Are you interested in learning about what’s next for India’s dynamic real estate market? You have landed on the right page. Last year, both residential and commercial real estate experienced stable growth. However, there’s something new to watch out for every year, right? From technological innovations to evolving consumer preferences, the real estate landscape is ever-changing.
In this blog, we have listed the top trends poised to dominate the Indian real estate market in 2024.
6 Real Estate Trends in 2024 to Look Out
Sustainably designed green buildings are attracting buyers
Thanks to the increasing awareness spread about making our mother earth green, Indian people have started seeking eco-friendly homes, not just for the trend, but because they literally tend to make an environmentally conscious decision.
So, properties with green features like energy-efficient appliances, solar panels, and rainwater harvesting systems are increasingly sought after by buyers, especially on the city side.
There’s a rise in smart buildings
The concept of smart homes driven by the integration of Internet of Things (IoT) devices will shed more light on home buyers in 2024 too.
So, homebuyers are looking for properties with smart features like automated lighting, security systems, and energy management, particularly in apartments. This helps them add more convenience and save on energy bills.
Co-living spaces, along with co-working, are gaining popularity
With the blooming of startups and freelancing culture in India, co-working spaces are witnessing an increase in demand. No wonder this sector is projected to grow at a CAGR of 17% from 2021 to 2025.
Co-living spaces are popular among young professionals, digital nomads, students and individuals who seek affordable housing options in urban areas.
A huge demand for shop cum offices
The concept of shop cum offices (SCO) is gaining momentum because these days, with the rise of urbanization, businesses are favoring versatile spaces that can accommodate both retail and office functions.
This trend also reflects the evolving needs of entrepreneurs and small business owners, who prefer integrated spaces that offer convenience and flexibility.
Tier II and III cities are the new residential markets
Tier II and III cities are emerging as promising residential markets due to factors such as lower property prices, improving infrastructure, and growing job opportunities. Also, the government is contributing to the growth and development of these cities with its AMRUT and Smart Cities Mission. This is why homebuyers are increasingly considering these cities for investment, seeking affordable housing options without compromising on quality of life.
Rental properties are experiencing a slowdown
Post-pandemic, the trend for buying a home is rising, especially among potential people who haven’t considered owning a house.
However, various other factors that contribute to this are economic uncertainties, changing work dynamics, and an increased preference for property ownership over renting.
This trend may cause landlords to reevaluate rental pricing strategies and focus on value-added services to attract tenants in a competitive market.
These are 2024’s rising trends that reflect the evolving dynamics of the Indian real estate sector. As for this year, the real estate industry shows some positive signs for both sellers and buyers alike.
Checking out these trends and adapting to them will be crucial for developers, investors, and other stakeholders to seize the opportunities that these trends present and make them work in your favor.