Over the last decade, India’s residential real estate has witnessed a tectonic shift in consumer choices, construction of residences, technological deployment, and the departure from the traditional ways of construction. Now 3D walk-in tours coupled with personalised experiences, digitized records, sustainable and smart homes, stable Repo rates, low interest loans have redefined what kind of investments consumers are willing to make.
With rapid infrastructural growth and a growing economy, the market for real estate is witnessing a golden period. There’s something for everyone—from affordable housing, semi-luxury to luxury projects and smart homes that span these segments.
The other factors which is driving the growth of the real estate sector in India include rising urbanisation, increasing disposable incomes, and heightened demand for residential, commercial, and logistics spaces, besides a growing need for data centres fuelled by advances in the space.
Here are some critical reasons why India’s real estate is booming:
- The Rise of Tier 2 and 3 cities: Fast-paced infrastructure growth, government initiatives, bigger land parcels and the rising aspirations of new age homebuyers and investors are making India’s Tier 2, 3 and 4 cities ‘destination next. For example, cities like Mohali, Meerut & others are connected to big hubs like the Capital, and this ushers easier movement of skilled workers, setting up of economic hubs and zones. Improved infrastructure like roads, flyovers & highways creates attractive opportunities for everyone–developers, homebuyers & investors.
- Smart Cities, Smart Homes & Integrated townships: Smart cities are undoubtedly the next big trend, with sustainable and eco-friendly practices, waste management systems, integration of advanced technologies, excellent healthcare facilities, and reliable connectivity through robust transport systems. Real estate developers are consciously focusing on seamlessly integrating everyday solutions into the lives of their customers. Hence, they are going all out to develop integrated cities with intelligent traffic management systems and facilities like healthcare, banking, world-class educational institutions, green spaces, markets, shopping malls, and other facilities. Again, the biggest selling points are basic amenities like 24/7 security services, strategic location, connectivity, and accessibility. Location and connectivity is another factor driving the demand for housing, as residents prefer shorter commute times and other amenities. Equipped with sensors, LED lighting, solar panels and more, smart homes can reduce energy bills and provide a better quality of life.
- The AI Magnet: Real estate developers are deploying sophisticated 3D immersive & personalized experiences to provide an ease while choosing a home for investment or rental purposes as AI collates data like location, comparable prices, valuation of a property from anytime, anywhere saving time and effort for both sides.
Besides the reasons mentioned above, other technological facilities like installation of decibel sensors, tracking of lone females’ residents on the road at night, intruder detection, vandalism and face recognition technology are powering high end safe living and security in certain townships ensuring their property value goes up. Also, emerging technologies like artificial intelligence, virtual reality, augmented reality, Internet of Things, and fintech will continue to revolutionize the real estate sector, delivering significant benefits to both real estate and the BFSI sectors.
