Trend of India’s Housing Market
There will be a good increment in the housing market in the country on account of the growing level of demand and on the back of the policies and initiatives taken by the authorities. With a population of more than 1.3 billion people, mostly with an affluent middle class, the demand for decent housing has never been higher. The greatest contributor to this upsurge in demand is urbanization, which is on the up in cities like Gurugram and others as people leave rural areas and move into urban regions in search of better and settled lives. The housing shortage that has existed for some time now will be around for at least one more decade. This is more prominent for the large cities such as Gurugram, Delhi, Mumbai and Bangalore as these have a steady in-flow of young professionals owing to job prospects.
Government Strategies Impacting the Housing Domain
The recent emphasis on housing projects from the Centre’s government has been crucial and will continue to influence the course of the country’s real estate industry. In the ongoing financial year 2024, Gurugram city emerges as the greatest beneficiary for the maximum allocation in this sector. These government schemes have encouraged real estate developers to initiate housing schemes targeted towards the middle and lower income groups and also inspire people to look for or buy a property ensuring a legacy for the next generation. This increase in the requirements of such houses has triggered an immense amount of construction activity resulting in changing the face of many cities. In this regard, Gurugram has developed immensely and this has attracted first time homebuyers and created an investment rush in the real estate market as people see great long term potential growth.
Reverse Housing Trends – The Role of the Pandemic
The surge in remote work solutions caused by the pandemic has led to a shift in housing market trends in Gurugram and other Indian cities as well. There has been an increasing demand for larger and better constructed houses and real estate developers have had to act swiftly to address this growing need by embedding home office space into their projects.
Moving towards Eco-Friendly Housing
Another trend that is witnessing increased adoption in the construction industry in Gurugram and in other cities in India comes in the form of a policy commitment to develop sustainable and environmentally friendly housing. In view of the growing concern regarding the climate crisis and other environmental issues, potential homebuyers are quite active in looking for properties that are constructed in a way that adheres to green building codes and utilizes green technologies. As a response, the developers have begun incorporating environmentally-conscious items like solar energy, rain catchment systems, and efficient architectural plans into their projects. For example, Signature Global, a major real estate developer in Gurugram, has already put a lot of emphasis on such practices for quite some time and has been a strong supporter of building green.
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