With the evolving technologies, everything changes and so does the Indian Real Estate market. Real estate market in India is governed by many factors but there are some new trends which are changing the identity of the real estate. They are influencing the market big and the effects are sure to stay for the long term. Let us see what these emerging trends are.
1. Startups are increasing and so does the demand for the (shared) office spaces
The startups are growing rapidly in the Indian biosphere. The current Govt. also supports the youth to realise their dreams into reality. Such startups originate from a room or two because of the limited budget in hand. Many small businesses are sharing the space with the freelancers or consultants to save some bucks. Startups which have rented a property are further giving it on rent thus, making the living affordable.
2. Crowdfunding takes over the big time investors
There were many projects in India that didnâ€™t complete due to the finances. This was not only the loss for the builders but for the people who pre-booked the apartments. As a solution to the problem of these incomplete projects, crowdfunding is becoming extremely popular. The property is marketed well before the builders have all the permits in hand. As such, they can know the reaction of the market and get the initial booking amount from the interested buyers. Thus, this little advance keeps the project going. Many builders are also joining hands to come up with the better housing solutions. The real estate is no more the play of the big time investors.
3. The real estate has become less risky and more transparent
By adopting the transparency in real estate market, many builders are encouraging the investment from the buyers. This initiative would reduce the frauds in the real estate transactions and the middle-class Indian families would not have to fear for their hard earned money. The more transparency would mean more investment and that would mean the dawn of the real estate in India. It is generally considered that the commercial real estate is harder than the residential one but with the increasing transparency, the time to break this belief is not far.
4. Retail stores at the lower floor and offices on the upper floor
Malls are not for the shopping alone, many such units are developing the offices on the upper floor of the mall be it Crystal Palm or WTP of Jaipur. Such office-retail complexes are built keeping in mind the working class section of the society. The major part of the weekdays of people is spent at the office, by having the retail units in the vicinity makes it possible for them to buy. These office-retail units cost less as compared to shops around the commercial units and they have access to the prime audience too.
5. Less cost of construction, more technological security
With the advancement in the technology, the cost of construction is decreasing and hence prestigious builders are coming up with the affordable housing solutions. Every person can now find his dream house within the budget. While the cost of the housing is decreasing, the buyers are seeking high-end technology in the houses and the commercial units. It is considered these technological upgrades makes around 5% of the total costs of the house and can be extended up to 35% costs for the tech-focused commercial units.
All these trends are affecting the Indian real estate and the developers are laying the foundation of their projects on these trends. It is a good thing that the buyers and the developers are moving ahead of the superstitions of the real estate. This is the story of 2016 real estate and sure to change the scenario in the near future.