Month: December 2023

Imagine standing at the brink of 2024, gazing out at the horizon of India’s real estate landscape, a realm brimming with possibilities and transformations. In this rapidly evolving sector, every brick laid, and every home built tells a story of change and progress. As the Indian economy flourish, so does its real estate market in India, with vibrant technological innovation, shifting cultural paradigms, and economic dynamism.

This is not just a market; it’s a reflection of India’s aspirations, a mirror of its economic vitality, and a testament to the dreams of millions. Here, in the bustling cities and serene suburbs, the pulse of the nation’s progress beats strongly. As we delve into the housing market trends of 2024, we uncover layers of evolution – from the rise of smart homes powered by cutting-edge technology to the subtle yet impactful shifts in homebuyer preferences and the intricate shift of affordability with housing prices. These trends are the harbingers of a new era in real estate, one that promises not just homes but futures brimming with potential.

This blog is an insightful journey through the key trends that are set to redefine the real estate sector growth in India in 2024, painting a picture of a sector that’s as dynamic and diverse as the country itself.

1. Homes That Offer A Lifestyle

   

   The modern homebuyer’s appetite for homes that transcend the traditional living space is growing exponentially. They are in pursuit of properties that offer not just four walls and a roof but an enriching lifestyle. These properties offer a blend of luxury and convenience, featuring fitness centres, swimming pools, and co-working spaces, catering to the aspirational needs of today’s generation. Such lifestyle-centric homes are not just about comfort but also about creating a sense of community and belonging, reflecting the evolving priorities of homebuyers.

   This trend highlights the ongoing real estate developments and the shifting focus of the real estate marketing agency sector.

2. Focus On Affordable Housing

   

   As we approach 2024, the spotlight on affordable housing shines brighter than ever. The Indian government, in collaboration with visionary developers, is striving to make the dream of homeownership a reality for a wider audience. This commitment is mirrored in the emergence of budget-friendly housing options across India, from bustling metros to emerging urban centres. This trend not only democratizes property ownership but also weaves a fabric of inclusivity and empowerment across the nation, reflecting a significant aspect of real estate sales.

3. Suburban Homes

   

   The allure of suburban living is gaining momentum, propelled by the desire for a balanced lifestyle amidst nature, yet connected to urban centers. Developments are leading this wave, offering tranquil suburban settings combined with the conveniences of city life. These suburban homes are emerging as the ideal choice for those who value peace and space yet do not wish to compromise on accessibility and modern amenities, marking a notable shift in real estate trends in India.

4. Homes With Minimum Impact on the Environment

   

   In the realm of real estate, sustainability is transitioning from a niche preference to a mainstream demand. Eco-conscious homebuyers are increasingly gravitating towards green homes that reflect their values of environmental stewardship. Developments, driven by sustainability philosophy, exemplify this shift. Incorporating renewable energy sources and green building techniques, these homes not only minimize environmental impact but also promise a healthier, more sustainable way of living.

5. Digital Landscape of House Hunting

   

   The journey of finding a dream home has entered the digital domain. Today’s house hunting is characterized by virtual tours, high-resolution imagery, and comprehensive online listings, making the process more convenient and informative. This digital evolution, powered by Proptech solutions, empowers buyers to make well-informed decisions from the comfort of their homes, transforming the way we perceive and engage with real estate online sales.

Conclusion:

As we look towards 2024, the Indian real estate market is set to embrace these transformative trends, heralding a new age of housing that is in sync with the aspirations and lifestyles of modern society. In this evolving landscape, Real estate marketing agencies like BeyondWalls emerge as one stop solution, guiding developers and brokers through the intricacies of this dynamic sector. With a focus on lifestyle, affordability, sustainability, and digital innovation, the future of Indian real estate is poised to be as exciting as it is promising, offering vast opportunities for real estate investment and showcasing the pivotal role of technology in real estate.

In the ever-evolving landscape of real estate, it becomes a mandate to remain updated with the trends and economic factors. The current real estate scenario reflects a complex interplay of economic factors, technological advancements, and changes in consumer preferences. The past year witnessed a flexible market grappling with challenges that were posed by global events and local market dynamics. From regulatory regulations to fluctuating GDP, the real estate world navigated through the market on a good note.

As we step into a new year, we expect the real estate industry to undergo new transformations with numerous factors coming into play. The upcoming year holds the promise of new-age innovation, the role of technologies, the growing impact of sustainable practices, and varying economic factors.

This blog will explore the intricate landscape of real estate for the year 2024, backed by expert insights.

1. Economic Trends Shaping the Real Estate Market

   Understanding the economic trends is a crucial factor in making well-informed investment decisions. The Indian government plays a major role in shaping the industry. Having a brief knowledge of the latest policies and government initiatives acts as a significant game-changer for investors.

