The real estate industry has seen some major transformations in the past few years. While the trends in the last year have already created the base for the upcoming 5 years and beyond, real estate has seen promising changes in with respect to transparency that has led to positive growth in the Industry. The fast propel growth, technological advancements, policy changes and so on, has instilled confidence amongst buyers and builders. The ever-evolving requirements of customers are being met by the latest trends in the industry.
Let us take a look at the trends that are most likely to create ripples in the year 2020 and beyond:
Real estate in the coming years is going to be completely technology-driven. Developers need to compete to cater to the ever-growing market with innovative solutions, adapt to latest technology and enhance the customer experience throughout. When it comes to construction, builders need to use technological advancement in the best possible way for faster and easy completion of the projects. Artificial Intelligence is another aspect that is piercing the real estate market and introduced concepts like smart homes. Hence technology is reshaping the real estate industry faster than expected.
Real estate has already witnessed a shift into luxury homes as per the elevated lifestyle of the millennial in 2019. This trend is here to stay and make some major changes in the way builders are developing housing solutions. Besides comfort and convenience, this generation of buyers is looking for unique features and facilities resonating with their busy lives. While the builders are busy redefining luxury, buyers are opting for customized luxurious picks.
The green quotient is another trend that is going to drive the real estate market in 2020. Overpopulation in cities and urbanization has led to the necessity of environment-friendly real estate. Both buyers and builders are opting for sustainable housing solutions in the awakening of climate change. Builders are adapting to green technology and the usage of eco-friendly construction material. Buyers are choosing sustainable homes which are good for their health and environment, homes that are based on renewable energies and waste reduction systems. Idea is to reduce the carbon footprint and embrace a sustainable lifestyle.
There is a continuous and steady push in the real estate market in suburbs due to the increase in prices in the urban areas. These locations outside the big cities are evolving at a fast pace due to the rise in demand. Builders are reviving the reputation of suburbs by creating projects that are affordable and convenient, favor low density and a healthy standard of living.
While the above trends are contributing to shaping the real estate this year, it’s the Government reforms that are giving a strong base and push to the industry. The structural reforms by Government like RERA have infused transparency and trust within the industry. The future of real estate is all about changing demographics, economic shifts, technological reforms, bigger investments, and larger returns.