India’s real estate industry is expected to grow with social-economic variables, new technologies and other key factors. The sector is going to witness new opportunities as well as new difficulties. In this blog, let us explore the many layers of real estate and its upcoming possibilities.
Indian Real Estate Trend in 2024
1. Technology integration will be a key trend in 2024, which includes virtual reality for property tours, online transaction platforms and more…
2. Government initiatives such as Pradhan Mantri Awas Yojana will increase the demand for residential properties.
3. Demand for co-working space will increase with the increase of start-ups.
4. Increasing awareness of sustainability will make green buildings a popular option.
Different regions and changing customer behaviour
India is a diverse country, and so is its real estate sector. India’s real estate market is significantly impacted by the region, culture, economy and demography.
Region and Economy
Property demand and value are significantly affected by the region. For example, property in metropolitan cities such as Delhi and Mumbai has greater value than property in tier 1 or tier 2 cities. Also, states that endorse a conducive business environment, including low taxes, reasonable regulations, and robust infrastructure, become attractive to businesses. They invest in those states or regions with the help of commercial real estate consultants to gain good returns.
Ever-changing Customer Behaviour
Technology, lifestyle and demography affect customer behaviour and real estate sector growth. As the younger generation is more inclined towards technology and urban living, they want smart homes that are close to cities. Also, with the increasing environmental consciousness among people, the demand for eco-friendly homes is growing. Moreover, global events, like the COVID-19 pandemic, have changed people’s perceptions of a residential home. They want homes that can facilitate their remote work, such as homes with a dedicated office space.
Future of India’s Residential and Commercial Real Estate Sector
Growing remote work, artificial intelligence and sustainability will change the commercial real estate sector. With the growth of e-commerce in India, the demand for logistics and distribution centres has surged significantly. So, demand for these will also increase along with the co-working space and office space.
Technological advancement, social choices and economic forces will continue shaping the Indian residential real estate sector. As mentioned earlier, there will be increased demand for houses that provide options such as flexible workplaces with good connectivity to facilitate work from home. People for whom the environment is the top priority will seek sustainable homes or energy-efficient buildings. Home buying will not remain the same- technology will transform it by providing features such as virtual reality for property tours and incorporating other smart features. However, it will be challenging for the government to take initiatives that meet the demand of buyers from different economic groups.
Market Prediction for Indian Real Estate
Many factors will decide the dynamics of the Indian real estate sector for the year 2024, such as interest rates, economic conditions, demography, technological advances and many more. Also, factors such as inflation and Indian economic development will impact the residential and commercial properties in India. Just like the covid-19 impacted real estate prices, other global events can also impact property values. As numerous factors can impact the real estate market in 2024, the best is to take the help of commercial property consultants and industry experts for market prediction.
Is it good to Invest in Real Estate in 2024?
The future of a real estate investment depends upon several factors that we have mentioned before. Also, timing and market conditions determine the success of a real estate investment. A good understanding of the local market, through research and professional help, is required to make a smart investment.
Indian real estate market is likely to witness a rapid transformation with advancing technologies and changing customer behaviour and taste. Artificial intelligence and blockchain will change the way people buy homes by providing transparency and increasing efficiency.
Demand for co-working spaces, sustainability and smart homes will provide enormous opportunities for developers. So, in a nutshell, we can say India’s real estate future will revolve around creating spaces that incorporate technology, prioritise sustainability and forming communities.