The Indian Real Estate market is blooming of late. This industry has always attracted investors, but it has seen substantial growth in the last few years. This market is not only a creditable investment but also gives excellent returns.
The year 2022 has proved to be a year of new highs for the Indian real estate market, with massive improvements in new launches and home sales. The same trend is expected to be maintained this year. Fact fully, the market has stayed profitable despite the numerous ups and downs in this market in the last few years. The Real Estate industry in India has become a crucial driver in bringing the Indian economy back on track. The general Indian economy predicts encouraging growth indicators, including a rebound from the current stock market fall and an increase in new employment opportunities.
When compared to gold investments, mutual funds, and cryptocurrency, investment experts agree that the property market in India is the best market to invest in. But it is always safe and essential to do your ground research when making an investment decision.
Future of real estate in India in 2023 and the different trends in India:
The real estate market is one of the most attractive markets for investors. Here are some of the trends in this market for the year 2023.
A. The tastes in housing have been shifting gradually:
Thanks to the Pandemic, people have taken working from home quite seriously. This has turned out to be an excellent decision for the housing market India and also seems to be helping people to have good mental health. People are actually feeling more productive and seem to be eating more home-cooked meals and spending quality time with their loved ones. People are saving and gradually moving to the suburbs for larger spaces or homes. By doing so, they have ample space for different activities and have zero privacy issues. There are plenty of localities to buy villas in Hyderabad with fantastic infrastructure.
B. The young working generation is taking charge:
The young generation of working people is sharp-witted and has pretty hefty savings, as the standard of living is rising and, thanks to the pandemic, people have learned to save by staying at home. This working generation, which is aged below 35, does not want to live a normal life and wants to invent and own luxury homes rather than opt for rentals. These young crowds are smart and have already started to invest in the real estate market in India by acquiring homes and apartments for rental purposes. Since a lot of people move to metropolitan cities for work purposes, these trends in real estate in India are going to continue for the foreseeable future.
C. Rising property prices in the Indian real estate market:
There has been a continuous rise in the cost of raw materials required in construction, and land values are likely to increase by a minimum of 6% to 8%, which in turn increases the value of the property substantially. Many developers have increased their operating costs to provide safety protocols to their on-site workers, such as medical needs and vaccinations. Soon, the rest of the real estate industry in India will follow this trend. These kinds of good practices will provide good benefits for the construction workers.
D. Growing importance of Sports and Fitness centres in the properties:
Since a lot of public service places such as swimming pools, gyms, and sports places have shut down during lockdowns, the Indian real estate markets are trying to add such amenities to residential properties along with open spaces and gardens for walking and physical activity purposes. These amenities increase the property’s value, making it perfect for resale in the future.
E. The integration of shared office spaces:
Co-working, or shared spaces, have been the new growth of real estate in India and have gained a lot of popularity among working professionals and young entrepreneurs. These vibrant co-working spaces are located in prime locations and come equipped with all the essential amenities that are required by a working office. A shared office space can be used by one or more people; the place can be exclusively accessed by those people. It is one of the latest real estate trends in India. These spaces are in high demand and trending, as they can be a great small office with limited employees on a single floor or a group of offices sharing the same floor. They are a good choice for freelancers, young entrepreneurs, and new startups that have a restricted number of employees.
F. Luxury housing market:
Post-pandemic, home buyers have ushered in a new demand for more spacious and luxurious homes across the country. Luxury homes have been trending. The real estate forecast next 5 years India shows that such homes will be in high demand continuously. The young working generation wants to host parties, have complete privacy and security for their families, and also want spacious spaces with exciting amenities such as pools, saunas, water fountains, and gazebos. People have been moving towards luxurious homes for themselves and buying homes in the best residential areas in Hyderabad.
G. Demand from NRI home buyers:
The Indian real estate market has been witnessing increased demand from NRI home buyers to own a home in their home country. Investing in the real estate market allows NRIs to diversify their investment portfolios beyond their country of residence and achieve higher returns. If you are an NRI, check out our article on buying a home in India.
H. Renting is gradually making a comeback:
With dreams of finding a better lifestyle and career growth, many young aspirants are moving to bigger cities and metropolitan cities for career opportunities. Since you need to start things from scratch in the new city, many people opt for the different rentals in the housing market India to find affordable options. People who are frequently on the move prefer renting, as they find it easy and don’t have to worry about the home, selling it, or renting it out. This gives them mental freedom. Hence, there has also been a surge in the market for rentals. For instance, buy property in Hyderabad, as it is an IT hub and has great revenue.
These trends are key factors in the expansion of the Indian real estate market. The market has seen its own share of ups and downs, but the future of the real estate market is bright and consistent with an upward rise for the next few years.