The real estate market is changing fast and some new trends can be witnessed in both commercial as well as residential sectors.
Real estate is one of the most dynamic industries that have seen some major transitions in the last few decades. Whether it’s because of new government policies or a shift in per capita income, the changes have been there and the most interesting part is, these changes have resulted in the betterment of the industry at large.
While experts feel that the sector is yet to be organized and acute intervention by the governing body is required, there are changes in the market that have become a trend and can be witnessed in both commercial as well as residential sectors. Here’s a look at the most common trends that prevail in the market.
Rise of domestic investor
The residential and commercial markets both are booming at this stage and have given a wider scope for domestic investors to experiment a lot. As per a study, there has been a rise in the number of domestic investors who are giving equal focus on residential and commercial projects. They prefer to invest in the posh or promising areas, where the returns are high and this has led to a pool of investors jumping into the commercial and residential market with a motive to invest for the future.
In the new normal, remote working is picking up faster and has impacted both commercial and residential projects, as players are trying to merge the two traditional concepts to meet the needs of a home and workplace in one project. This is making things easier for people and is also generating a wider scope for the real estate players to make the most of it. The shift is rocketing the importance of home offices. If experts are to be believed, it might be easy to integrate office in a single-family rental property, but it is difficult to accommodate the same in a bigger joint-family unit, as customization is difficult. Keeping the booming trend in view, many developers are now building co-work spaces into their rental properties.
The rise in the standard of living has given birth to a trend called ‘Affordable luxury’ in both segments. While people are now looking for all the luxuries in the residential space, they are also picky about luxury at workspace too. From the branded coffee shop to the lounge room and certified gym, the list is endless and has lead to collaborations, where players from other sectors have pitched in to make the best of the trend.
When your phone is smart enough, you will surely wish for a smarter set up where you live and work. This has resulted in technological advancement in the commercial and residential spaces, where hi-tech surveillance systems, security applications, automatic elevators, and sensors are being installed for better and safer living. At present, there are residential projects that look no less than a commercial one in terms of amenities and services and this shift has taken place in the last couple of years and is expected to rise in the near future.
Whether it’s a residential project or a commercial one, the demand for smart space management is inevitable. Today, the trend of functional space is above everything, as it helps in the maximum utilization of space at a lesser cost. This trend is picking up in the commercial and residential sectors both and is likely to grow in the coming years as well.
Maintenance and Security is a high priority
Today’s consumer is well-informed and looks into every detail of real estate. They are keen to invest in properties that are consistent in terms of services, safety and maintenance. They are even ready to pay a bit extra for the maintenance and security but don’t want to compromise on hygiene, cleanliness, safety and well-being of the surroundings.
(By Pankaj Kr.Jain, Director, KW Group)