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2024 Top Trends in India's Real Estate
India's real estate market is poised for transformative changes in 2024, driven by technological advancements, regulatory reforms, and shifting consumer preferences. As one of the fastest-growing economies, India’s real estate sector has a significant impact on its GDP, employment, and urban development. According to the Financial Express, the inflow into the Indian real estate market increased to $ 5.1 billion in 2023. In 2024, the Economic Times has predicted that sales will increase by 10-15%. Here is why?
1. Smart Cities Mission
Technology continues to revolutionize the real estate sector, with smart cities being at the forefront of this transformation. The Indian government’s Smart Cities Mission aims to develop 100 smart cities with enhanced infrastructure and connectivity. The Union Housing and Urban Affairs Ministry has extended the Smart Cities Mission for the second time till June 2024. These cities leverage IoT, AI, and data analytics to improve urban living, making them more sustainable and efficient. Features like smart grids, intelligent traffic management, and advanced surveillance systems are becoming standard.
Moreover, property technology (PropTech) is gaining traction. Virtual tours, AI-driven property recommendations, and blockchain for transparent transactions are becoming commonplace. Real estate developers are increasingly adopting Building Information Modeling (BIM) for better project management and cost efficiency.
2. Economical Housing and Housing for All
Affordable housing remains a critical focus for the Indian government. Initiatives under the Pradhan Mantri Awas Yojana (PMAY) aim to provide housing for all by 2022, a goal that has seen considerable progress and continues to drive the market in 2024. The affordable housing segment is expected to grow further, supported by government subsidies, tax benefits, and incentives for developers.
The demand for affordable housing is also fueled by urban migration and the growing middle-class population. Developers are now focusing on creating budget-friendly homes without compromising on quality, integrating modern amenities and sustainable practices.
3. Sustainable Living
Sustainability is no longer a niche but a necessity in real estate. Green buildings, which minimize environmental impact through energy efficiency, water conservation, and sustainable materials, are increasingly in demand. The Indian Green Building Council (IGBC) and Leadership in Energy and Environmental Design (LEED) certifications are becoming benchmarks for new projects.
Real estate developers are incorporating renewable energy sources, rainwater harvesting systems, and waste management solutions. Consumers, too, are becoming more environmentally conscious, preferring homes with lower utility bills and a reduced carbon footprint.
4. Developing Co-Living and Co-Working
The shared economy model has found its way into the real estate market through co-living and co-working spaces. These options cater to millennials and young professionals seeking flexibility, affordability, and community living. Co-living spaces offer fully furnished accommodations with shared amenities like kitchens, gyms, and lounges, creating a sense of community.
Similarly, the co-working segment is expanding as startups and freelancers prefer flexible, cost-effective working environments over traditional office spaces. These spaces often provide networking opportunities, fostering a collaborative work culture.
The Indian real estate sector is on a dynamic growth trajectory in 2024, influenced by technological advancements, changing consumer preferences, and supportive regulatory frameworks. From smart cities and sustainable buildings to the rise of co-living spaces, the trends indicate a booming and resilient market.
