The Indian real estate sector is estimated to contribute 13% to the country’s GDP in 2025, reaching US $1 trillion by 2030. To understand how these estimations were derived, we need to look at the present day scenario in the Indian real estate sector. The Indian real estate is a dynamic enterprise and has undergone many alterations throughout the years, which can be implied to the current year as well. Let’s have a look at some of the changes that took place in the Indian real estate sector in 2019.

Insignificant fall in property prices 

Strict regulations have resulted in low house prices across the major cities in India. According to a report by real the estate researcher Knight Frank:

  •  There are about 1,36,525 unsold units in Mumbai due to RERA rollout in Maharashtra. The number of new launches has increased in the past year, resulting in low demands hence a drop in prices. 
  • In Chennai, the reduced prices have created more unused units, thus reducing the costs even further. 
  • Due to the new launches sale in Dehli, the inventory has expanded, leading to lower prices.
  • Similarly, in Pune, Kolkata, and Ahemdabad, large inventory and low demand have resulted in a slight fall in property prices.

To clear the difference between the available housing units and lack of demands, builders are reducing their property rates, which brings us to our next point.

Affordable prices 

Since the introduction of RERA act back in 2016, buying a property is becoming more convenient every year. The bill was enacted to protect the interest of homebuyers with stringent regulations. It brings more accountability to the real estate developers as it requires them to disclose their project details. It provides more security to the homebuyers from getting cheated during the home buying process.

It has led to reduced property prices since the buyers are only required to pay for the carpet area without having to pay for additional unjustified costs imposed on them.

The real estate sector has seen some significant innovations with uncommitted developers leaving the industry to the professional real estate developers.

As a result, more and more builders have taken up innovation as a gateway for providing comfort homes, luxury projects, theme-based living units, etc., to their customers. Investors who were uncertain about making investments are now confident about the future of the Indian real estate sector. With trusted developers paving the way towards improved standards of living in 2019, it is the perfect time to invest in the Indian real estate.   

The first two factors are the significant changes that made a massive impact on the industry. Now let’s move on to more mainstream changes that are shaping the future of the real estate sector.

Integrating more technology-oriented facilities  

 

In the last few years, the real estate sector has seen a considerable rise in the development of home integration technology throughout the world. Facilities like an Intercom system, power panels, etc. are a few norms that people look into before investing. Hence more real estate developers have started investing in smart home technologies for providing an augmented virtual experience for the buyers.

The demographic shift to Millennials  

 

India is estimated to be the country with Millennials as its majority by 2020. Hence it is safe to assume that they’ll be the primary investors in the real estate sector. Their preference shift towards comfortable urban property with basic amenities is going to bring more innovation and progress in the industry.  

The Indian real estate is already established and expanding ever since. With the recent changes and developments, it is evident that there is a massive scope for the sector in the future. Though the industry might have suffered a few minor setbacks in the past years, it always finds its way to set them right and improve upon them.