Indian real estate operations are undergoing substantial shifts in the next few years, with various trends affecting the industry.
As we look ahead to 2024 and beyond, understanding the changing real estate landscape in India is crucial. Let’s explore the anticipated 2024 real estate trends in India.
1. Technological Integration:
Technology integration is likely to revolutionise the real estate business. We might expect broad usage of technologies such as augmented reality (AR) and virtual reality (VR) for property viewing in 2024. These enhancements will enable full immersion for prospective buyers, letting people view properties remotely and make more informed decisions.
According to Mr. Subhash Goel, Director at Goel Ganga Developments “The application of blockchain technology in real estate transactions is anticipated to gain traction. Blockchain technology has the potential to improve transparency, eliminate fraud, and expedite the time-consuming paperwork connected with real estate transactions, making the process more efficient.”
2. Sustainable Development:
Sustainability is a critical component of real estate development. In the future, there will be a strong emphasis on eco-friendly construction techniques, energy-efficient structures, and the use of renewable energy sources. Environmentally friendly construction credentials will be more accepted by developers, showing a rising awareness of environmental responsibility among both builders and homebuyers.
3. Co-living and Co-working spaces:
In India, the idea of co-living and co-working spaces is gaining traction. Because the younger generation values flexibility and experience above traditional ownership, developers are likely to invest in constructing integrated locations that offer both residential and work advantages. This pattern is consistent with the growing work culture, in which remote and flexible working arrangements are becoming increasingly common.
4. Affordable Housing Initiatives:
The Indian government’s top goal continues to be affordable housing. Various governmental initiatives and incentives are intended to stimulate the building of inexpensive dwellings in urban and semi-urban regions. To meet the increased demand for affordable homes, developers will most likely experiment with new construction techniques and financing approaches.
5. Digital Platforms for Real Estate Transactions:
The digital revolution of real estate transactions is expected to continue, with internet platforms playing an increasingly important role. From property ads to virtual tours, buyers and sellers will increasingly rely on digital platforms for smooth and transparent transactions. This change will not only ease the purchase process but will also have a larger reach.
6. Rise of Smart Cities:
The Indian government’s Smart Cities Mission is gaining traction, with numerous cities undertaking major construction to include smart infrastructure, technology, and sustainability. As these smart cities emerge, the real estate landscape will undergo a paradigm shift, with an emphasis on integrated urban design and enhanced amenities.
Therefore, India’s real estate sector is on the verge of a transformation. For developers, investors, and legislators, embracing technological breakthroughs, ecological practices, and changing trends in housing choices will be critical. The industry’s capacity to adapt to these changes will determine its success in serving the growing requirements of homebuyers and altering the urban landscape as we go into 2024 and beyond.
