As the real estate sector in the country accelerates after the slowdown, many companies are planning to enter the market. One such company is the global lighting controls major, Lutron.
Lutron, which has been present in India for over a decade, is poised to venture into the residential apartment space. Previously, they focused solely on the hospitality sector and high-end residential projects.
Lutron’s Country Manager for India, Mr. Manjul Trehan, stated, "This is a very nascent market, and we have not touched residential apartments yet. But looking ahead, this would be the volume business. We are in talks with a few real estate companies." He further added that the company will primarily concentrate on projects where the expenditure on lighting exceeds one lakh.
The company is targeting 2-3 key players in the eastern region of the country, though this region is expected to contribute minimally to the firm’s earnings. Mr. Trehan expressed hope to double the company's figures in the next few years.
Despite not being significantly affected by the market slowdown, the present and the coming year appear challenging for Lutron.