India’s real estate sector has got an optimistic push from the new government with a timely dosage of some fresh policies that are changing the rules of the game. This has redefined the property market and today there are realty trends that are emerging all across the country.
1) Growth of peripheral areas
All across the country, home buyers are preferring to invest in newer markets that are coming up in the peripheral areas of metros and tier II cities. With most city centres reaching their saturation point, and becoming increasingly unaffordable, for the first time home buyer, it makes more financial sense to invest in a home in the outskirts of the city.
In Mumbai for instance the Thane-Kalyan belt, extending up to Shahpur, and in the south-east, stretching beyond Navi Mumbai up to Kharghar, has witnessed increasing demand from buyers and investors.
2) Demand for plots and plotted developments
With property investments increasing in the outskirts of the cities, there is another new trend that has emerged. Most of the markets in the peripherals do not have a strong apartment culture and here residential plots and plotted developments are gaining prominence amid property buyers. Buyers prefer to buy plots with the aim of getting good returns in the future.
3) Growing consumer interest in small units
For the first time home buyer, look for ‘starter homes’ in metros, it makes more sense to invest in a smaller houses which fall within his current budget and can be sold at some point in the future when his family as well as income grows. As a result, the demand for smaller configuration homes such as 1 BHK, 1.5 BHK and even studio apartments is growing across all metros. Until a few years back, Mumbai used to record demand for 1BHK units with south Indian cities shying away from living in small units. But this is fast changing with demand for 1BHK homes doubling over the past six months. According to a report, Bengaluru currently has over 30 upcoming projects, in various stages of construction, offering 1BHK units starting at INR 7 lakhs.
4) Impetus on affordable housing
Affordable housing has come into the media limelight ever since the new government spoke about it in its manifesto.
Since then the government has offered tax incentives for home loans, as well as accorded the infrastructure status for affordable housing projects. Today, many realty giants such as Mahindra Lifespaces, Lodha Group, Tata Housing, and Supertech are launching affordable projects in major metro cities.
5) Increasing focus on smart cities
To accommodate rapid urbanization, the government of India has allocated USD 1.2 billion in the fiscal year 2014-15 to build 100 new smart cities, and to develop satellite towns around existing cities. This will greatly boost the housing market with new demand being created in the small smart cities and nearby satellite towns.
source-India property
No comments:
Post a Comment