The year 2017 was the most eventful year for real estate sector in India. The demonetization drive launched by our honorable Prime Minister Narender Modi ji in November 2016 had a cascading impact on the following months, while implementation of GST and RERA Act has created a wave of change in the realty sector.
Some of the major trends that are expected to reshape and redefine the real estate industry in 2018 are:
Livability and quality of life are the deciding factors
Irrespective of the price range of any project, homebuyers do not want to compromise on the factors affecting their livability and quality of lifestyle. Today homebuyers look for sufficient parking facilities, convenience stores, parks and well-lit campus as a basic necessity. These factors should be there in the Real Estate Property inIndia which is priced below 25 lakhs. As the price moves up, buyers look for several recreational activities like clubhouse with gym, swimming pool and other amenities in the development.
The evolving real estate consumers
The traditional realty industry believed in creating the product with the limited customer-relevant attributes and with no importance on luxurious amenities and customer choice. The marketing efforts were also low. But, time has changed completely now and this created a new industry. Consumers today seek value not only for money, but also for the facilities and luxurious lifestyle. This is setting a whole new level of customer’s expectations and the developers are also elevating their capability in fulfilling their expectations.
The buyers today are tech-savvy in their day-to-day life. Everything is driven through smart technology from communication to transportation and from buying to banking, even groceries. The top developers are providing consumers with high-tech modes of technology for their homes, making the customers’ life simple and their communication with developer easier.
Affordable Housing
During the second quarter of financial year 2017, home sales across the major cities in India have witnessed a decline of more than 18 percent as compared to previous year. These cities are Bangalore, Chennai, Ahmedabad, Gurgaon, Hyderabad, Kolkata, Mumbai, Pune and Noida.
At the same time, Gurgaon city witnessed a change in demand completely slanted towards Affordable Housing Gurgaon units priced in the range below 25 lakhs. There is recorded improvement in sales during the same period. It is expected that there will be a major change in Real Estate sector with affordable housing projects in the coming year.
Configuration
In order to keep the prices of property within the budget of buyers, developers may shrink the sizes of the housing units in a way that it caters to all the major demands of most of buyers without compromising in the configuration. In recent years, the apartment sizes have reduced in the cities like Mumbai and Bangalore by 12 and 30 percent respectively. This is one of the ways, the real estate developers are striving to keep the prices of property stable and maintain the buyer’s interest.
Although these major trends have evolved during the recent years and it is expected that same would continue further in the Year 2018.