5 Current Trends in the Real Estate Ecosystem in India

The real estate landscape in India is undergoing a tremendous and momentous transformation. Following the setback of the pandemic, real estate in India has started to gain momentum once again.

Let us take a look at some of the top trends that are leading the sector.

• Fostering Homebuyer Relationships – In the Indian real estate market, investors and home buyers have traditionally had a very stressful journey navigating one of the most important financial decisions of their lives. The brokers who have acted as conduits have wielded a great deal of market power, but this scenario is all set to change. With entrants like Blox, hand holding and supporting potential home buyers has become the key to unlocking a hitherto untapped market. The expertise of the dedicated relationship provides the real estate buyer with someone who will help smoothen the process – an advantage they have not had up until now.
• Digital House Hunting – The real estate sector in India is undergoing a major transformation in how properties and projects are viewed, evaluated, and bought by potential buyers. The introduction of the virtual project and home visits has the potential to take off in a big way. With mobile imaging, 3D rendering, and drone technology, developers and real estate selling platforms offer buyers a virtual tour, saving both time and effort in the process. If you plan to buy a property in Andheri West, Mumbai, for example, you can take a virtual tour of numerous projects before deciding to visit the few you like and ultimately make a selection. Isn’t that revolutionary?
• Greener, Cleaner Living – If there is one takeaway from the COVID-19 pandemic that has impacted all our lives, environment-friendly living has to be it. Potential homebuyers are now looking at projects that have adopted green technology, such as eco-friendly materials, energy-saving devices, ergonomic materials, and green HVAC systems. Housing projects with green spaces and waterfronts, vertical gardens, natural light, and cross ventilation are growing in demand in the Indian real estate market. Pollution and air quality are certainly two factors that have affected home buying decisions in India in the past couple of years.
• Rise of the Suburbs – Suburbanisation is the new buzzword in the real estate sector in India. While property demand in suburban areas and satellite cities continues to climb, real estate investors are looking at city planning, better infrastructure, easy commute, lack of congestion, social capital, sprawling hospital and college campuses, and community development rather than highly populated tracts. Most businesses, banks, and retail chains are also expanding operations to cater to this new generation of homeowners who prefer the suburbs.
• Technology for the Win – Another trend that is taking the real estate sector of India by storm is the incorporation of technology and innovation. Real estate developers are increasingly adopting CRMs that are proficient at end-to-end project management operations. Budgeting, financial management, material management, designing, vendor management, project staging, marketing, HR functions, and planning – these tech-powered systems can handle nearly every aspect of real estate development. On the other end of the food chain, tech-powered platforms are making the home-buying experience smooth and easy for home buyers. To buy a residential property in Andheri, Bandra, Navi Mumbai or any other locality in Mumbai,  you no longer need to struggle to verify the builder’s permits or documents. All this, along with the sale, can be done online through dynamic platforms like Blox.

Real estate is catching up with the quick evolution in innovation and technology and in social changes that have transformed our lives in recent years. The one constant is the rising demand for quality construction and well-thought-out projects that consider the living conditions of homebuyers.