Current Trends & Demands in Indian Realty Space
India’s real estate sector is expected to touch a US$ 1 trillion market size by 2030, accounting for 18-20% of India’s GDP. The robust increase in demands and newer trends in the market have shaped real estate in India for a promising future. The rebound of Indian Real Estate after the pandemic is not only significant but also phenomenal. They have not only strived but have witnessed better demands and opportunities post the crisis. The country is seeing a rapid influx of working-class population in cities and therefore a deficit in residential areas. Demand for residential and housing properties has surged due to increased urbanisation and rising household income. India is among the top 10 price-appreciating housing markets internationally. Ready-to-move-in properties have gained light as opposed to construction buildings that required additional costs and efforts from the investors. Fully furnished apartments and luxury homes have gained popularity in the current market. During the pandemic, our country was faced with a shortage of warehouses and storage units. The demand for such spaces has also increased owing to the increased number of e-commerce industries. According to Savills India, real estate demand for data centres is expected to increase by 15-18 million sq. ft. by 2025. The increase in IT industries can be credited with this achievement. It is also the result of the recent work from home culture, online education, online health consultations, and more. Social distancing became a priority and important part of our lives even post pandemic. Offices were allowed to open with strict rules to maintain a proper distance between employees which called for bigger office spaces. The real estate sector understood it as yet another freshly created demand to cater to. Shop cum office (SCO) is a novel concept introduced very recently in India. They are not only popular but also have gained approval by the government. This means that a realtor can sell a plot to entrepreneurs and small business owners where they can construct buildings of up to 4 floors. This aligns with the entrepreneurship goals of the country by providing them with low-cost spaces. The technological advancements in AI and virtual reality have caused the trends to shift in the real estate market. Digital housing is becoming widespread that allows investors a clearer picture of different real estate properties without actually visiting the site. It is being widely accepted and popularised by the NRI community who tend to have interests in investing in Indian Real Estate without the cost of their convenience. With lockdowns being uplifted almost everywhere, demands of real estate spaces for the hospitality industry have one again up roared. Hotels, resorts with ultra-technology and high-end luxury are the current trends for the real estate to dive into. The recent years have also been eye-opening as far as environment is concerned. Spaces with eco-friendly environment, energy efficient technology, rain water management systems, and lush green surroundings have come into light as better prospects for real estate industry in India. Technology is by far the most fast changing sphere of any industry. Therefore, spaces equipped with modern technologies like digital security systems, smart alarms, digital locks etc. are in demand and more likely to replace the traditional housing scenario in our country. The real estate industry has not only rebounded but has also come stronger and more efficient after the pandemic. The growth in the sector and its contribution in the Indian economy is hands down incredible. The industry has already created a niche for itself for years and generations to come.
Tags : Heena Sehrawat Founder & CEO The Heena Realty current trends realty market India real estate