Presently the realty sector is at the cusp of transformation and is set to become much more vibrant & dynamic with policy reforms.
The real estate sector is one of the predominant pillars of the Indian economy as it plays a pivotal role in its GDP growth and employment generation. The amplifying urbanisation and rapid migration have bolstered up the housing need in the country. Presently the sector is at the cusp of transformation and is set to become much more vibrant & dynamic with policy reforms.
The clarion call of the policy changes has led the world-class trends foray into the country’s real estate sector. Hindsight, developers are experimenting with the sector and offering projects which are skilfully designed with excellence. Some of the trends are becoming more prominent here and are embraced with a spirit of abundance.
Enumerated below are a few of the trends which are defining the housing sector in India.
Escalating undeniable interest of Millennials– Young professionals in their late twenties and early thirties are in a position to purchase homes today. These are well-travelled and exposed to world-class housing projects. When it comes to buying a house, Millennials opt for a house which has all the amenities and facilities that match the international standard. The increasing interest of this globetrotting generation is inspiring the developers to deliver quality homes and lifestyle to its customers.
Sustainable lifestyle, a synonymous of healthy living– With luxury interiors and modern-day fittings, the emergence of fine air quality, clean water, and other fundamental environment factors have appeared as a key trend. After all, Sustainable Living in the future and the concept of ‘sustainable existence’ tops the priority list of the buyers. Embedding wellness features such as growing plants on the roofs and walls, double-height windows and green spaces in workspace design are some quick ways to turn home into a green zone. Today, certain developers have adopted ecological supportability as an integral part of living criteria and aim to grow and go green!
NRI Investment: green shoots for the residential sector– The changing market dynamics have led to a gradual rise in the investment by Non-Resident Indians (NRIs) over the last few years. The opening up of the FDI route for retail brands entering into India is favouring them to invest in the segment. Though Delhi remains as the favourite destination for NRI investment, in recent times Gurugram, Mumbai and Chennai have emerged as a gold-mine for these affluent NRIs.
Technology at the crest of demand- Although India is new in the field of adopting technology, its constant use is becoming a new phenomenon in the commercial real estate sector. Advanced technology has influenced the home-buying habits of the millennials at large. Homes designed with a high component of automation and technologies are more in trend.
New buying strategies– Buyers these days are researchers too! Large or small, all the financial commitments are made with the help of the Internet. Given that most of the buyers are millennials, they have adequate knowledge and are well-informed of what and how they want. The need for educating the clients face-to-face has shrunk as the realtors now have gained online presence through their blogs, social media and other relevant forums.
(By Pankaj Bansal, Director, M3M Group)