   • Affordable Housing Initiatives: The Union Budget 2023-2024 set aside INR 79,000 crores for the PMAY (Pradhan Mantri Awas Yojana), which gave a significant boost to the affordable housing sector. This scheme is said to be completed by 31st December 2024. The beneficiaries under this scheme are MIGs (Middle-Income Groups), LIGs (Low-Income Groups), and EWS (Economically Weaker Section).

   • RERA (Real Estate Regulation and Development Act): RERA is a landmark legislation in India aimed to protect homebuyers’ interests and to promote transparency in the real estate sector. Enacted in 2016, RERA mandates the registration of real estate projects, ensures adherence to project timelines, and establishes a grievance redressal mechanism, enhancing accountability and trust in the real estate industry. RERA has helped in boosting the confidence of homebuyers and investors alike.

   • GST (Goods and Services Tax): GST is a single tax applied to goods and services, replacing various other taxes (VAT, Service Tax, etc.). This has brought uniformity in the tax structure, minimizing complexities. Residential properties have a GST rate of 5%, while commercial properties are taxed at 18%.

   • FDI (Foreign Direct Investment) Policy: The surge in India’s real estate market can be attributed to its favourable FDI policies and heightened transparency in transactions. As per Livemint, an impressive 81% of total investments are from foreign sources, and institutional investments in Q1 2023 witnessed a notable 37% year-on-year surge, reaching $1.7 billion, with the office sector taking the lead.

2. Sustainable and Green Investments

   From the use of eco-friendly construction materials to adapting energy-efficient resources, real estate is showcasing a paradigm shift towards green and sustainable developments. These developments not only align with environmental safety but also cater to the growing demand for eco-friendly living spaces.

   As energy costs rise and climate change awareness deepens, real estate investors are recognizing the long-term viability and marketability of green initiatives. Incorporating sustainability is not merely a trend but a fundamental reorientation of the real estate industry towards a greener and more responsible future.

3. Emerging Technologies in Real Estate

   

   In the digital age, technology is just a tool; it’s a transformative power shaping not just the real estate industry but also our lives. The evolution of Proptech, Virtual Reality (VR), Artificial Intelligence (AI), and blockchain technologies are becoming significant key drivers of the real estate industry.

   • Proptech Revolution: Proptech, a fusion of property and technology, is revolutionizing the industry by introducing innovative solutions like online property management platforms, digital marketplaces, and intelligent building technologies, streamlining processes and enhancing user experiences.

   • Virtual Reality (VR): Virtual Reality is reshaping the real estate landscape by offering immersive property tours and virtual walkthroughs, enabling potential buyers and investors to explore properties remotely, saving time and providing a realistic preview before physical visits.

   • Artificial Intelligence (AI): Artificial Intelligence is driving efficiency in real estate through predictive analytics, facilitating data-driven decision-making for investors, creating property valuation models, and personalizing customer experiences, contributing to a more streamlined and informed industry.

   • Blockchain Technology: Blockchain technology enhances transparency and security in real estate transactions with the help of a decentralized ledger for property records and transactions, reducing fraud risks, and increasing trust among stakeholders in the property market.

   These technologies go beyond mere innovation; they redefine the entire real estate experience. Investors enjoy the benefit of streamlined processes, developers gain efficiency in project management, and homebuyers want a more informed and immersive property exploration. Navigating the future of real estate marketing means acknowledging these technological advancements and understanding their far-reaching implications.

4. Trends in Property Investment

   The dynamic world of real estate requires a keen understanding of the ever-changing trends. Every potential investor must acquaint themselves with the multifaceted trends in the market to make sound investment decisions. Whether the trend speaks about shifting preferences towards smart homes, shared spaces, or an inclination towards a specific type of architecture, it is crucial to ensure that investors are updated with the latest trends in the market.

   Besides this, the rise of co-living and co-working spaces is a noteworthy trend in the industry. Changing work dynamics and lifestyle preferences of homebuyers are impacting the demand for non-traditional spaces.

   Additionally, the demand for housing in Tier 2 & Tier 3 cities is opening new doors of real estate investment opportunities for investors. These cities offer a distinctive landscape with lucrative opportunities and growth potential. Hyderabad, Pune, and Chandigarh are some of the significant cities witnessing steady growth in the real estate realm.

Conclusion

In the year 2024, real estate industry promises a stable future for real estate online sales in India. The economic trends, sustainability and green practices, government policies, and emerging trends will be the key drivers, hence, investors and buyers must align their investment decisions with a proper understanding of these factors.

Follow BeyondWalls, a real estate marketing agency & integrated PropTech ecosystem, to stay up to date with the industry trends.