Residential properties in India have been hitting a high note since quite some time and this year has marked a growth particularly in the affordable housing sector. This means that buyers like to prefer comparatively inexpensive properties, so that they can live in peace without having to spend more than they should. Often most of the developers are luring buyers to buy property which extends their financial liabilities to the utmost extent. However, with growing demand in affordable residential projects, one can now actually invest their money with a clear budget in mind.
This scenario in the country has emerged out in the second quarter of 2015 and has since become a trend in the real estate market. In order to complete existing properties on a given deadline, realtors are not focusing on new buildings which are less lucrative at this stage. In the beginning of 2016, many developers did show off their new projects through various advertisement strategies. However, with the beginning of the second half of the year, it has become quite evident that those new projects are going to be on a hold for a while.
Just like any other market in competition, real estate also has its moments of highs and lows. Almost all of the speculated markets have their life-cycle and Real estate website and is no exception to that. What started out as a new and innovative business in early 1980s has now become a medium of hardcore business for many. A lot of real estate gurus do think that the money-making time for this business has now taken a pause. Instead of building new properties, realtors are now concentrating on reevaluating the existing ones.
This trend is likely to continue until more number of investors turn up in the market. One of the major reasons of this sharp change is that the property prices are usually high as compared to the monthly income of people. With this change, came the concept of affordability and it is rather obvious now the motive behind the change of interests in developers as well.
Moving into a new era of real estate
The increase in construction of affordable or mid-income properties is going to pave a new way for the real estate business in India. Even though luxury apartments and villas are very much in demand, and there is a certain section of investors that is interested to buy those properties. In the recent times, one thing that most of the developers have been missing is the lack of creativity in the new projects. This has clearly resulted in the reduction of market value of most of the properties built within the last three years.
Pioneering the concept of affordable luxury has become a very crucial perspective for a realtor. To improve current situation, they have to start planning out different techniques and ideas to attract more number of customers. This concept of affordable luxury would not only address the demand of global buyers but also adhere to the guidelines of Indian real estate market.
India is surely going to ramp up its residential real estate and emerge out to participate in the most competitive markets of the world.