Here are the latest 7 trends that you should not miss when it comes to registration of the real estate property.
The Indian real estate market is an attractive option for investors. This market has not only credible investment opportunities but also guarantees rewarding returns. Know about shaping real estate market in India.
When compared to other investment options like gold, mutual funds, or cryptocurrency, experts agree that the stock market is the best place to put your money. However, before spending money, it’s wise to do independent research on the Indian real estate market.
It is anticipated that new developments will enter the real estate market in the coming years despite the market’s recent difficulties. The demand for homes is rising, so investing in Residential Real estate Property is a safe bet to pay off handsomely in the future.
Consumer Tastes in Housing Have Been Shifting
People who can do their jobs from home are increasingly drawn to the suburbs, where they can find larger homes and higher quality of life at lower prices. WFH has supplanted the ‘walk-to-work concept’ as the primary factor in determining where to settle down.
The latest Anarock Consumer Sentiment Survey results back this up, showing that 43% of people would instead move to the suburbs in search of larger homes.
Only 28% of people currently seek housing within the city proper, close to their place of employment. Because of this increased demand, manufacturers are scrambling to produce new inventory.
Those who had been stockpiling land in the suburbs or elsewhere saw this as an ideal time to start building there. According to the data, as much as 58% of the 1.49 lakh homes launched in FY21 are located on the outskirts of the top seven cities. The percentage was 53% in FY2020. In addition, “bigger is better” has become the mantra of the Indian real estate market in the wake of the pandemic.
The numbers show that apartment sizes in the seven most populous U.S. cities are rising, from 1,050 square feet in 2019 to 1,120 square feet in 2020 and then to around 1,200 square feet by the third quarter of 2021.
Generation Y Is in Charge Now:-
As a result of the current uncertainties, stock market volatility, and recent-past incidents in the financial sector, millennials have emerged as the key demand drivers of today. Many of them opt to buy houses instead of renting. Many people have been inspired to think about purchasing a home after the release of Covid-19 because of the safety they would feel in owning one.
As a result, despite their challenges, millennials continue to view homeownership as a top priority. Over half of the survey respondents were under the age of 35, but nearly half were between the ages of 25 and 35, making real estate the most popular Property Investment choice overall.
The 2019 survey found that only 20% of respondents felt this way. This suggests that millennials have replaced Gen X as the dominant homebuying generation, and this trend is expected to persist into the foreseeable future.
Expected Cost Increase:-
Cement, steel, and labor cost are all experiencing double-digit percentage increases, making a price increase of even five to ten percent seem like a safe bet.
A few developers have already raised prices, and the rest won’t be far behind. However, many developers have increased operating costs over the past few months by providing safety protocols to their on-site workers, including covering the costs of vaccinations and other medical needs.
Furthermore, many developers have seen their stock cleared in the last year (amid offers and discounts) following the housing demand surge during the pandemic, giving them the leverage to increase prices. Growth of 1% was observed in Q3 2021.
Moreover, this was because of the rising construction cost, which was ultimately passed on to the buyers. In light of the currently available lowest-best home loan rates, the developer offers, discounts, etc., those on the fence should take the plunge.
The Need for Health and Fitness Centers
Seventy-two percent of respondents to the recently released Consumer Sentiment Survey ranked a designated walking trail as either very important or somewhat influential. In comparison, sixty-five percent favored open green spaces. Since most swimming pools are closed during lockdowns out of preventive measures, they receive low priority.
The Integration of Shared Office And Living Spaces
In light of the new WFH realities, many Indian real estate developers are considering whether or not to include co-working spaces in their residential projects.
Existing clubhouses can be converted into co-working spaces, and new developments can include this amenity in their plans from the start. Significant adjustments are usually necessary for retrofitting, especially in buildings designed for community gatherings.
Demand For Workplaces Rises As A Result Of Business Expansion
The expanding vaccination drive and low infection rates have boosted business activity in the country, and the adoption of digital technologies has dramatically changed how customers are served.
The real estate industry, in particular, has embraced these innovations to boost productivity, improve stability, and guarantee business continuity. The market is predicted to continue its upward trend as 2021 approaches. Office leasing activity in Q3 2021 reached 13.5 million sq ft. Similarly, home sales increased by nearly 46% quarter-over-quarter to 50,000 units in Q3 2021 and by an impressive 86% year-over-year.
Renting is Making a Comeback
The Model Tenancy Act: https://www.tenancy.tn.gov.in/ is a crucial factor that will likely increase the demand for rental housing. The Act is meant to standardize and formalize the industry, drawing in investments to help turn empty rental units into cash. The Act will also provide a specialized, expedited dispute adjudication mechanism, which will help repair the trust deficit in landlord-tenant relationships.
This and other factors point to the brisk expansion of India’s property market. The reality market has seen its share of ups and downs, but experts predict the next five to six years will be a consistent upswing. The time to invest in India’s real estate market is now.
Contact a reliable real estate agent who will work with you to locate a home that not only meets your needs but also fits comfortably within your financial constraints. Inject some capital into the economy today and reap the rewards tomorrow.
To get further help in regards to registration of the estate property, get in touch with the professionals at VakilSearch now.
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