A lot has been said and speculated about the dipping performance of the real estate market in India in the last year or two. The thing to remember here is also that this market has seen a sea of changes in the past 5-6 years. The introduction of RERA, affordable housing initiatives, GST rate changes and dynamic demand-supply etc. are only a few of the many significant changes that took place.
The fluctuating growth, hence, is not without reason. On the upside, a recent JLL report cites that the H1 2019 sales of residential units is 22% greater than H1 2018. And that figure speaks for itself. Having said the above, along with the reforms came a lot of new trends that have now become norms like co-working spaces, easy home-loan options, rise in green construction etc. While these trends are still driving the demand-supply dynamic to some extent, there are other trends too that are bringing in the most novel ideas and setting the whole industry on a path of self-discovery.
We explore some of those trends below-
This is not entirely a new concept because it basically implies a number of people sharing a living space, much like a PG or semi-rented accommodation. But the millennial twist to this concept is to have common interests, skills and mottos in order to form a commune that can attempt to replace a family for people who are away in new cities and seek the comfort. It is much more than sharing a kitchen, as you can guess.
2.Real Estate Investment Trusts-
For years together, real estate has been a sector where only a certain section of the society could venture into because of the ticket of the investment. REITs, on the other hand, open this sector up for the investors who are looking for smaller investments in the sector. Think of them as shares released by a company that is investing in real estate securities and the shares can be traded in the stock market for any investor to buy.
Very interestingly, despite of being such a vast land, Indian real estate did not segment the areas for selling as much as it does now. Micro markets are basically smaller markets within a macro market that are not uniform in terms of amenities, convenience, accessibility etc. Thus, the demands across these micro-markets differ and so does the cost.
4.Artificial Intelligence and Virtual Reality-
Now, this part is more experience-based. AI in marketing and lead generation can help companies target and sell better. There can be AI chatbots assisting customers on tours and information. Similarly, through VR, you can practically see what your future house is going to look like; the builder’s vision becomes yours. A device can help you peruse a prospective house.
Although a much-accepted trend towards the bigger countries, the smart homes market is just about catching up in India. Owing to ease of access and convenience, many families now want homes, devices, appliances around them to be smart and easily operable; even from a distance. Smart homes are digitally powered homes connected at the core with smart devices that can be fed with your preferences and needs and can be voice-controlled.
As is the rule of the game, embracing the trends and changes with both hands is what keeps you at the top and Emaar India believes in doing exactly that. We are relentlessly working towards building smart yet luxurious projects for our investors and our latest offering Emaar Digi Homes, is the culmination of all such efforts. Offering you a smart and affordable lifestyle, this project defines ultra-modern living. Visit here to learn about more of Emaar’s formidable projects.