The residential real estate market is in huge demand everywhere. With overcrowded and busy cities, many are falling short of meeting developments and other necessary infrastructure. So, with this existing problem, a few factors must be considered while investing in the real estate market to secure the investor’s future. The real estate industry is completely shifting from the old patterns and with the emerging technologies, it is finding a new phase. Anyone investing in real estate in the near future must be aware of the various changes that have been brought in this sector.
- Digital House Hunting
With the advancement in the field of technology, everything is made easier and this has effects on the real estate sector also. 3D modelling and virtual reality have innovated the real estate market. This is influencing the real estate market to a great extent and has become one of the critical components in the industry. As this new trend is helping many people who cannot have direct access to the property site especially the NRI and this technological advancement is very convenient for buyers and developers equally. With this, the buyers do not have to visit each and every property before finalising the best for them. Within the comfort of their residence or else where they could shortlist the better options available.
- More Affordability
Experts have analysed the market and suggested that home loans are available at an all-time lower rate. The mortgage rate has declined, which will benefit home buyers. Homebuyers with good credit scores can get favourable mortgage rates. Lower mortgage rate has helped to incentivise the property market for prospective homebuyers keeping the market afloat.
- Government Support
The government had made important contributions to this sector and this had developed a boost in investment in real estate. Many rules, frameworks and bodies have been introduced by the government in order to have a clear and transparent property purchasing experience. RERA (Real Estate Regulatory Authority) is the major programme. The federal, as well as state government, has established several programmes to enhance the proper transactions in the real estate market. The government is also looking forward to the completion of delayed and blocked projects. Apart from this, they are providing affordable housing options through various schemes.
- Convenience
Convenience is the key factor in any real estate purchase. Invest in a property that is convenient to you and your family in all ways. Look for a property that is close to your office, entertainment zones, leisure hubs, schools, hospitals and everything that is essential for your smooth and convenient lifestyle of yours. If you are investing in any integrated townships, make sure that the project provides efficiently planned roads, water treatment plants, drainage and sewage systems, and excellent specifications along with all necessary amenities. Invest in a property that caters to all your needs and brings a change in your overall living experience. This way you are not just opting for a convenient lifestyle but also securing your investment for the coming future.
- Sustainable Residential Constructions
Many builders are opting for sustainable construction for their projects. As climate change and increased congestion in developed urban cities, developers are focusing on environment-friendly and sustainable constructions. Sustainable real estate developments involve using raw materials that are not harmful to the environment as well as to the people living in it. Good quality construction materials are used to avoid any problem that it creates. Sustainable real estate developments incorporate environment-friendly design techniques, materials and technologies into the building process.
The real estate sector had come forward a long way after the crisis that it had in recent years. With each year passing the number of problems is getting decreased and more solutions are replacing them, especially since the old norms are changing. In the near future the demand and sale for all kinds of homes ranging from luxury homes, affordable homes and ready-to-move-in homes will be huge. This will continue to remain high with all the changing trends. With the change in investors and buyers, the real estate industry is getting into a new phase and will continue to grow as always.
