Real Estate Needs Change – Different and Disruptive

The Indian real estate sector is shaky, in flux with changing economic situation and new real estate laws like RERA. In the evolving environment, developers should acceptance change, developers must come up with new formats of properties to capitalise on the changing environment, real estate needs change, innovative products and services which are different and disruptive in sense.

There is an increasing demand for affordable housing and urban infrastructure, from transport facilities to telecommunications and job opportunities that lets all people succeed, but many of project does not have these essential requirements; these projects are far away from job opportunities with lack of proper transport facilities and overall development, where end user reluctant to buy.

Home prices and Economic Inequality are expected to increase, while “liveability” and a sense of community will diminish with unplanned and haphazard development of the urban areas; maintenance costs, energy cost are also important factors, that’s where green building sustainable solutions come to rescues. The real estate sector needs to find solutions in developing new housing concepts.

As younger generation is more mobile and flexible; ready to change locations for economic and financial reasons, that’s where sharing economy make sense where people rent or borrow goods rather than buying or owning them, this trend has driven the popularity of home renting services and serviced apartments and this could generate significant revenues in future.

Developers can cater to the needs of an ageing population with assisted living, accessible facilities, and creating a healthy environment that keeps the elderly out of hospital. These senior living opportunities have not been tapped nor marketed properly.

Buyers wants flexibility and control over how their apartments will eventually look, so developers can offer flexi homes where buyers can select their own layout, living, kitchen, bed area and several other aspects; there is also growing concept of smart homes or Home automation that include control and automation of lighting, ventilation, air conditioning (HVAC), and security, as well as home appliances; developers can tap on these growing trends for their upcoming projects.

Latest survey shows that buyers have become less predictable, where real estate demand is mainly driven by buyer personality, values, opinions, attitudes, interests, and lifestyles – are also becoming more judicious and demanding better quality and services; developers needs to develop properties and marketing in accordance with this demographics for determining real estate success.

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