5 Latest Trends That Are Changing the Face of the Real Estate Market in India
The real estate market in India is a growing industry and is expected to register a growth of around 9% CAGR within 2028. Thus, for investors, the real estate market is an attractive option. The real estate market provides a reasonable amount of investment opportunities. Investment in the real estate market is profitable as the prices of real estate properties eventually go up.
The rise in demand for apartments and homes exhilarates real estate companies in Kolkata. Here’re some latest trends in the real estate market of India that are shaping the industry for a better future.
A Glimpse into the Changing Trend of the Real Estate Market
- Changes in Consumer’s Taste for Homes
Working from home is the new normal for millennials. That’s why people are trying to find larger homes where they can keep their work and personal life apart. Most Indians are now seeking employment in suburban areas. Hence finding an apartment near the workplace is a smart and feasible decision. “Bigger is better” – is the new motto of millennials. They are looking for luxurious 3 and 4-BHK apartments. Suburbs are preferable because they get wifi, connectivity and technological facilities right under their nose.
- Random Increase in Costs
With the increased demand for homes, the cost of apartments and homes is also increasing. A notable increase in the prices of cement, steel and labour is adding to the increase in the price of the apartment. You’ll find that many renowned real estate developers in Kolkata have already increased the prices of their buildings, and others are not far behind. Over time, more costs like safety protocol, vaccinations for on-site workers and other medical costs have been added.
- Inclusion of Co-working Space in Residential Projects
Working from home and co-working is the new normal. Many real estate companies in Kolkata are cashing in on the same. It has become a trend to include co-working spaces within residential projects. Rather than keeping clubhouses, converting them into co-working spaces is profitable for real estate developers. This is a financially feasible decision.
- Inclusion of Health and Fitness Centres
Health is wealth – millennials nowadays are a believer in the same. Hence residential projects where health and fitness centres are included are in high demand nowadays. Undoubtedly, swimming pools, clubhouses and gardens are a great option, but including fitness centres is big. Millennials want to buy such projects without giving them a second thought.
- Houses Instead of Rental Apartments
Millennials are opting for residential apartments nowadays instead of opting for rental houses. With a surge in economic conditions, people feel investing in an apartment is better than rental apartments. Post Covid-19, purchasing a home is a safe investment. Thus real estate is a safe investment nowadays. Real estate developers have thus seen a significant increase in home investment in the last few decades.
If you’re looking for progressive and luxuriously designed apartments for your family, book your dream apartments with Bhawani Group. Check out our range of flats and book at per convenience.