After the peak decrease in Covid 19 phase, the real estate market in 2022 has risen. It has established a continuous benchmark in its growth momentum. The standard of home sales across the top cities in India streamed 68% in 2022, conveying the sector’s comeback. Further, the price of houses in India grew to a scale in 2022.
The residential and corporate sectors’ growth has been worse amid strict lockdowns in significant cities. Yet, it retains growth in the industry, with an increase in demand for house sales and commercial spaces.
If we look at the chart, today, there is an increased rate of new commercial projects and properties in urban and semi-urban areas.
According to the report, the real estate and construction industry ranks 3rd among the 14 major sectors in terms of direct, indirect, and induced impacts in all sectors of the economy. The real estate sector generates the 2nd highest employment after the agriculture sector in India.
It also predicts that there will be an increase in the number of investments by non-resident Indians(NRI investments) in the real estate sector. The megacities in India have been the most preferred and favorable destinations for real estate investments.
Predictions for the Future of Real Estate
The real estate sector is going to have long-term growth in its journey as there is an expansion of growth in urbanization and the demand for commercial and residential properties. If we look into existing trends and rising technologies, it will have an impact on consumer needs.
The real estate industry had to strive and offer innovative solutions by improving efficiency and providing a better user experience by adding new technology to their real estate projects.
Several trending factors can be considered when making predictions for the future of the real estate sector:
The Era of Artificial Intelligence:
In the Future of real estate, AI, VR, and AR can have a substantial role. Virtual Reality can be used for property hunting. People can likely check out real estate properties before buying with a 3D view. It can also conduct a virtual tour of the house or property. It can also give a before and after construction view.
The best part is viewing the property in the comfort zone without visiting the site. Artificial Intelligence can help the real estate industry in analyzing buyers’ journeys their preferences and simplify real estate tasks and processes.
Further, Augmented Reality can help real estate developers shift their outstanding designs into entirely functioning properties. Potential buyers can have a virtual tour of the property before the purchase.
Remote Work & Flexible Office Spaces:
There can be an increase in the demand for remote workspaces and office spaces. Co-working space model can provide a coworking environment with ergonomically designed desks that many companies prefer. An innovative solution to the working environment.
This change is likely to be continual. There is a demand for growing buildings and shopping centers in urban areas with all the necessary amenities. The rise in job opportunities, events, and cultural activities has increased urban real estate property development.
Smart Homes & IOT integration:
Home automation is also a trending factor that can impact your real estate future buyer needs and requirements. There will be massive growth in IOT integration shortly. It provides a home with a class of control and comfort.
It includes monitoring, controlling, improving, and enhancing features that cover home kits, home security, smart locks, brilliant lightning, power surges, smart refrigerators, and water/gas sensors. The comforting appliances can be controlled with web apps.
Real Estate Investment Technology:
People won’t go to real estate brokers shortly. They can get the details of the real estate properties and developers with one click. A few of the real estate investment techniques that will be effective soon are Crowdfunding, blockchain-based transactions, and real estate investment trusts (REITs).
Big Data Platforms:
Using Big data analysis helps real estate companies in calculating costs, and improving efficiency and customer experiences. Big data analytics can determine mortgage costs, market trends, home equity, property age, and predictive analysis.
It provides real estate firms with advanced and data-driven decisions. It also allows real estate developers to enhance property design, selection of tenants, and best utilization of space by making the most of the space.
3D printing Home:
3D-printed homes help real estate firms in making homes quicker, more sustainable, and more affordable. There is a growing demand for 3D printing in the market for its profitable outcome. You can use 3D printing by creating a blueprint of your home or property design, sending the design to the printer, printing the design layer by layer, and installing additional construction to the layouts. The 3D printing process is reasonable, quicker, and sustainable.
Eco-friendly and energy-efficient buildings:
The new real estate and urban project planning includes the construction of green buildings that seek to reduce the effect on the environment and to make them more reliable to the surroundings.
The eco-friendly building covers reducing energy consumption and using renewable energy, comprising recycling systems, air cleanliness, design innovations, social equity, and public health.
Real Estate Market News
- There is a remarkable growth in the residential real estate industry in 2022, placing a new sales record of 68% YoY.
- It has been proved in the 2022-2023 year that the real estate industry is the fastest growing sector after information technology(IT) and FMCG(fast-moving consumer goods).
- Prediction: the real estate market of India is expected to have a growth rate of 9.2% during the five years (2023 – 2028).