The real estate sector is and has been one of India’s most steady economic foundations; a one that has consistently evolved with the ever-dynamic social change that has come to be since the last nineties. Urban centers in India have soared into their finest renditions of being globally exposed all while they have served to be the land of opportunities for migrants from across the country. With multinational enterprises setting base in most of Indian metropolitan cities, the urban Indian today, is a consumer with demands that are infused with ideas that cater to the international yardstick.
Following the pandemic, Indian real estate seems to have rerouted back to its ever-expanding path of possibilities despite the rather intense setback and recovery that has transpired over the last two years. Housing trends have seen shifts that have been favoring realtors and the rising property values alongside impending developments have been cited as reasons for the same.
Nevertheless, the real estate market is predicted to thrive over the next few years in Urban India. Among other things, home and lifestyle improvement as they may have become points of priority are said to be contributing factors to the millennial Indian desire to alter their customer ideals. Housing and real estate trends today, seem to be treading on the same revolutionary path as they had hinted at prior to the global pandemic.
Current Housing Trends
- Ready to Live vs Long Term Investments –
Young migrants as they are perpetually on a hunt to look out for apartments and properties that are ready to be moved into, the bigger chunk of the urban Indian mindset seems to be navigating towards possible long-term investments. Villas, Villa plots, and suburban investments see a spike in demand albeit at a pace that is gradual and steady as opposed to being loud and pronounced. The decade ahead is predicted to see an increase in long term investments.
- Large Scale Technological Integration –
With technological tools taking over the operations of all industries, there has been an increase in transparency within businesses to thus establish the customer as the king; an ideal for realtors whose property development is rooted in engineering and design. Real estate developers understand that today’s buyers seek to look beyond financial engineering and the primary focus may be shifting almost entirely to benefit the quality of properties being developed.
- Investment Choices with Global Appeal –
NRI investors have been turning a sharp eye towards investing in India. It has seen a stark rise in developing properties that appeal to the international yardstick and the same has successfully rippled into effect. Most developers today are aware of the appeal that buyers today seem to be inclined to and with increasing exposure, the said trend seems like an assured promise that is only bound to grow.
- Rise in Distant Ownership and Alternative Source of Income –
Although urban Indians today may not need an alternate source of income, the lifestyles that are being indulged in today, have led to a rise in opting for distant ownerships. Investing into a good property in and around urban India is an alternative source of income and the distance does not seem to matter to buyers today.
- Scope for Commercial Real Estate –
Work from home, coworking, and co-living situations have all become a way of the urban lifestyle and the same has paved the path for an increased scope in the realm of commercial real estate.
- Tier 2 and Tier 3 Cities Catching Up –
Urban expansion, suburban growth, and work from home seeing a huge reverse migration from cities in India have seen an increase in real estate in tier 2 and tier 3 cities. While the said trend may not suit all young investors, the rise is unmissable.
- Relevance in Demand –
Awareness and social cognizance in the urban Indian mindset today sees a reflection in the need for global quality of infrastructure and in the demand for relevance as far as social issues are concerned. Sustainable real estate and environmentally conscious housing choices are emerging to take over the whole world and urban India is not shying away from the same.
Housing trends today point to a rise in investments into real estate in India and while it is favorable for developers, the need of the hour has transformed into an amalgam of quality engineering, relevance, and smart investment choices that today’s millennium seeks. The digitalization of real estate and the awareness in realtors today promise to meet the requirements that make their presences loud and clear.
Aakruthi Properties’ Villa Plots are located in the suburbs of Bangalore east and within sustainable gated communities that are built with state-of-the-art infrastructure.