The Indian real estate sector has been on a
roller coaster ride in recent years, with its fair share of ups and downs.
However, with the implementation of government policies such as the Real Estate
(Regulation and Development) Act, 2016, and the Goods and Services Tax (GST),
the sector is showing signs of recovery. In this article, Mr. Ashish
Aggarwal, Founder and CEO, SpaceMantra shared some of the new trends in
real estate in India.
1. Affordable
Housing: Affordable housing is one of the fastest-growing segments in the
Indian real estate sector. The government has launched schemes like Pradhan
Mantri Awas Yojana (PMAY) and Credit Linked Subsidy Scheme (CLSS) to provide
affordable housing to the economically weaker sections and middle-income
groups. The demand for affordable housing is high, and builders are responding
by constructing smaller, more affordable homes.
2. Co-living
Spaces: Co-living spaces are becoming increasingly popular among millennials
and young professionals who are looking for affordable accommodation with a
sense of community. Co-living spaces provide fully furnished rooms with shared
living spaces, such as kitchens, lounges, and workspaces, and amenities like
Wi-Fi, housekeeping, and security. These spaces are typically located in urban
areas, close to transport links and other amenities.
3. Sustainable
Real Estate: Sustainability is a growing trend in the Indian real estate
sector, with developers increasingly looking to build green buildings that are
energy-efficient and eco-friendly. Builders are incorporating features such as
rainwater harvesting, solar power, and waste management systems to reduce the
environmental impact of their buildings.
4. Technology:
Technology is changing the face of the Indian real estate sector, with developers
using virtual reality (VR) and augmented reality (AR) to showcase properties to
potential buyers. Developers are also using drones to conduct surveys of
properties and using artificial intelligence (AI) to automate various processes
in the sector.
5. Co-working
Spaces: Co-working spaces are becoming increasingly popular in India, with the
rise of startups and freelancers. Co-working spaces provide shared office space
with facilities such as Wi-Fi, meeting rooms, and coffee shops. These spaces
are typically located in urban areas, close to transport links and other
amenities.
6. Smart
Homes: Smart homes are another growing trend in the Indian real estate sector,
with developers incorporating features such as home automation, security
systems, and energy management systems into their buildings. Smart homes use
technology to make life easier and more convenient for homeowners, with
features like voice-activated assistants and remote-controlled appliances.
In conclusion, the Indian real estate
sector is undergoing a transformation, with new trends emerging that cater to
changing consumer needs and preferences. Affordable housing, co-living spaces,
sustainable real estate, technology, co-working spaces, and smart homes are
some of the new trends that are shaping the sector. It will be interesting to
see how these trends evolve and influence the future of the Indian real estate
sector.
Also Read: Need
for digital transformation in construction industry has grown significantly:
Ashish Aggarwal, SpaceMantra
Also
Read: Ashish Aggarwal,
CEO, Indo Innovation
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