In India, with real estate business being the second largest employer after agriculture. From Artificial Intelligence to Affordable Housing, new innovative real estate market trends have slated to emerge consistently driving efficiency to the real estate sector.
The overall size of the real estate sector in India is estimated to grow a considerable number of folds, with the increased liability of developers and the latest real estate market trends, which in turn enhanced the confidence of homebuyers.
Each following year brings a distinct kind of ambiance to the real estate industry. Over the course of time, the past couple of years have been those of amelioration. With the unveiling of the stronger real estate commitments, a few real estate market trends not only emerged but are also casting a new growth in the real estate sector.
Increased Trust with RERA
In the traditional real estate market, before the implementation of the RERA Act, project delays did not have any direct consequences on the developer. With no choice left, home buyers were left with an option requesting the court to take legal action.
With the RERA act, it has provided more transparency for the customers. As builders with any delay in the project are liable to pay compensation on a monthly basis as per the specific state legislation.
Additionally, builders need to deposit 70% of the collected money from the customers into a dedicated bank account. This is to ensure the funds are further solely utilized to deliver projects on time without any diversion.
Smart Home Automation
One of the latest real estate trends 2020, significant to most of the home buyers is smart home automation. There is an escalation in demand for smart homes, where appliances respond automatically to shifting environmental conditions and can be easily controlled through one conventional device.
Home automation comprises a range of automated controls to certain electrical appliances in a building. These may include lighting, all power appliances, heating & cooling temperature control, etc.
By integrating appliances with IoT, with the latest real estate market trends, residents are getting a possible solution whereby the user controls devices by using a remote control device or their existing mobile phone, where controls are communicated to the Microcontroller.
With upgrading technology of the 2019 real estate market trend, builders have opted to ensure buyers get a realistic visual representation of the live project updates. Visual Representation is all about participating in looking at the whole property and giving interactive experience to the end-users.
To maintain the keen interest of the NRI investments, its an added advantage for the buyers. As they can get up-to-date information remotely on their investment projects without any longtime journeys.
3D visual reality solutions enhance the transfer of data with interactive 3D representation to provide real-time experience for the buyers. For a customer, it helps to evaluate all benefits of the building by literally be able to imagine to live in the property.
Pradhan Mantri Awas Yojana
With builders and developers introducing new innovative technologies to increase their customer base. The Indian government is doing its portion as a real estate market trend through the Pradhan Mantri Awas Yojana scheme to increase the demand for affordable housing among middle-class people.
And considerably the percentage has been increased form both demand and supply side. All homebuyers, who wish to buy a new residential property, have availed the benefits of the scheme by fulfilling Middle Income Group criteria. The MIG is segregated as two groups based on their annual income. The beneficiaries for the particular group are explicitly allocated.
Even though if someone owns a property and want to purchase a new one by PMAY scheme, they are allowed to do so. This initiative is to fulfill the dream of affordable housing vision for all by captivating the interest of middle-class working professionals.
Increase in Foreign Investment
Investment-ready reserves at central offices in major cities have been pursued by foreign capital. Due to steady demand and increasing rents, the real estate business in India has been a major attraction for foreign investors during the last five years.
During the first half of 2019 private equity influx rose by 28 percent compared to the same year, thus showing confidence in India's ranking. Foreign investors have established investment partnerships by strengthening local developers. Through foreign investments, we will see further traction in both cores as well as development assets.
Commercial Real Estate
Indian real estate has become a prime destination for businesses of all kinds. It is one of the humungous market places with a lot of versatility. Indian real estate developers have changed their tactics, admitted new provocations and initiated the latest real estate market trends.
Commercial places are considered as one of the leading key factors for determining office spaces, as the location of the office space can directly affect the growth of the business. Divisions such as IT and ITeS, retail, consulting and not to forget the e-commerce have expressed a high demand for commercial real estate mostly occupying the major cities of India.
Responding to an increasingly well-informed customer base and, carrying in mind the perspective of globalization, commercial real estate in India is rapidly emerging for its best accessibility to customers and clients, as they play a crucial role in a successful development for the business.
Developers have upgraded their game with some of these real estate market trends, as Indian real estate business has witnessed a boom due to increasing globalization and allowance of Foreign Direct Investment in real estate. With both the involvement of both domestic and foreign players, the demand has increased, giving intense competition for Indian real estate.
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