7 Key trends that are shaping real estate market in India
Real estate market in India is one of the most promising sectors for investment. Not only does this market provide safe investment options, it also promises to deliver favorable returns. Experts believe that investing in reality market is always better than investing in gold, mutual funds or any other investment scheme. However, it is always wise to do some leg work for yourself and study the property market in India carefully before making an investment decision.
Even though real estate market was going through a rough patch in the past few years, new trends are expected to emerge. With constantly increasing demands, the residential property market is only destined to grow in the years to come and will give you favorable returns on investment.
Here are 7 things you must know before investing in real estate in India:
1. The real estate market in India is evolving at the rapid pace. After seeing a low down for quite some years, it has picked up its pace and is quickly gaining back the momentum. Growing at a pace of 9% per annum, the reality market is expected to reach $180 billion by the year 2020.
2. This growth is being fueled by rapid urbanization and an increase in the demand of property in Tier 1 and Tier 2 cities. Cities like Mumbai, Bangalore, Chennai, and Hyderabad have become a hub for reality investment, thanks to the rapid influx of IT companies in these cities. A number of prestigious real estate developers have started constructing various luxurious and mid-budget apartments to cater to the growing demands. Buying Property in Banglore, Hyderabad, Noida, Gurgaon, or Mumbai can give you favorable returns on investment.
3. The property market not only has huge vistas for high-end property buyers in India. Thanks to various government initiatives, even the mid-budget residential segment is also flourishing at a rapid pace. A number of government initiatives like the "Pradhan Mantri Awaas yojana“ have been put in place with an aim to provide affordable houses to one and all.
4. The Indian government has also strengthened home buyers rights in the country. To govern the overcrowded real estate market and to ensure timely possession of all under construction projects, the government has set up RERA committees in every state. The RERA Act mandates all builders to register their ongoing projects and provide regular updates on the status of their project to ensure timely delivery of properties to home owners. The committees impose harsh penalties on builders who are found violating the law.
5. The rental properties are in demand as much as residential properties for sale. The trend is high in cosmopolitan cities where more and more people are relocating due to better job prospects and enhanced lifestyle amenities. Delhi, Mumbai, Bangalore, Pune and Hyderabad are some of the cities that have a shown a steady demand for both buying as well as rental properties. Buying a property for investment in these cities can help you enjoy a second income, even if you do not want to live in that house.
6. Technology innovations are the key drivers for success. Today, more and more people are looking for residential properties that are technologically connected, high end, and offer sustainable living environment. In accordance with the growing trend and demand for high-tech houses, a number of real estate developers have starting building their residential and commercial projects on the concept of sustainability. This ensures that home owners will enjoy more green spaces, good quality air, and better space for social gatherings and so on.
7. Many real estate developers are collaborating with Government to bring in new housing projects that will strive to cater to the needs of mid-segment home buyers. Not only will these projects be budget friendly, but will also provide buyers with all the necessary facilities and infrastructure for comfortable living.
With this and more, the Real Estate Market In India is destined for rapid growth. After seeing many highs and lows, the reality market will now see a consistent rising for the next 5-6 years. So, if you are planning to invest in Indian real estate market, the time is now. Get in touch with a reputed real estate agent who can help you find your dream house, which not only matches your criteria but is well within your budget too. Make an investment today and enjoy favorable returns tomorrow.