The Real Estate Industry has seen a constant renovation in the past decade which has played a crucial role in shaping the sector into something better. Even the government has played an important role in the growth of the segment by launching schemes which helps ease the transparency and trust between builders and buyers. The market also has been witnessing a huge influx of affordable housing projects for mid-income buyers, thanks to “Housing for All” which provides added benefits to both the builder and the buyers.
2020 will certainly be a positive year for the real estate sector and here are a few major trends which will lead to the growth of the same.
- GROWTH OF RESIDENTIAL AND COMMERCIAL SECTOR
This coming year holds a great potential for both residential and commercial sector. Since the last few years, the office spaces have gained huge traction in most cities, with many huge players contributing in the same. Rapid urbanization and white-collar migration will ensure a bright future for growth of commercial sector, which in return will reciprocate into a higher residential demand.
- SUB-URBAN AREAS TO GET MORE TRACTION
Potential markets like Chennai, Hyderabad, Pune and Bangalore have seen a steady rise in demand for homes and it is believed to maintain the same trend for the coming year as well. People often look for such Sub-urban areas to shift to, making them a hotspot for many property dwellers.
- RISE OF CO-LIVING AND CO-WORKING SPACES TO CONTINUE
The fact cannot change that over the past few years there has been a significant change in the behavior of the customers, in regards to buying. Millennials who are the majority of buyers in this new age real estate are more inclined towards co-living spaces since its more dynamic when compared with the usual rented space. This trend is set to grow in 2020, thanks to the rise in gig economy which in return increase the usual demand for spaces like these. This trend gives momentum to many organized rental market cities like Pune, Bangalore and NCR in the same way as co-working spaces did for shared office space.
- GROWING DEMAND OF SUSTAINABLE AND GREEN LIVING OPTIONS
Both developers as well as the home buyers have been supporting this idea. Which technological advancements, the developers will continue to focus on producing raw materials which are eco-friendly along with designs that are environment sensitive. The buyers have also been seen choosing greener projects for accommodation which will also rise in the coming time.
- LUXURY HOUSING WILL BE REDEFINED
The influx of this new generation of buyers brings along high expectations from the market. The traditional concept of luxury housing will also witness a key shift with regards to the same. High end housing projects will have to evolve in order to accommodate a holistic and elevated living experience which should be capable enough to match the expectation of these new age buyers.