Emerging trends in India’s residential real estate segment
Authored by Prashant Kankar, AVP-Sales & CRM, Adarsh Group.
India’s residential real estate is one of the most recognized sectors in the world today. Rapid urbanization in the country’s major cities, continuous support from the government, positive outlook of the customers and a healthy business environment have all contributed towards the tremendous success achieved by the sector in the last few decades.
During this crucial period, the segment endured various progressive changes that came in different forms. These include but are not limited to structural reforms, increased consolidation amongst the players, changing regulatory environments, altering buyer preferences and introduction of newer technologies. In addition to these, this period also witnessed developers taking giant strides towards transforming their business strategies and laying further emphasis on reducing the end-user trust deficit in the market.
One thing that has remained intact amongst all this has been the desire for constant innovation in the different modes of housing. It is fair to assume that these desires have resulted from the ever-changing needs of both buyers & developers and has given birth to some revolutionary concepts that are on the path to change the entire realty landscape in the country.
Let us re-look and re-visit the top emerging trends that will reign in the next few months:
1) Affordable Housing
Though it might seem like the concept of Affordable Housing has existed for ages, it is relatively new and has gained massive popularity amongst buyers and developers only in the last few years. At present, Affordable Housing is acting as the growth driver for the Indian real estate industry and has already established itself as an integral part of the real estate ecosystem. There is an uptick from both the demand and supply side which means that it will become a crucial component of most developers’ business strategy. Furthermore, the Affordable Housing segment has consistently received backing from the Central Government, as displayed in this year’s Union Budget, and will continue to be the focus area for the next few years.
Co-living can simply be defined as a type of a community that provides shared housing for individuals with shared intentions who may/may not be related to each other. Just like Affordable Housing, the concept of co-living has existed for a quite some time but the term has only been formally adopted by developers in recent times. It is highly popular amongst students and young professionals, thereby indicating that it can potentially emerge as a formidable force in the next few years.
3) Smart and automated homes
Homebuyers these days are constantly on the search for ‘intelligent’ home solutions that will increase the efficiency and effectiveness of their daily tasks. In such a scenario, smart and automated homes have emerged as the perfect solutions due to their inherent ability to simplify processes, minimize wastages and save time. Moreover, these homes are extremely user-friendly and most of the functions can be controlled with the help of a smart phone. Given that technology has become an important aspect in every sphere of life, we will witness further amplification in the demand for smart and automated homes.
4) Theme based apartments
Today, major cities in India are witnessing a steady rise in the demand for theme-based housing projects. Thanks to the steady growth of the various industries in many of these cities, people are exposed to global standards of living and are adapting to it. This gives a further impetus to themed based housing. A theme which is inspired by a destination they love, or would like to travel often to, provides a better living experience to customers. For example, homebuyers in Bangalore would love to own a property in a beach themed project as the city doesn’t have a beach. Theme based projects are catching up fast with evolving tastes, demands and requirements of home buyers and innovative ideas of developers
5) Green Homes
There has been a significant rise in public awareness pertaining to environmental and sustainability issues. In fact this is one of the major reasons why the concept of green homes is gaining momentum in the country. Green homes are designed to ensure optimal and efficient use of both renewable and non-renewal energies. Thus, it is set to become one of the major trends in 2019 and will receive a greater impetus with the much-needed innovation. Also, as the world walks towards ecological conservation, there will be a high demand for these structures.