Innovation and change are the key drivers for any business and real-estate is no different. Although the real-estate industry did not see many changes and activities in the past years, the changing scenario has affected the real-estate sector too, driving change in the interest of the buyers.

Homes more affordable for buyers

Recent trends in real estate have made homes much more affordable for buyers

Here are 7 market trends that particularly need mention in this regard:

1. Affordability of bigger homes

  • Previously, buyers preferred 1 BHK flats because of their affordability as they were relatively low priced in comparison to their 2 BHK and 3 BHK counterparts.
  • However, this trend is changing for the better. Home buyers can now afford bigger configurations and this has led to greater interests in 2 BHK and 3 BHK real estate segments.

2. Changing sweet-spots in market trends

  • Buyers’ incomes have been steadily increasing, which has a direct bearing on their purchasing capacity. The property buying sweet spots are consequently shifting.
  • Developers have also adapted to the change and have been offering properties in a variety of price ranges to suit all needs.
  • Attractive offers are introduced by developers from time to time, which makes the property price tags lucrative for home buyers. Costs are frequently balanced by reducing carpet area, attractive deals, etc.

Invest in own homes

The increasing per capita incomes have prompted buyers to invest in their own homes

3. Developers entering new markets

  • Looking at the Government’s focus on providing affordable houses to all citizens, developers too are also coming forward with new offerings.
  • Developers, in partnerships with new investors, are entering new markets, introducing more affordable homes while also considering the rising purchasing power of the buyers.
  • This factor has emerged as one of the most significant ones amongst the recent real estate trends.

4. Rising level of amenities

  • Home buyers expect a decent level of amenities to be provided along with the properties.
  • Play areas, sufficient parking space, small gardens, power backup, round the clock security, etc are some of the basic amenities which buyers have been seeking in all projects.
  • Developers have also been introducing these amenities and others in projects of all sizes to attract more and more buyers.

5. The rise of social media

  • Social media has emerged as an important space for interaction between the developers and the buyers.
  • More and more home buyers now use the power of social media to get their grievances redressed.
  • Even developers have realized the pivotal role-played by social media and have been responding effectively to buyers’ queries and comments, which has greatly increased engagement.

6. Online presence helps drive engagement

  • The virtual world has far surpassed the real-world in the efficacy of communications.
  • Buyers are increasingly taking to online searches and 3D tours. Virtual tours, for example, enable buyers to see a site even before they actually visit it.
  • Buyers can now shortlist projects that interest them online and then visit the properties in person before making the final decision.

Indian real estate

Favorable government policies have played a pivotal role in attracting real estate investments

7. Favorable government policies

  • Due to the implementation of the RERA act, buyers can now buy residential properties with confidence.
  • Recent government acts and policies have introduced transparency and accountability, which has increased the confidence levels of the consumers as well.
  • The increased levels of transparency in the real estate sector have brought higher levels of investment into the market as well.
  • The new policies have attracted the attention of global investors towards Indian real estate.

    • Wrap Up

    This sure is an interesting time for real-estate. The sun is rising for the buyers on the lookout for properties in all price ranges.

    The RERA act along with other new government policies have played a pivotal role in attracting investments and have prompted more and more buyers to buy their dream homes.

    A rising per capita income has also defined the emerging market trends since the purchasing capacity of buyers has been steadily increasing, which has attracted the attention of investors towards real estate.

    The power of social media has turned the tide in the favor of home buyers who can now get their grievances resolved much more effectively. Online presence of all properties has made it convenient for buyers to actually inspect all options available before they visit a site in person.