The residential real estate sector is undergoing a paradigm transformation. Fast-paced urbanization, rise of Millennials, technological innovations and increase in the general sub consciousness of the population are having their own effects on the sector.
As the residential real estate segment baffles with low sales and a pessimistic overview, it is important for developers and other stakeholders to understand the exact need and requirement of the buyers so as to fuel sales. Here are some of the emerging trends of residential real estate that are expected to shape the market in the near future:
Rise of Millennial:
Gone are the days when a house only meant brick and mortar. The millennial, young professionals in late twenties and early thirties, are well-informed, traveled globally and are well-aware of the new and the latest trends in architecture and design where lack of space is no more an excuse. The youth of today want their home to reflect their personality and lifestyle.
And these know-it-all millennial form a major chunk of the population and have buying capacity. To lure such buyers, a project needs to have world-class infrastructure, latest technological in-built and modern design.
There has been an undeniable rise in the consciousness level of general population in India. Now that air pollution, water crisis and global warming are no more just theoretical concepts but are real problems, more and more people are inclining towards sustainable living in a big way.
Embedding multiple arms of sustainable living like rainwater harvesting, waste-water management, designing buildings in a way to reduce the use of energy, planting roof-top gardens, having green walls, etc. can go a long way in not only ringing-in with the buyers but also in combating global warming.
Technological disruption in real estate is the need of the hour. In the recently concluded 15th national convention of NAREDCO-Housing for all 2022, a report titled ‘Disruptions in real estate in India’ was unveiled which majorly highlights the demand for faster, more efficient and cost-effective construction to ensure the increased usage of innovative construction technologies, The Hindu Business Line reported.
With the cost of construction rising globally, developers and construction companies are investing in proven construction innovations and technologies that will save time and cost.
Today’s buyers do not have much time to make multiple physical visits but prefer doing a great deal of online preliminary research. Before making visits to the actual site, a buyer has already rejected multiple other projects, shortlisted a few, knows the pros and cons of every project in the desired locality, knows the benefits and drawbacks of the desired locality and has almost made up his mind on a particular few projects.
Therefore, a negligible or even worse, negative online presence on the internet can go a long way in harming the reputation of any project no matter how good its offering is. Developers need to up their game and reevaluate their marketing and selling strategies to meet up with the buyers. A 3-d visual of the site, weekly or bi-weekly evaluation of the site, 3-d tour of the housing unit, 3-d visuals from the housing units, online chat support and drone images are some of the things that are expected to become common trend very soon.
Read on for more such real estate trends.