The real estate market has its share of ups and downs. Though the pandemic brought a slight slump to the market, it picked up momentum after 2023, fueled by the demand and supply.
Despite global uncertainties, the Indian real estate market has emerged as a beacon of strength and adaptability. In fact, in the last two years, housing prices have increased between 10% – 20% across the top cities.
Also, there was a significant jump in new launches despite the rise. According to ANAROCK consumer research, 2023 saw a growth in real estate with sales of 4.77 lakh units across the top 7 cities.
Moreover, demand for bigger homes is steady despite rising prices. More than 50% of respondents preferred to buy 3 BHK, followed by 38% for 2 BHK. Further, luxury homes are in demand, and more than 45% of respondents prefer luxury homes.
Following the upward trajectory, you can expect a measured pace influenced by affordable housing needs and government initiatives. However, 2024 will surely be a game changer for investors and home buyers, with new trends to follow. Let’s dive deep and understand some emerging trends.
Demand for Lifestyle-centric Homes with Technology
Home is not a home anymore – it is your lifestyle reflection and personality. Buyers do not look for mere spaces today but search for holistic homes with technology support. Integration of smart technology into homes is the latest fad, and this trend will pick up with time.
Besides computerized security systems, smart homes offer automated lighting and SMART latch provisions. Investing in a smart home can simplify your daily routine and enhance your property price.
Demand for houses equipped with amenities like gyms, communal areas, and swimming pools has also picked up. Besides, living in a lifestyle-centric home is a dream for many, right?
Demand for Sustainable Homes
As an informed buyer, you must know about sustainable and green living spaces. There is a growing awareness of green housing in India. And you can expect this trend to continue in 2024.
Most homebuyers are now seeking energy-efficient homes, so builders are incorporating eco-friendly features into their housing projects.
Rainwater harvesting systems, energy-efficient appliances, and solar panels are some features you can look for if you want to buy a sustainable home.
You can focus on the properties designed with sustainability features. With sustainable homes, you can save money on utility bills.
Demand for Luxury holiday homes
Demand for weekend or luxury homes is booming. Home buyers do not shy away from investing in villas and bungalows near cities. Luxury homes with amenities like a swimming pool and private spaces are catching the eye of investors.
People are looking for homes near serene nature spots for weekend getaways. However, the pricing bracket for luxury homes depends on the location.
But this trend will continue in 2024. Investing in luxury homes is a good option for people who want to spend time alone away from the chaotic city life.
Demand for larger homes
Most people felt the importance of big houses and spaces after the pandemic. When people were forced to stay home during the lockdown, one factor was discussed, i.e., space constraints.
After the pandemic was over, most homebuyers wanted to buy homes with bigger spaces and amenities. The trend for larger homes and open spaces is still relevant in 2024.
Most home buyers ask real estate brokers about the carpet area more than build-up. Investing in large spaces is also beneficial for appreciation value. A bigger home can get you more value than a small apartment, right?
Co-living Spaces
Millennials want their space, so they choose co-living spaces in the city. Whether for work or studies, co-living space is an affordable solution that caters to every need.
When people with similar interests and values share spaces, it also leads to the co-living trend. Over the last few years, co-living spaces have become a popular housing option.
Most developers provide shared spaces with basic amenities for professionals. Also, most companies offer commercial spaces – for professionals that can be shared. This trend will see an upward swing.
Rise in Demand for Affordable Housing
With the Indian Government’s – Housing for All initiative, there has been a rise in the affordable housing segment. Builders are now concentrating on affordable housing projects in 2 and 3-tier cities.
Plus, the builders target these projects toward lower-income groups and the middle class. Another factor that comes into play is the economic fallout from the pandemic, which has made affordable housing a feasible option.
Developers focusing on affordable housing are confident that the demand will rise. Additionally, the price is uncompetitive in this segment, and the lower-income group can afford it.
Implementation of RERA
With the introduction of the (RERA), Real Estate Regulation and Development Act 2016, there has been accountability and transparency in the real estate sector.
Moreover, homebuyers feel more secure investing in a home project than they did in earlier times. If a buyer finds shortcomings in the development project, he can contact the developer within a year of possession.
According to RERA, the builder has to consider the carpet area and not the super built-up area, which will become illegal under the act. It is a landmark act to address the grievances of sellers and buyers.
Continuous efforts in real estate
The Indian real estate market has seen transformations with time, presenting different opportunities for investors and buyers. Smart construction with eco-friendly features and tech integration have become sought-after features for new homes.
Meanwhile, there is also an increase in demand for holiday and luxury homes. Buyers see this as a long-term investment opportunity. Also, affordable housing has picked up with time, and more developers are focusing on the segment.
You can confidently navigate the real estate landscape by understanding the real estate trends. If you are a new homebuyer, take a calculative step towards home buying.