December 15, 2023
The real estate sector in India is experiencing exponential growth. Research by Mordor Intelligence shows that the real estate market in India is projected to reach 828.75 billion dollars in 2028 from an estimated amount of 265.2 billion in 2023, growing at a CAGR (Compound Annual Growth Rate) of 25.6%. There are a myriad of factors propelling this growth. One aspect that can be majorly attributed to witnessing such massive growth was the onset of the pandemic that urged businesses and individuals to adopt the work-from-home initiative. Working remotely fundamentally changed housing preferences. Potential homeowners continue to seek properties that meet the evolving needs of a flexible and well-equipped work environment. Individuals are on the lookout for properties with a home office and good internet connectivity as one of their primary requirements.
Moreover, with today’s generation being more tech-savvy than ever, homebuyers are looking for a home that complements their lifestyle. There is a strong desire for the seamless integration of smart home technology.
It has also emerged as a significant trend, with buyers showing a preference for properties equipped with automation systems and energy-saving innovations like solar panels and rainwater harvesting systems. As per the demand, real estate developers are focusing on incorporating sustainability and eco-friendly practices when it comes to property development. This has led to a steady rise in the construction of green buildings that use sustainable construction materials as well as incorporate energy-efficient features.
Technologies like smart locks, automatic blinds, and advanced security cameras are put in place to ensure the delivery of a personalised experience and evoke a strong sense of safety and security. Leveraging automation systems also help increase the resale value of the property in the future.
Homebuyers also seek lifestyle amenities that enrich their lives like swimming pools, co-working spaces, recreational areas, fitness centres, and well-maintained green landscapes. In addition to providing entertainment and convenience, these amenities also help foster a sense of belonging and help build like-minded communities while encouraging social engagement. Investing in a villa or apartment that is part of such a well-equipped and maintained complex helps foster a tight-knit community that aligns with the values and aspirations of today’s contemporary generation.
The rise in demand for lifestyle-centric homes that ensure an efficient work-life balance with the promise of better overall well-being has potential homeowners eager to invest in such properties. This is one of the reasons why we at Rainforest Estates strongly focus on developing real estate projects in Goa that are small, exclusive and foster a sense of community.
As homebuyers increasingly look to invest in their dream homes, affordable housing still ranks as one of the top demands on the list. The Indian government recognises this rising need. Keeping this in mind, there are various affordable housing schemes put in place by the central and state governments like the Pradhan Mantri Awas Yojana which was successfully launched in 2015. This scheme by the Indian government offers several benefits such as the extension of financial assistance for home construction and improvement, affordable housing projects, and interest subsidies. This government initiative encourages real estate developers to take on budget-friendly housing projects by providing loans at much lower interest rates. From urban centres to rising metro cities, affordable housing initiatives in the real estate sector are poised for success in the years to come, offering a welcome respite to individuals and families aspiring to own homes.
Leveraging various government schemes and eco-friendly best practices while harnessing the power of technology, real estate developers will drive this domain to newer heights. Well-equipped and experienced developers will help future homeowners realise their dream of homeownership while helping foster a stronger sense of community and empowerment across the nation.
Real Estate Trends in 2024