The state of the Indian real estate market is vulnerable to change due to the ever-changing statutory laws and demographic scenarios. The factors like a volatile market, urbanization, IT breakthrough and unstable taste and preference of Indian customers, have further attributed to its revolutionary changes. This blog excerpt will highlight the four top trends that are driving a considerable change in India's realty market.
Affordable Luxury Homes
The taste and requirements of Indian customers have been changing drastically with their rising exposure to the global standard of lifestyle. The perception of affordable homes among the home buyers has also been changing with times. As a result, the demand for an affordable luxurious apartment is on the rise among Indian home buyers. They are looking for premium homes (modern amenities, spacious homes) at affordable prices. As per the experts, this trend is likely to continue as long as the middle-income group aspires for luxury living within their budget.
Co-Working Business Space
The trend of co-working business space has emerged slowly and steadily in the real estate scenario of India. This change has appeared majorly in metro cities and two-tier cities. Nevertheless, the concept is still it's in a nascent stage in India. This change has arisen due to the difference in the preference of employers towards green building, healthy environment for employees and enhanced productivity.
Fuelled by the recent push for implementation of latest IT innovation to enhance efficiency and minimize cost in every sector, India is witnessing a technological revolution in every industry. The real estate industry is no exception. For instance, home automation is gaining momentum in the luxury real estate market in India. More advanced and innovation are gearing up to make their way in the Indian market. The features like the phone-enabled operation of air-conditioning, television, geysers have already adopted by the Indians, and these will pave ways to make Indian home more innovative and technologically advanced.
The rise in Foreign & Domestic Investment
Reforms like GST, RERA, and MOFA, have transformed the real estate market of India to a great extent. The increased transparency in these reforms has helped to build trust and faith in the industry. As a result, international and domestic investors are considering India to be a lucrative option for investment. They are coming forward to invest more in this booming sector to gain manifold profitability.
All in all, these are instrumental in changing the current scenario. These top 4 trends have already caused a churning in the industry.