Over the past year, there have been numerous ups and downs in the real estate market. It has been and still is one of the most important economic pillars in India. The real estate market is also cooling down as things return to normal. The demands of people have changed, and it has a lot of new things to give.
In the real estate sector, some trends are gaining popularity and are also being accepted. Some of them are as follows:
1. Biophilic Designs
The idea of having sustainable and green designs in one’s house is becoming more popular as a result of changing consumer needs. These ecological landscape designs meet the needs of a population that is increasingly drawn to living in natural settings.
These patterns offer their homes a modern yet natural appearance while also giving them a sensation of being close to nature. The techniques include incorporating natural elements such as wood logs, minor water features, and stones into the living areas. Integral bioclimatic designs are those that make advantage of more natural light within the home.
2. Community Living
Currently, prospective buyers are seeking out well-designed, self-sufficient homes. They are searching for communities like co-working spaces, convenience stores, fitness centers, cafes, etc. where they can have everything under one roof.
Community living became more popular both during and after the outbreak. Considering the circumstances at the moment, individuals favor relocating to areas with convenient access to necessities.
3. The Secure and Peaceful Atmosphere
People have recently been more concerned with safety, security, and hygiene than with extravagant or opulent designs. They are speaking with the developers about all of these safety regulations as they consider purchasing the property.
Their concept of a safe and secure environment has changed as a result of Covid-19. For them, a safe neighborhood includes being free from robberies and other crimes as well as being clean and well-kept. People prefer to live close to their neighbors but not in a busy neighborhood.
4. Acquiring Affordable Real Estate With the Aid of a Housing Loan
People are using housing loans to purchase homes because they want to live in a home that they can call their own. In this manner, they can simply pay off their loan and possess their own home. Since a sizable section of India’s workforce has been working remotely, they have begun returning to their hometowns, or Tier II and Tier III cities, from their temporary rented residences in Tier I cities. As a result, the need for affordable housing has increased in these (Tier II and Tier III) cities. As a result, they have begun taking out mortgage loans to purchase real estate.
5. Homes That Are Work-Friendly
People are favoring homes that allow for work from home because it has become a significant part of their lives. The current trend in the housing industry is having an office at home. Specially created work-from-home rooms will be incorporated into the new furnishings and decor.
Additionally, purchasers are looking for homes that can fit their professional needs and preferences. When they work from home, it makes them more efficient and productive.
6. Interesting Investment Prospects
Those properties have developed into a good investment route as compared to conventional possibilities due to the condition that 80% of the underlying securities in Real Estate Investment Trusts (REITs) must be functional and income-generating. It is an effective and low-risk method of diversifying one’s portfolio of investments. Despite the pandemic’s strain on rental income flow, a strong and upward-moving long-term picture is anticipated.
Strong buyer traffic will be ensured by actions like the extension of tax incentives for affordable housing, developments that offer rental housing at an affordable price, and the RBI’s decision to maintain its repo rate policy. The favorable demographics, geographic shift of house prices to less-crowded areas, reductions in stamp duty for female buyers in major cities, and cheap house loan rates will all contribute to the continued growth of the real estate sector and the GDP of India.
Home purchasers today place a higher priority on safety, hygiene, and health. Their shifting expectations on emerging trends are in line with a better future. And because the real estate sector reacts quickly, it is flexible enough to introduce whatever improvements necessary to give buyers a comfortable place to live.