An Overview
The year 2022 has seen improvements in the real estate sector and has witnessed tremendous growth in sales & prices, demand, supply, and even capital investments. The period after the pandemic was seen as with reduced pandemic-induced uncertainties. This has boosted transaction activity and boosted capital investments. It is observed that the Future of Indian Brand Equity Foundation (IBEF) has estimated that the Indian Real Estate market will be valued at $ 1 trillion by 2030. On the other hand, the construction of Indian market size was valued at $609.6 billion in 2021 and aimed to achieve an Average Growth Rate (AAGR) of more than 6% during 2023-26.
Hybrid Working models started to begin working with ‘new normal’ conditions and lead to an increase in residential properties across tier 1 & 2 cities as many buyers are in the need to purchase their own homes. The research done on the residential demand speaks much the top and Indian cities are expected to show over 15% yearly growth. Commercial offices, warehousing sheds, industrial, hospitality, and retail are other parameters that bring effective changes in the real estate sector to continue to do so in the coming year.
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Let’s go deep into some major trends:
1. Coming up of digital technology : To buy, rent and sell the property it becomes important that buyers are now looking for online sources for making decisions. They want to find out more about the city, type of property, location, size, layouts, amenities, and comparables. The video and audio content includes very important information about the project, project reviews, house tourism 3D staging, etc. hence digitization will be the most important tool for developers, landlords, etc.
2. Developments of huge Homes and Gated Communities: There is a genuine choice that is expected to evolve into self-sustaining ecosystems with better amenities. It also is a safety offer that focuses on health & Sustainability. The preference toward 3BHK and above configurations has been increasing across cities and it includes Chennai-51%, Bengaluru-62%, Delhi (63%), and Hyderabad (56%).
3. Increasing Demands in tier-2 markets: The improvements in infrastructure and choice of properties, employment opportunities, and liveability index have given many employment opportunities. It has brought much attention to the emerging real estate markets. At the same time, Government initiatives brought many improvements in doing business with ease and investments by Indian and Foreign MNCs. Many businesses have seen higher growth in demand in tier 2 & 3 due to investment in real estate infrastructure.
4. Commercial Assets Rising High: The commercial real estate assets, retail, and industrial, demand for offices, industrial and warehousing spaces are maintaining an upward trajectory because the Indian economy is growing at the highest rates. The Real Estate Investment Trusts offer small investments providing ease of comfort. Therefore, REITs have listed three commercial office projects with underlying assets in 2023 and are expected to bring a fourth one as well that will offer malls as a much-needed asset.
5. The new approach to overall well-being: People are much aware of external factors impacting lifestyles and well-being. Now, the majority of urban spaces are equipped to provide functional spaces to achieve good health. Also, there is a need to bring modern structures to bring these changes and make the functioning of modern structures functional. This approach will focus on the overall development of mental and physical well-being. Thus, the real estate industry will come into the frame with buyers preferring to buy home and meet their expectations. At the same time, it will bring new norms that will transform communities and urban cities.
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