Real estate sector is one of India’s strongest economic pillars. It has started to rebound after being severely damaged by the pandemic. The residential real estate market in India saw a transformation in 2021 and the sales are anticipated to return to pre-COVID levels in 2022 as the robust housing market momentum is predicted to continue. One of the most expensive units in the country is found in the Mumbai real estate market.
In India, the real estate industry is changing swiftly due to technology. Numerous innovative strategies and solutions are now being used in the sector. These fresh discoveries have accelerated the market’s growth trajectory.
- Digital House Search
Innovation in the real estate business has been pushed by technological developments like 3D modelling and virtual reality. As a result, NRI investors and individuals who cannot regularly travel for site inspections have warmly embraced the new trend of digital house searching.
Real-time video screening for homebuyers and virtual reality presentations of 3D models of planned or current projects have made things high-tech and practical for both buyers and developers.
The best possibilities may now be digitally shortlisted by purchasers, who can then physically visit the sites to seal the transaction. As a consequence, the drawbacks of conventional house seeking have been lessened by the internet trend.
- Transition from cities to suburbs
People are now moving from the cities to the suburbs as a result of congested areas of the metropolis. Open-space suburbs and areas with lush surroundings promote more sustainable lifestyles and steadily draw homebuyers.
Furthermore, suburban real estate costs frequently match those on the mainland. This is a trend that will significantly contribute to the growth of real estate over the next three to five years by encouraging people to move from cities to suburbs. While this might be true in most of the cases, some Mumbai real estate developers like ourselves are providing lush surroundings in the city itself due to the greenery of Aarey colony in the vicinity of Goregaon. For more information, you can check out the projects Laxmi Raajvilas and Laxmi Shrushti on our website.
- Increase in residential property prices
Following the pandemic, demand has increased, driving up the prices of real estate. On the other hand, this blooming is on the flip side of the pandemic trend where homeowners had to reassess their property prices.
Homebuyers are once again eager to purchase properties despite the prices asked, in order to get homes that appeal to them and fit within their price ranges.
- Decrease in mortgage rates
The decrease in mortgage rates is tremendous news for anybody looking to purchase a new house. A strong credit score might result in advantageous mortgage rates for homebuyers. Lower mortgage rates is a trend that has been developed to encourage the housing market for potential investors and keep the industry afloat.
- Government Schemes
For female house buyers, governments like those in Maharashtra are providing one-percentage-point discounts on affordable housing and other programmes. Furthermore, first-time homebuyers benefit greatly from the Pradhan Mantri Awas Yojna (PMAY).
- Technology adaptation
A rapidly growing trend in real estate is the automation of sales and marketing. For instance, managing leads and clients has become simpler for real estate companies and developers thanks to customer relationship management (CRM) software. Additionally, the purchasers may now receive regular updates on the project’s status.
These Indian real estate trends are probably going to have an impact on the market without actually altering the way things are done. Better technology and innovation have revolutionised the whole market dynamics, elevating efficiency and transparency in the real estate industry to new heights.