Future of Real Estate Market in India: Trends & Predictions
The real estate market of India is going to witness an uptick in the coming years. With a projected 300% surge in online property searches driven by technology and virtual tours both the residential and commercial sector will see a surge. The sustainable real estate practice will contribute to a 19% increase in the property value. Additionally, the global green building demands will lead to a valuation of $364.6 billion by 2027 in the real estate market.
4 Key trends to look for in Real Estate Market
1. Technological Impact
The integration of technology in real estate is experiencing unprecedented growth. This is evident in a remarkable 300% surge in online property searches facilitated by AI-driven chatbots and virtual tours. Notably, the smart home sector is anticipated to achieve a substantial market value of $174 billion by 2025 leading to a boom in the real estate market.
2. Remote Work
The profound impact of the remote work paradigm is reshaping housing preferences/ This is further amplified by the year-over-year increase in the demand for suburban homes. This shift is underscored by the fact that, as of 2021, a staggering 87% of homebuyers consider a dedicated office space essential. This has led to a fundamental transformation in property demands that has been influenced by the prevalence of remote work.
3. Sustainable Real Estate
The major momentum behind sustainable real estate practices is
gaining traction, with eco-friendly features contributing to a noteworthy 19% upswing in property values. This surge is evidenced by the global green building materials market’s projected valuation reaching an impressive $364.6 billion by 2027.
4. E-commerce Fueling Industrial Boom
The exponential growth of e-commerce is propelling an unprecedented demand for industrial real estate. This is illustrated by a substantial 21% year-over-year uptick in leasing related to e-commerce operations The global industrial real estate market is forecasted to reach a staggering $1.2 trillion by 2025.
Prediction for Commercial Real Estate in India
The commercial real estate sector in India is poised for robust growth in the coming years. With a resilient economy, increased urbanisation, and evolving work dynamics, demand for office spaces is expected to surge. According to a report by a leading daily, India’s office space demand is projected to reach 30 million square feet annually by 2023.
Cities like Bengaluru and Hyderabad are leading this trend, driven by the IT and technology sectors. The rise of flexible workspaces and the government’s infrastructure initiatives further contribute to the positive outlook.
Prediction for Residential Real Estate in India
The residential real estate market in India is anticipated to witness several key trends in the coming years. With the increased adoption of remote work, there is a growing preference for suburban living, driving demand for larger homes with open spaces. Sustainable and eco-friendly housing solutions are expected to gain prominence as environmental awareness rises.
Additionally, affordable housing schemes and favourable government policies are likely to boost the market. According to projections by industry experts, the residential sector is anticipated to experience steady growth, with a focus on digitisation and innovative financing solutions
Real Estate Market Predictions for India
The real estate market of India is going to witness a boom in the coming year. Several media outlets and trade experts have suggested that India will see a growth rate equal to 9.2% from 2023 to 2028. This growth will be further fulled due to the following reasons.
- Continued migration from urban to suburban areas is anticipated, driven by the desire for spacious homes and improved quality of life. Data from several property consultants suggests a sustained 15-20% annual increase in demand for suburban properties
- The digital transformation of the real estate sector will intensify, with online property transactions and virtual tours becoming the norm. The digital real estate market, estimated at $13 billion by 2030 will see further growth
- Despite remote work trends, the commercial real estate sector will rebound, especially in tech hubs like Bengaluru and Hyderabad. Colliers International predicts annual office absorption to reach 30 million square feet by 2023
- The demand for sustainable and eco-friendly housing solutions will rise, reflecting the increasing environmental consciousness. Expect a surge in green building initiatives and energy-efficient designs, aligning with the global shift towards responsible living
- Government initiatives and developer focus on affordable housing will contribute to steady market growth. The residential sector, backed by favourable policies, is expected to cater to a wider demographic, with affordable housing becoming a key driver
FAQs
1. What is the prediction of real estate in India?
As per reports, the real estate sector of India will see a rise in the coming years with a boost to both residential and commercial properties.
2. What is the future of real estate in India?
India’s real estate market will continue to see a boom and is expected to grow at a rate of 30%.
3. What is the future of real estate in India in 2030?
Urbanisation, job mobility and the need for affordable housing will fuel the growth of the real estate market in India in 2030.
4. Will real estate boom again in India?
Yes, the real estate market is going to see a boom due to increased demand of sustainable housing projects.
