With the development in the business sector and rapid urbanization, most of the population is now concentrated in the cities. This has given the real estate business a boost in the past decade. People are migrating to the cities for the search of a better lifestyle, and the real estate business is providing them with developed home spaces, increasing the changing lifestyle all the more. The implementation of the RERA– Real Estate Regulation Act and the GST- Goods and Services Tax has had a far-reaching effect on the real estate business. Here are a few trends that we will be able to see in the coming years in the real estate business.
With technology taking over in all the sectors, the real estate industry will also use technology for efficient working. The real estate will now use virtual reality in the buying and selling of the property. Virtual reality allows the buyers to remotely visualize the built or the unbuilt property. With a better idea of the property, the customers can make wiser decisions. And the VR can also be used as an interactive way by which the customers can look whether their demands are fulfilled, or there need to be any changes. This can be done on the design, before building the property, so with the use of VR, the real estate industry promises better customer satisfaction.
Affordable Housing Rates-
The introduction of new government reforms such as the Pradhan Mantri Awas Yojna and the introduction of GST has made the housing rates even more affordable than before. This caught the attention of the people and resulted in an unbalanced demand-supply chain. The following years will see an acceleration in the supply chain. The affordability, better infrastructure and, availability are also increasing the investment rates in real estate. Therefore, what we might see in the coming years in the increase in investments.
Economy, Technology and Law combine has given real estate business a boost in the past decade.
This is a new emerging concept that is changing the real estate market and investments. Smart homes are now being developed in the cities. The concept of a smart home is to incorporate technology with housing. This is the smart use of technology in the housing industry, attracting the new-age investors. Smart homes provide safety and comfort to the people and many people are turning over to invest in the smart homes, or home automation.
Green buildings refer to the construction of homes and the application of the resources which are eco-friendly, environmentally responsible and resource-efficient. They help in building better homes that do not damage the ecosystem. Because the buildings are responsible for a huge share in the huge share of electricity, water resources, and other energy resources, the green buildings initiative has helped to develop sustainable environmental solutions to some leading problems.
Change in the rates of Home Loans-
There has been an overabundance of the liquid assets in the bank. This has let the Reserve Bank of India regulate the home loan rates. The home loan rates have seen a considerable fall. The loan rates which were around 9.5% have come down to around 8.3-8.4%. This has enabled people to invest in real estate properties. This has also lowered the equated monthly rates (EMIs) to go down, due to which the real estate market is flourishing.
Expansion of Commercial Property-
The number of start-ups that have started in India has also powered the real estate business. More and more commercial properties are erected for office spaces. In the coming years, when there has been a hike in the start-ups, the commercial property will surely rise in numbers.