For the past two years, we have been dealing with a pandemic-riddled economy. However, the industries are set to recover, grow, and innovate as we keep moving deeper into the decade. Just like any other industry, real estate is multi-faceted and has many dimensions to it. Hence, many emerging trends have created new pathways for the real estate sector and paved the way for growth in the upcoming years.
The trends we saw in 2021
Adaptation to the Digital Wave
Just like any other industry, digitization for real estate to embrace innovative technology, tools and practice in various tiers of business operation. Digital tours and virtual walkthroughs turned out to be a game changer for the real estate industry and it is only to grow further from here. Hence, if you want to browse through luxury apartments in Chennai, then you need to leave the comfort of your house. Just opt for a digital walkthrough and choose a new home for you and your family.
Increased Demand in Small Towns and City Peripheries
The real estate sector has also documented growth in demand for residential properties. Factors like reverse migration, remote work, and an overall improvement in lifestyle have been the driving force for this change.
Government Aid to the Industry
Government initiatives like the reduction of tax incentives have proved to be a great boost for the revival of the real estate sector. Home loans at low-interest rates have also increased affordability for many prospective homeowners.
What to expect in 2022-2023?
According to experts, the contribution of the real estate sector is set to increase to 10% by 2030 and the contributions will reach $1 trillion approximately. So before you look for luxury apartments in Chennai, let’s take a look at some of the changing trends in residential real estate for the coming years.
Importance of Owning a Home
Apart from many lessons taught by the pandemic, the biggest lesson has perhaps been the reiteration of the importance of a physical asset. This is nothing like the security provided by a home in a time of crisis. Hence, people who preferred rental homes and accommodations have started looking for land for sale near Mannivakkam, Chennai or a luxury apartment in Chennai.
The Target Market is the Millennials
The thought process of the millennials underwent a shift when the stock market crashed and interest rates were low. This generation which had averted any long term investment has now chosen to invest in property.
Ready to move homes are in demand
According to experts in the real estate market, many homebuyers are interested in ready to move in homes in comparison to subvention schemes that sell under construction properties. Ever since the pandemic has affected us, luxury apartments in Chennai that RTM homes are preferred to are in their advanced stages of construction ranging from anywhere between six months or less to reach completion. People are also looking for branded developers and property builders because of their goodwill and excellent corpus for completing projects on time. There are no scopes for delayed projects.
Change in location preferences
There was a time when people used to spend hours commuting from their homes to workplaces. Travelling in trains, metros, and buses have now mostly become history as the pandemic as we were forced to stay at home for the pandemic. We have learned to save money from commuting and companies have adapted to the work from home policies. Experts in the real estate sector have also predicted that this change in our lifestyle will also make people move out from overcrowded and congested cities to townships and peripheral areas with more greenery and open space. As people continue to work from home, bigger houses will be in demand as a dedicated workstation, and space for recreation will become a necessity. Since the peripheral areas and townships are still affordable, we expect a steady growth of these spaces in bigger towns.
Growth in NRI investment
In the past couple of years, there has been a sharp increase in investments done by NRIs. With the introduction of Foreign Direct Investment or FDI, many NRIs are choosing to invest in the Indian residential real estate market like the plots for sale in mannivakkam extension. Owing to this paradigm shift, we expect a huge influence in the demand for residential projects in various parts of the country.
Adoption of Technology
History stands as proof that India is slow to adapt to technological advancements. However, the pandemic has forced us to make use of technology in a way that seemed impossible. The real estate sector too has harnessed the power of modern technology. Thanks to millennials, this change in the mode of work has been comparatively easier and more seamless.
Biophilic designs
The pandemic has caused countless problems and most consumers are reeling under ‘pandemic fatigue’. With a sudden increase in stress and anxiety, our physical and mental health is being affected. It is also affecting our personal and professional relations. As a solution to this, health practitioners and psychologists are suggesting proximity to nature and the outdoors. The real estate sector has been adapting to this new change by introducing Biophilic designs. The essence of Biophilic designs lies in proper ventilation and open green areas. The use of natural materials, spatial designs and easy access to nature is a crucial addition to new residential projects.
Bottom Line:
Current homeowners are young and educated. They are health conscious and are making serious changes in behavioural patterns that are important for a better and improved future. Hence, it is crucial for developers to embrace these changes and cater to the new generation of consumers.
