Indian economic growth is aided by real estate, which benefits and helps. As a result, real estate is one of India’s most important asset classes. This is because it has both steady income and value as leverage.
With a pandemic-wrecked economy, the industry is ready to help people get back on their feet with new growth, innovation, technology, and investment trends. Real estate is several co businesses, with many different parts. When the pandemic hit, some of its businesses grew, but others struggled to get back on their feet after the pandemic.
The Indian market is enormous.
- As of 2025, the real estate industry is expected to make up more than a third of India’s GDP. It is also expected to have a market value of $1 trillion by 2030, which is a lot.
- The House for All project will build 60 million homes by 2022.
- By 2022, about 100 new malls will be built across India in Tier 2 and Tier 3 cities.
- By 2025, the co-working space market will be worth more than $13.02 billion.
The emerging trends
- Innovation is playing a significant role in improving the Indian real estate market. It helps with everything from acquiring land and building to designing properties and automating finance. In addition, technology plays a prominent role in the real estate industry because the government is always building “Smart Cities.”
- Proptech companies will change and improve: Proptech has been very important for real estate companies to work from home during the pandemic. However, in the future, more and more property owners and developers will be using new digital technologies, known as “proptech,” to help them sell, rent, or manage their properties more effectively and efficiently. This trend will get a lot more attention in the next few months because more and more homebuyers are going to online real estate portals.
- In 2021, the consolidation of demand for financially stable developers with a good track record, execution abilities, and high-quality projects will speed up. They will continue to gain a lot of market share, as limited funding, squeezing margins, and shifting preferences for more prominent brands will push smaller developers out of business.
- There will be a lot of new housing in the suburbs and the second-tier cities. This is because people want to live a better life, work from home, and move back home. This has led to a rise in the demand for homes in the suburbs and tier-2 cities. Buyers are looking for homes 30 to 40% less expensive than those in the cities. Also, the five-year rent for people who live in cities costs 30 to 50 per cent of a home price in smaller cities. This reason for owning a home will lead to many people moving to these smaller cities.
- Ready-to-move-in projects are becoming more popular. There was a significant rise in the demand for ready-to-move-in units in almost all cities last year. It became more popular because of a change in buyers’ mindset. They wanted to be safe and avoid the risks of under-construction homes.
It looks like the future of Indian real estate will be better in the next few years than it is now. Of course, many things will keep affecting the real estate industry, like prices, buyer behaviour, demographic shifts, and the cost of raw materials in general. However, the industry will be led by low-cost, self-sustaining properties focusing on customer service in the coming year.
ArchWizard is one company that understands the changing trends and can walk side-by-side to those trends. We have over 30 years of experience in construction and design. We make financial, social and ecological worth as global real estate developers. At ArchWizard, we have faith in positively affecting any place we go.
To learn more about ArchWizard visit: https://archwizard.co.in/
