The residential real estate market of India has witnessed a fair share of turbulences due to unpredictable situations. Since the past five years, real estate in India has moved from a sloppy start to a fast paced expansion and has not turned back since then. An important aspect of residential real estate is that it was not as remunerative as first, but with market stability it became one of the most sought after markets in India. Also, beyond an irregular demand problem there is still great potential in the housing sector of the country and is expected to touch new heights of expansion in the next few years.
Let’s take a look at the drivers of the residential real estate industry of India-
Increased affordability and urbanization
Factors such as affordability of mid-segment as well as luxury property and rapid urbanizations are somewhat responsible for the growth of housing realty. The Indian real estate market has now started to witness a substantial shift from the existing market conditions, which were moving at a rather slower pace than expected. In this situation, developers are required to focus on not just the global market scenario but also the local conditions in which properties are planned out. This would give them an edge over the other competitors in the market and also a steadiness to prove themselves. Hence, this little trick has become a life savior in order to understand the operating models to compete in different set of marketplaces.
Economic and regulatory conditions
After the commencement of new regulatory bill by the Indian government, there are now many hopes from the real estate conditions of the country. This also guarantees a sigh of relief for buyers as they will be now equipped with the right set of rules, which they can use to their defense anytime. Regulating more scrutiny for the builders, new reforms are a way of offering better understanding of the current situation of the market. Therefore, from the construction phase to the hand-over process, developers are now completely responsible of the project they are undertaking under a close eye of government.
Refined investor awareness
One of the factors that are responsible for such an outstanding performance by residential real estate is the awareness spread by the governing authorities. Buyers are now more informed about investing in this segment of real estate, which gives them an option of choosing from other segments as well.
After a decade of observing customers’ demand in real estate, developers must now brace themselves and prepare for the next 5 years of such expansion. India property Not only that, if builders start planning now they can definitely predict the demand drivers of the future investments. This is going to build a better and economical market that is not completely dependable on the spontaneity on the investment conditions. Additionally, by creating strong brand names, developers can actually make use of the situation. Although, there are plethora of changes that have already occurred in the real estate market of India, there is still a hope of better results from the rest of 2016 and coming years as well. The bottom line is that with the help of few suggestions, developers can actually prepare themselves for what lies ahead particularly in the residential real estate market of the country.