increasingly value-for-money conscious.

For those that succeed in winning customer hearts during this period, 2010 could reap handsome rewards. Despite the troubles facing the industry, the healthy growth rate of the wider Indian economy is expected to help the property market recover faster than those in the US and the UK.

It is estimated that IT, ITES and organised retail players will require more than 300 million sq ft of office and commercial space in 2010. The opening up of new land for construction projects will further boost this demand.

With the industry new emphasis on offering customised solutions, flexibility of terms and enhanced customer care, it is expected to lead to more construction of affordable housing and value-for-money commercial estates. And 2010 certainly looks like a better year for developers and consmersa like, he remarks.

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