Top 7 Emerging trends in Home Buying in India 2021?
In India, there are a lot of people who want to invest in real estate. They do not find it easy to go out to find a house because of the time consumed in looking for a house and also because of the cost incurred by the commission charged by the agents. In this article, we will discuss the home buying trends in India in 2021. The main aim of this article is to help people who want to invest in the real estate market.
With the progression in the Indian real estate space, there has been a steady increase in the number of consumers looking for a home loan. Over the last few years, the number has been rising considerably, and so have been the interest rates across the banks.
As a home buyer, you have a lot of factors to be taken care of with respect to trends in home-buying in 2021 - from the location of your desired house to the loan amount, to the EMI that needs to be paid every month. The decision of your home loan will have an impact on your financial standing for years to come, so it is of utmost importance.
When you are planning to buy your home, the options are many. There are new real estate companies and builders who are entering the fray and changing the rules of the game. This blog looks at the new trends and innovations in the market and how the home buyer can benefit from them.
While the number of home buyers is growing steadily across all the states, there will be a sudden rise in the number of homebuyers in India by 2021. This blog will look at the top seven emerging trends in home buying behaviour in India and how we can use these to influence the sales and marketing strategies to meet these demands and needs.
What is the current scenario of the real estate sector in India?
The real estate sector in India has seen rapid growth in the last decade after economic liberalization in the country. The social infrastructure is being built at a faster pace in recent years, which has also helped the residential sector to grow. The rapid increase in the purchasing power of the middle class, coupled with the government plans to develop affordable housing, will drive the residential real estate sector in India in the next few years.
The Indian real estate sector has been going through a major transition in the past few years. It has been undergoing a change from a slower, steady growth phase to a rapid growth one. In 2005-06, the real estate sector in India grew at a rate of 15.4%. In contrast, the growth rate for the year 2016-17 was as high as 22.5% with a total transaction value of INR 9.3 lakh crore.
The real estate sector in India has undergone many changes over the last decade. The prices of residential property have increased consistently in the last few years, with prices in some of the popular cities like Mumbai, Delhi, Bangalore, Chennai and Hyderabad increasing by over 50% since 2010. The current scenario indicates that the residential property prices are expected to rise further, especially in the IT hubs of Bangalore, Hyderabad, Pune and Chennai.
The factors that will influence the home buying trends in 2021 and the coming years
The real estate sector in India is one of the fastest-growing industries in the world. However, it is also one of the most volatile ones. That is because the real estate market in India is dependent on several factors like government policies, economic growth, inflation rate, interest rate, and consumer confidence.
However, the real estate sector in the country is facing challenges. The main problem is the unavailability of land. Due to this, the scope of the industry is shrinking, especially in the high-end segment. Moreover, there are many challenges related to lack of infrastructure, law and order, corruption and bureaucratic processes.
Expansive Buying Behavior: Empowered, informed and empowered buyers.
Perhaps the biggest trend in the Indian real estate market in the years to come is the emergence of an expanse of buyers, who are informed and empowered; who are willing to negotiate; who are open to different types of housing; who are willing to wait for their dream home; who are looking beyond the metros; who are willing to buy smaller homes; who are willing to buy homes in different cities; who are ready to stretch their budget; who are looking for homes that are more eco-friendly; who are looking for homes that are closer to their offices; who are looking for homes that are close to their children’s school; who are looking for homes that are built around the needs of their lifestyle.
With the emerging real estate trends in 2021, the industry is witnessing a paradigm shift in terms of buyer behaviour. Consumers are more informed and empowered than they have ever been. This has led to a massive change in the buying behaviour of Indians. The new generation is far more aware of the pitfalls of the real estate market and is searching for a better deal.
Co-Lifestyle: Adopt and Adapt: Keeping up with the trends of living-in-abundance.
The way of living is changing with time. The lifestyle of the people of India is also undergoing a sea change, especially in the big cities. People are moving towards a new way of living that is very different from the old traditions of the past. The concept of having a house of one’s own is growing fast in India. The reason for this is the increasing population, the rising cost of living and also the aspirations of the people. It is said that people in this country are more likely to spend on their homes than in any other country in the world. Today, people are thinking about their homes in a way they never thought before. They are willing to spend money on their homes when they can spend it on anything else in life. The Key Real Estate trends and technology in 2021 are as follows:
The real estate industry in India is certainly new and booming with the growth of the new middle class. While most of us are thinking about the upcoming 2024 General Elections, the real estate industry is already looking beyond the elections. Most of the developers are already working on making their next project ready. The Prime Minister's Office has asked the NBCC to prepare a road map for the construction of one crore affordable homes for the economically weaker section (EWS) and low-income groups (LIG) of the society, which is now going fast and strong as the PMAY-CLSS, making home loans easily available for EWS, LIG and even MIG of the Indian society.
ECO-Friendly Homes: Eco-friendliness and sustainable living
When we talk about eco-friendliness and sustainable living, we often think of living in a place with less pollution, less noise, good quality food, water and air. But living in a place where everything is eco-friendly has more to do with the man-made environment. With the growing population, there is a huge demand for residential spaces, which becomes even more important for people who are looking for a home to live in. So how are the residential spaces eco-friendly? What are the trends in home buying in 2021 that are eco-friendly?
