Emerging Trends in Indian Real Estate Sector
Posted: Oct 07, 2019
The real estate market in India is dynamic in nature. In recent times, the Indian real estate sector has witnessed high growth with the increasing demand for residential spaces as well as for the office premises. Private Equity and Venture Capital investments in the Indian real estate sector have reached US$ 1.47 billion between Jan-Mar 2019. According to The India Brand Equity Foundation, the real estate sector in India is expected to reach a market size of US$ 1 trillion by 2030 from US$ 120 billion in 2017. It is also stated that the Indian real estate sector will contribute 13 percent of the country’s GDP by 2025. This increasing demand in the real estate sector has contributed to technological advancements which have resulted in introducing new housing trends. These new and improved housing trends have contributed to facilitate an advanced technology-driven lifestyle. The below-mentioned list contains some upcoming trends in the Indian real estate market.
1. Affordable housing
Affordable housing is one of the biggest emerging trends in the Indian real estate sector. Most of the real estate buyers prefer buying a house that is financially affordability. Even the government of India offers various schemes and sections for affordable housing. Some of them include Pradhan Mantri Awas Yojana (PMAY), Section 80EE, Section 24 and Section 80C.
The real estate sector in India has witnessed a shift with the advent of technology. Today people are shifting from traditional living standards to high-tech living to meet their expectations. Individuals are opting for intelligent homes where comfort and convenience are just some seconds away.
3. Co-living options / Co-working spaces
Most of the working professionals are shifting from rural areas to cities for better livelihood. This migration of individuals has resulted in increasing demands for co-living or co-working options, most of the migrated working professions prefer co-living options or co-working spaces as it is budget-friendly and has less impact on financial spending. This trend is not only about sharing cost and space but it relates more to belonging to a particular community.
4. Rainwater Harvesting
Most of the individuals today are shifting towards a green environment. This has resulted in bringing a new trend for residential housing called rainwater harvesting. A rainwater harvesting system does not only store water for the entire society, but also saves up on the energy that is used for water transportation and requires minimal UV filtration treatment.
5. Improved Funding
In the past, banks and financial institutes were pessimistic about lending money to home developers. Now with the change in ideology and more transparency in the housing system, they have become more open for lending money to home developers. The current situation enables financial relive to home developers. This situation has shown that the future of the Indian real estate industry seems better and brighter.
These were some of the brightest emerging trends in the Indian real estate sector. These trends have contributed to apply a positive change in the real estate sector which makes it more convenient for the homebuyer to adapt a technologically driven lifestyle.