Bhavik Bhandari, CSMO, Ashwin Sheth Group
Real estate has experienced rapid expansion and evolution over the past several years, bolstered by policy reforms, positive consumer sentiment and a rise in disposable incomes. The dynamic sector has emerged as a powerful economic driver and is poised for even greater transformative growth in 2024 and beyond.
The market size for residential real estate in India is estimated at USD 227.26 billion this year and is projected to reach USD 687.27 billion by 2029, growing at a CAGR of 24.77%. The sector’s diverse opportunities for various investor profiles have been instrumental in ensuring this success. As 2024 continues to unfold, there are several promising indicators for Indian real estate in the broader economic environment, including job growth, increased government support for affordable housing as announced in the Interim Union Budget of 2024-25, and overall economic expansion. These factors will surely contribute to a surge in demand for housing developments across the country, as more individuals look for opportunities to purchase their dream homes.
As we anticipate exciting opportunities and innovations in real estate, let us take a closer look at four key trends shaping the residential real estate market.
Modern Amenities – Elevating Lifestyle
As the focus on work-life balance and well-being grows, the hunt for all-inclusive, lifestyle-centric homes will continue to soar. Amidst the bustle of urban life, zeroing in on the perfect home goes beyond just the living space; it is about lifting your lifestyle a notch higher. As individuals strive to strike a balance between work, leisure, and overall well-being, the right amenities play a key role in optimizing their everyday lives. From fitness centers, swimming pools, and recreational areas to co-working spaces, lush green landscapes and social hubs, these amenities not only enhance convenience and comfort but also foster a sense of community and belonging that enables residents to truly thrive and live their best lives.
Gated Societies – Strengthening Safety, Security and Privacy
Security is among the predominant concerns of homeowners nationwide, and meticulously designed gated communities now fulfil this need like never before. With advanced tech-enabled security systems, smart-home automation, CCTV surveillance and monitored entrances, gated communities are redefining safety and security. Moreover, families with children appreciate gated communities, as they offer a safe and secure environment for kids to play and explore. Additionally, gated community residences often exhibit a stronger appreciation in market value over time due to their exclusivity and focus on quality living standards.
Smart Homes – Integrating Technology into Living
In fast-paced urban centers, where life moves at lightning speed and every second counts, people yearn for homes that anticipate their needs and respond to their commands, elevating comfort to a completely new level. Moreover, tech-enabled security systems give the owner peace of mind, allowing them to monitor their home from anywhere in the world. With the ability to lock doors, access surveillance footage, and receive real-time alerts, all within a framework of modern design and sophistication, residents can be rest assured that their loved ones and possessions are safeguarded in a setting of unbeatable safety and convenience.
Sustainable Living – Minimizing Environmental Impact
The real estate sector contributes to nearly 40% of the carbon emissions globally, per the UNEP. There is a growing focus on environmental preservation among younger homebuyers, resulting in them actively embracing sustainability in their homes. This is where green building practices come to the forefront. By prioritizing sustainable living practices, entrepreneurs can create homes that are not only cost-effective but also minimize environmental impact.
Developers play a crucial role in promoting sustainability by adopting practices such as using recyclable and renewable materials in building projects, minimizing energy consumption, and adopting waste reduction strategies. However, sustainable construction does not end after the completion of the project; it involves designing buildings with minimal environmental impact throughout their lifespan. To achieve this, entrepreneurs can implement practical solutions such as integrating renewable energy sources, installing rainwater harvesting systems, utilizing sustainably sourced materials, adhering to proper waste management practices, incorporating energy-efficient lighting, and obtaining green building certifications. This will not only help create cost-effective green living spaces but also work towards preserving the environment for generations to come.
Looking Ahead
The real estate landscape in 2024 is in the midst of a renaissance, brimming with opportunities for those who embrace change. It holds the potential to reshape communities, redefine living spaces, and bring in a new era of sustainable growth within the sector. By staying abreast with the aforementioned key trends, developers and entrepreneurs can adopt a proactive approach to effectively navigate this dynamic terrain with confidence.
