The last couple of years have been phenomenal for India’s real estate. The recovering economy from the pandemic’s aftermath, favourable union budget announcements, NRI interest, and more have significantly boosted the industry. However, for this year, a lot more will contribute to and shape the industry for the present year. With that, this blog will look at some of the emerging trends in real estate shaping the future of India.
1. Customer Sentiment
Several studies suggest people’s outlook towards the real estate industry as positive. In a recent survey by Anarock, respondents indicated that they value real estate investment as the most valuable, surpassing the value of the Gold.
The report also highlights the consumers’ need for bigger homes to fulfil their lifestyle needs and aspirations. It’s a direct connection to the aftermath of the pandemic that changed people’s thoughts about community living, in-house amenities, and open spaces.
The sentiment towards property buying also remains strong as real estate is the preferred asset class for 52% of millennials. In contrast, Generation X leans towards it at 30%, and Generation Z shows a preference of 11% for real estate as their top asset class.
Overall, the customer sentiment is strong within Indian Real Estate, with many still eyeing to invest in properties despite rising interest rates.
2. Technological Shift
The real estate industry is undergoing a significant technological transformation. This property trend has also been fuelled by the pandemic, where distance working became the norm, and industries were forced to adapt or go extinct.
On the forefront, online platforms have revolutionised property listings, providing detailed information and virtual tours, expanding access globally. Powering top businesses are technologies like data analytics, AR & VR, and AI that assist professionals in market analysis and informed decision-making. Furthermore, smart home tech has come to enhance property management, enabling remote climate control and improved security. This shift is reshaping how properties are bought, sold, and experienced.
3. The Rising Prices
The rising price also comes as a one of the prominent housing market trends. Home loan interest rates are rising, nearly reaching pre-COVID-19 levels, while developers are gradually hiking home prices due to soaring raw material and construction costs. The fragile global supply chain, supply-side shocks, and surging inflation have all contributed to the rise in raw material prices. The escalating cost of borrowing further burdens developers. Consequently, the Indian real estate sector has experienced significant property price increase in key markets over the past year.
4. Facility-rich Developments
Today’s homeowners and residents seek more than just shelter; they desire a holistic living experience that caters to their well-being and convenience. In response to this property trend, real estate developers are incorporating various amenities and services within residential communities. These amenities often include state-of-the-art fitness centres, wellness spas, landscaped gardens, and communal spaces for socialising. Additionally, smart home technology is being integrated to enhance convenience and security, allowing residents to easily control their environments.
Moreover, mixed-use developments have gained momentum, where residential spaces are seamlessly intertwined with retail, dining, and entertainment options. This integration fosters a vibrant atmosphere and reduces the need for lengthy commutes, promoting a more sustainable and time-efficient lifestyle.
5. High Return Investment Opportunities
The growing trend of urbanisation has opened new ways of opportunities for investors to reap rewards. With people moving to urban areas for a finer life, the demand for rental and leasing out has increased. Investors have captured such needs, who see it as a highly lucrative opportunity.
The Indian real estate market has also become increasingly appealing to Non-Resident Indians (NRIs) due to strong economic growth, government initiatives, attractive returns, and regulatory reforms. The introduction of Real Estate Investment Trusts (REITs) has provided NRIs with liquidity and diversification options, making Indian real estate a robust and attractive long-term investment prospect.
The changing face of Indian real estate is not just about buildings and properties; it’s about creating spaces that enable people to live their best lives and secure their financial futures.
The above-mentioned real estate trends 2023 highlight the shift in lifestyle choices has fuelled a robust demand for real estate, prompting developers to adapt to changing customer tastes, embrace technological innovations, and provide lifestyle-enhancing facilities.
Pharande Spaces stands out as a prime example of a brand that embodies these trends, leading the way in the Indian real estate arena. By aligning with evolving customer preferences, leveraging technology, and offering high-quality amenities, they provide a valuable investment opportunity and help individuals achieve their aspirations for a better quality of life.
One of their tremendous offerings lies in Moshi’s in the name of Woodsville Phase IV- Vaanya. The project is home to 2, 2.5 & 3 bhk homes surrounding the scenic environs, and a world-class lifestyle.