Property: Key trends seen in 2020

The year has been quite the turmoil this time around. While we can find many things that would make us wish to start over this year, there is still a little silver lining in the dark clouds. For all of you who had, prior to the lockdown, decided to try your hands at investment, this year might be the one for you. If you had thought to unlock the property realm, an investment might be a good option right now. 

After some extensive plot research through different financial and housing portals, I have found the key! No, but seriously. These are the trends in the realm of real estate that might be helpful for you.

Be ready to be gripped by the sub-urban city markets:

There has been a rise in the demand for houses in sub-urban to urban markets.

Pune, Chennai, Hyderabad, and Bangalore real estate markets have seen a smooth increase in demand. There is reason to be optimistic that this trend will continue into FY21 as well. Secondary markets like Goa and such may also see growth in affordable housing.

Co-living and co-working spaces will continue to rise:

Millennials have been making some significant changes in their buying behavior. This has been happening for quite some time. They prefer to live in what is known as a ‘co-living space’.  As compared to the usually rented space, a co-living space is more dynamic. Co-living space is basically shared living. You share your space with other people, kind of like renting a place with your friends. This makes the unit more affordable and there is the added benefit of having fun with your friends! The same concept can be applied to co-working spaces where many offices share a workspace. For example, WeWork offices. These concepts have been gaining a lot of traction and are definitely here to stay.

Bring into your life sustainable and green living:

Green-tech has been rising globally and rising fast. Both builders and buyers are preferring to build and buy houses that are environmentally friendly. It is all about being eco-friendly and sustainable now. We have to be sensitive to our environment and live smarter.

(Also check out: Sustainable homes: Futuristic living tips)

The residential and commercial sector will see growth:

Residential and commercial real estate business will see a great rise in 2020. In the last few years, the office spaces, the warehousing sector, and the residential sector has gained significant traction. Urbanization and white-collar migration have been seeing rapid growth. This will translate to growth in both commercial and residential property needs. The dream “Housing for all” will become a reality and affordable real estate will make a permanent place. 

Think real estate, think luxury and tech:

Gone are the days when we just thought of incorporating tech into the property sector. Data gathering, artificial intelligence, and machine learning will play an important role in redefining the property sector in India. Technology will assist in the timely completion of the projects. Furthermore, the quality of construction will improve as well. 

In addition to this, there will be a significant development in the luxury housing area. They will evolve in a more holistic manner.

While the pandemic might have derailed your plans, for now, don’t lose hope. Remember the grass is always greener on the other side!