Real estate is undoubtedly one of the strongest pillars of the Indian economy. And currently, this pillar is on the cusp of transformation, fuelled by rapid urbanisation, shifting consumer behaviour, policy reforms, and the impact of COVID-19.
This change has given rise to many new residential housing trends. Enumerated below are five of the most prominent ones.
1. Ready-to-move-in properties gain traction
With long waiting times and rising project failures, under-construction properties are slowly losing their popularity. Consequently, there has been a growing preference for ready-to-move-in properties. To align with this sentiment, many builders have adopted the business model of constructing first and selling later.
This trend in housing sector, popular in Europe and America, is slowly entrenching itself in India’s real estate sector.
2. Growing NRI investments
Over the last few years, the changing real-estate market dynamics have led to a gradual increase in the investment by Non-Resident Indians (NRIs). Plus, the introduction of the FDI (foreign direct investment) path has made India the favourite location for NRIs to pool their money in. With the growing NRI influence, the sector will witness a paradigm shift in the coming years.
3. Widespread technology adoption
Although many Indian industries have been slow to adopt, real estate has always been on the top when it comes to harnessing the power of tech. Moreover, constant exposure to advanced technology has influenced millennial homebuyers at large. As a result, homes designed with a high component of automation and IoT technologies are more in trend.
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4. Rising preference for bigger homes
Having spent a considerable amount of time working indoors, many homeowners have realised the practicality of bigger homes. As a result, the demand for slightly larger homes with multifunctional places like workspace and activity space, with more breathing room, has spurt dramatically.
5. Distance doesn’t matter anymore
Most companies will sustain the remote work culture and explore some version of WFH culture for their employees. This reduces the need to find a home close to your workplace, opening up multiple avenues for prospective homebuyers as they can now base their decisions devoid of the ‘distance from workplace’ factor. The walk-to-work culture may eventually lose its charm, and people will shift to locations within affordable localities.
Additional Read: All You Need to Know About Buying a Residential Property in DLF City
With so many new, favorable trends in real estate, it’s no doubt that the industry is undergoing massive changes. You know what they, strike while the iron’s hot! So, take advantage of all these new opportunities by investing in residential real estate today!
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