Indian real estate has seen some turbulent times due to the unprecedented COVID-19 waves. However, looking at the current trends in real estate market in India, there has been an upsurge in realty investment. The capital investment in 2021 has steadily risen, putting the real estate market back on track. The current status shows an upward curve with homebuyers eager for investment in properties suiting their respective budgets.
According to the Knight Frank India report, 1,33,487 residential units were sold in Q1 of 2021, representing 41% year-on-year growth. Moreover, realtors sold additional 69,477+housing units in Q4 of 2021. So, it is safe to say that the demand and supply chain in the real estate sector is in good shape, thanks to the low-interest rates, fall in property prices, and state governments’ stimulus packages.
This bounceback is evident in the emerging trends in real estate India that are also influencing the overall condition of the market. As a result, experts believe that India’s current real estate trends will continue to scale.
Essential Trends Likely to Influence India’s Real Estate Sector
Here is a brief breakdown of the trends that are bound to influence the real estate sector in the future:
Digital house hunting
Technological advancements such as 3D modeling and virtual reality have pushed innovation in the real estate market. As a result, digital house hunting is an emerging trend that has been highly welcomed by NRI investors and people who cannot frequently go for site visits.
Real-time video screening to homebuyers and showing 3D models of proposed or ongoing projects through virtual reality has made things hi-tech and convenient for buyers and developers.
Now the buyers can digitally shortlist the best options and then go for physical site visits to finalize the deal. As a result, the digital house hunting trend has eased the traditional house hunting disadvantages.
Migration/transition from cities to suburbs
Due to congestion in the inner parts of the cities, people are now transitioning from city centers to the outskirts. The suburbs with open spaces and green surroundings offer better sustainable lifestyles and steadily attract home buyers.
Moreover, property prices in the suburbs often compete with mainland prices. This is an incentive for people to transition from cities to suburbs and it is a trend that will be a significant driver for the flourishing of real estate for the next 3-5 years.
Rise in price of residential properties
With the increase in demand post-pandemic, property prices have also shot up. However, this development is the opposite of the pandemic trend when property owners had to re-evaluate their property prices. Now, homebuyers are again willing to buy properties despite the prices asked and secure properties that catch their eyes and match their budgets.
Decline in mortgage rates
The mortgage rates have declined, which is excellent news for homebuyers. Homebuyers with a good credit score can get favorable mortgage rates. Lower mortgage rates have been a trend that has been devised to incentivize the property market for prospective homebuyers keeping the market afloat.
Decline in the rental property market
The transition to suburbs and small towns is a significant factor in the decline in big cities’ rental property market. In addition, the work-from-home culture has further shifted the view of people towards home buying instead of rental living.
People prefer settling in their hometowns and places away from the hustle and bustle of big cities. This emerging trend is bound to continue in the upcoming years with the current scenario.
Government schemes & offers
Affordable housing and other schemes by governments like those in Maharashtra are offering one-percentage-point concessions for women home buyers. Furthermore, under the Pradhan Mantri Awas Yojna (PMAY), first time homebuyers get a plethora of benefits.
Adaptation of Technology in Sales & Marketing in Real Estate Space
The use of technology in automating sales and marketing in real estate is a booming trend. For example, the Customer Relationship Management (CRM) software has made things easy for real estate firms and developers to handle their leads and clients. Furthermore, the buyers can now get timely notifications regarding the project’s status.
These real estate trends in India are probably going to influence the real estate market by transcending a change in how things work. The whole market dynamics have now changed with better technology and innovation, which has pushed productivity and transparency in the real estate sector to another level.
Bangalore’s realty, for instance, is one such example of incorporating innovative tactics to promote their real estate projects. In fact, Bangalore’s realty sales were on the top three list of India’s best-performing realty markets in the Q2 of 2021.
BSCPL Infrastructure Ltd. is leading the property market, being one of the best real estate developers in Bangalore.
BSCPL has contributed heavily to Indian realty by conceptualizing some of the best properties in Bangalore. BSCPL’s luxury and premium projects such as Bollineni Bion, Panache & Zion are the best options available in Hyderabad & Chennai markets.
In addition to being trailblazers, they offer unique amenities catering to sustainable living. For more information, visit our website.