With the introduction of various government reforms in real estate last year, 2019 is all set to witness newer trends in this sector. From affordable housing to innovative homes, a blend of traditional real estate and technology is going to rule the market. With the government initiatives like ‘Housing for all’, 2019 shall accelerate the supply of housing market to meet the ever-growing demand.
As the demand for quality projects with cutting edge innovations will continue to grow in 2019, let us take a look at the contributing factors to this trend:
Increased transparency with RERA
The ‘Real Estate Regulation and Development Act (RERA)’ has helped to standardize the real estate sector to an extent that now the buyers feel more confident and clear about the overall home buying process. The act gives the right to the buyer to get a refund in case the builder fails to give possession of the property as per the terms of the agreement. (Refer chapter 6 – Real_Estate_Act)
The state-wise RERA authorities will safeguard the interest of home buyers by empowering them and also regulating the accountability of the builders. Thus, creating more trust and transparency in the traditional real estate sector.
Technology and home
The automated homes are taking the real estate market by storm. Impact of technology is no longer restricted to electronics and is increasingly influencing the residential segment. With the introduction of automated wireless security routers and cameras, fire-extinguishers, in-house gas pipelines, automated temperature control are few of the facilities that buyers look for as preinstalled.
From advancements in construction techniques to automatically controlled appliances and devices- all of them are becoming significantly important to most of the home buyers.
Real estate industry has been proactively working towards sustainable housing, in the wake of climate change. Builders are imbibing green practices as a core part of their business. True sustainability consists of various facts, from environment-friendly building material to lush green outdoors, reduction of carbon footprint is the aim.
As a result, an increasing number of buyers have started to opt for sustainable building designs that strive for a balance with the surrounding environment.
Modern life amenities
In the competitive real estate builders have been engaging in the race for providing smart and innovative amenities to buyers. Smart homes are the new selling point to attract buyers designed to suit the needs of the new millennial buyers. The demand for extravagant amenities is the trend that will not change anytime soon. From clubhouses, fitness centers, mini gardens, fancy rooftops, shopping complex, spas, co-working spaces – unique amenities are being offered by builders.
In nutshell, the housing market has witnessed a significant rise in demand in the first half of 2019 and shows upward movement for the coming times. Developers have upgraded their game and are in the process of introducing major innovations to provide added value to the buyers.
Considering the newer real estate trends listed above, the prices are sure to go up. So now is the perfect time to make a move.