2019 can be marked as the year in which multifaceted trends and innovations in the real estate industry are emerging. In early times, buyers were not very willing to participate in the real estate business. However, after the implementation of RERA and REITs, buyers are putting their hands in the market. The introduction of acts like RERA, REITs and GST has encouraged potential buyers to plunge in the realty market. It is believed that these acts have affected the real estate market to its core. Developers are grappling to adjust themselves with the regulatory acts. Word on the streets are that 2019 is going to be a tough year as well for the real estate market. Through all that, there are some trends which have made their way out of the blunder and were successful in setting the rage.
The following are a few trends which are emerging in 2019.
New opportunities for buyers:
After the implementation of these acts, particularly RERA and GST, buyers have got some advantages which they didn’t possess before. It has truly revitalized them to invest as well as purchase some new property. The increase in translucency and liability has definitely grabbed the eyeballs of some well-known investors who are assessing the realty sector with the present day dynamics, acting as great help in the massive elevation of potential buyers in real estate.
It can be seen that there is an equal demand for residential as well as commercial spaces in most of the developing cities in India. Elevating demand asks for more spaces not only for working but to settle down. This raises the need for co-working spaces in most of the metropolitan city. Rent payments are quite high for start-up businesses as well as for the existing companies. It was known as the new concept in India a long time ago, but not anymore. Many MNCs are relocating their existing office areas to co-working spaces. According to a survey, there is a prominent increase in the share of co-working spaces. As for the total leasing of offices, it can be approximately 10% in 2018 from 5% in 2017.
It is a very common scenario that individuals travel from one city to another, either for studies or for employment purposes. Co-living is neither a new concept nor is it a new trend. In retrospect, it just got a little updated with more facilities and options. An individual usually tries to stay in a co-living space in a new city to reduce their expenses and get more facilities, like a private room along with the shared kitchen, bathroom and living area. These spaces are convenient as well as satisfactory. Its major drawback is that these kinds of facilities are mostly available in metropolitan cities, but now, these trends are rising in Tier II cities also.
There is an uptick in the affordable housing system since the past couple of years, be it from the demand side or the supply one. The inducement provided by the Government to the buyers as well as the developers is playing a huge role in the increment of demand and supply. According to a recent announcement made by the authorities, the credit link subsidy scheme (CLSS) benefits are extended especially for the middle-income group (MIG) which has automatically made the home loan easier to avail as well as to return. Under this scheme, till 2020, home buyers will be able to avail the subsidy up to Rs. 2.67 lakhs.
Indian real estate has emerged in a completely unexpected way and is growing at a rapid speed.