As we say goodbye to the year 2017 in all eventful, we quantitatively analyze the trends in an era which was observed to have changed the way people purchased places for them to live in- as homebuyers, investors, and economists begin preparing for the year 2018, here are the top trends likely to shape the real estate market in the year 2018.
RERA and Law Changes
Let us take into consideration the fact that around ago , during may 2017 changes in the law regarding construction projects were introduced under the title The Real Estate (Regulation and Development ) Act, which most homebuyers have RERA set in their homes. Essentially what these changes have done is make people’s purchases secure and shift their focus of concern to deadlines. In turn focusing more on the Project Financing as an important matter. With this RERA impact it can be implied that it was easier for consumers to purchase the house they wanted in the current economy.
Real Estate in India Attracting More Attention Due to Foreign Investments
India is now appealing to foreign direct investment (FDI), especially in cities that are regarded as technological hubs. Areas that have developed IT, aerospace, and biotechnology industries draw the attention of Fortune 500 firms therefore the demand for both commercial and residential property rises. There is a growing interest from the non-resident Indians (NRIs) and the investors in high-demand cities which is in turn increasing the overall activity in these real estate markets.
Real Estate Development – Homes of the Future
The millennials are shifting the demand towards homes that are sustainable and smart and are able to meet the eco-conscious requirements. Homes that are fitted with energy-efficient lighting systems, water saving and water effluent treatment systems are becoming widely acceptable. With the increase in environmentally conscious people there is growing trend for the integration of green housing and convenient facilities in the onsite property especially in the tall buildings.
Enhancing Urban Infrastructure and Transportation Systems
Investment in urban amenities and transport enhancement by cities such as Bangalore is increasing connections and lowering congestion. Devolution of this nature is making zones further away from key tech centres more attractive. Better transport systems in conjunction with the availability of educational and healthcare institutions are complementing the metamorphosis of these regions into valuable real estate. Workers are interested in property that has a shorter distance from their places of work, thereby increasing demand in such areas.
Affordable Housing and Small Unit Apartments
Affordable housing is of utmost importance to a sizeable number of purchasers, with developers now targeting small unit apartments that are more economical. These units are developed to be the micro version of a normal house with all the amenities and its functions in use, large size not being an issue. Smaller homes are usually built in such a way that there is more space available outdoors for leisure activities creating an attractive option for small families or individuals.
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