The number of people who opt for eco-friendly living and sustainable living has been on the rise. However, it is not as widespread as it should be. The trend of sustainable living and eco-friendliness, as well as the need to go green, is slowly but surely making its way into the hearts and minds of many. With the current environmental scenario and the cities becoming increasingly polluted, the need to go green and live a sustainable life is becoming more and more important. The population of India will reach 1.6 billion by the end of the year 2021 and the problem of overpopulation and pollution will become even more pronounced. There needs to be an emphasis on sustainable living and eco-friendliness. This should be a priority for the government and its agencies.
Making the most of the space: Utilization and Organization
There is absolutely no denying that there is a big boom in the real estate sector in India. Unsurprisingly, people are looking forward to investing in their homes (second to their investments in their children’s education). However, being a competitive market, buying a home can be quite difficult. There are several cost-effective ways of buying a home, but there are some standard factors that you need to be aware of before you go ahead and buy a home.
The home is always a reflection of your personality. It reflects your taste, your thoughts and the way you connect with the world. As a home buyer, it is very important to consider all these aspects and make a home that is comfortable and soothing. Homebuyers are always under a lot of stress during the process of buying a home. The reason behind this is that a lot of things have to be considered before you buy a home. The location, the home design, the amenities, the finance and above all, the price. But once you have bought a home, the real fun begins. In the first few weeks after you move to your new home, your focus will be on settling down. However, once you have settled down, you should plan to organize your home. This process is going to be a very exciting one as you will have the opportunity to plan the interior design of your home.
Smart and Safe: Connectivity and Security
The Millennial generation is the largest generation the world has ever seen. The Millennial generation comprises those born between 1982 and 2000. By 2021, this generation will form the largest proportion of the world’s population. They will constitute 30% of the population and will be the most influential and the most affluent generation. Their presence will be felt across all industries and it will transform the way we live and work. This will be one of the biggest changes in the history of the world and that change will be driven by technology and innovation. The Millennial wants convenience, comfort and connectivity. They want a home that is easy to live in, with a high degree of security, and have a high degree of connectivity. In the year 2021, the home will be a place where you can live, work and play.
Home buying trends in 2021 are moving towards smart and safe homes. The homebuyers want homes that are connected to the internet and that can help them monitor their homes and personal belongings. They want homes that can be remotely controlled and that can also alert them if there is a problem. They want homes that can be secured and that can prevent thefts and intrusions. They want homes that can help them live a better life.
Renovation and Upgradation
Renovating and upgrading your house is a dream for most of the people out there. And a wise move too. After all, a house is a home and a home is a place where you spend a significant part of your life. So it makes sense to upgrade and renovate your home from time to time. Of course, renovation and upgrading a house is a task that requires a lot of work. You have to plan everything from scratch. You have to think about how you can renovate and upgrade your house in a way that it will be a great place to live in. And you have to plan it in a way that it does not cost a bomb. Most importantly, you have to think about how you can keep your house a home and a place where you and your family will be able to enjoy living.
Connecting is key…the future of houses is integrated!
Thanks to the world of technology, we can now buy almost anything from anywhere, anytime. And that is exactly what the world of real estate is going – a digital one – thanks to the Internet of Things (IoT). The Internet of Things (IoT) is a network of physical objects that contain electronics, software, sensors, and connectivity which enables these objects to exchange data with the manufacturer, operator and/or other connected devices. It is a network of "objects" such as vehicles, home appliances, wearable technology etc. In simple words, IoT is a network of things that are connected to the Internet and can send and receive data without the need for human-to-human or human-to-computer interaction. It is a network of “things” that can communicate with one another without human interaction.
With a growing population and a young generation ready to invest in a house of their own, the Indian real estate sector is witnessing a boom. The market is growing at a CAGR of over 10% and is expected to reach a size of $660 billion by the end of 2021. However, with more homebuyers coming into the market, the sector is also becoming more competitive. In the future, it will be important to develop strategies for staying ahead of the curve. In this blog, we have highlighted some of the top emerging homebuying trends in 2021 in the Indian real estate sector.
With access to real estate data becoming easier, real estate skills being more democratized, and technology being more accessible, things have never been better for India's real estate sector. So what is the future of the Home Buying trend in India? That is something for us to figure out. In the end, it is all about the buying experience that you offer.
Since the past few years, home buying trends in India have been changing. More and more people are now looking forward to buying homes in the suburbs when compared to the urban areas. This has given rise to the need for homes that are well-designed, energy-efficient, safe, and environment-friendly.
As the construction sector grows in India, so does the number of buyers looking for their new homes. We are excited to be a part of this sector and are looking forward to the future of the real estate industry. If you are interested in home-building or are just starting your search for your new home, please give us a call. We would love to talk to you about our construction services.
We hope that this blog has provided you with some useful insights about the top seven emerging homebuying trends in 2021 in the construction industry in India. With so many new home buyers in India, now is the perfect time to invest in new construction projects. If you are looking for a reliable construction company to use for your next project, please contact us. We are always excited to build new projects and help others build their homes!
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