Developers, real estate agents, and other people who work in the field should pay attention to these trends.
In the Indian real estate market, there has been a lot of ups and downs in terms of demand, traction, and supply in 2016. Finally, the curve has settled on the side of growth, which is a good sign for the industry in 2022.
It has been a good year for this important market, especially in Q3 and the present Q4. The slowdown caused by COVID hasn’t slowed down Indian real estate in any of its different sectors, such as housing, commercial, retail, and hospitality. Buyers, investors, property owners, developers, agents, and more are all involved in the real estate industry. We look at the five most important things for everyone. Basically, these are the trends that are driving the big real estate boom in India right now.
Analytics of data
As a job, Data Analytics means that a lot of business data needs to be managed and analysed by different real estate players every day. It also encourages them to use the same to get business insights and make smart decisions.
In the last few years, the number of people looking for properties to buy, invest in, or rent has gone up and up. A new piece of data is made up every time a user clicks on a link. This data point and its business information are also made up. It’s become more important for businesses to value and use each of them.
As more people use the internet to find and book properties, this market will grow and stay strong. Furthermore, their use of social media and the ability for businesses to get real-time customer information and act on it will make them stand out from the rest of the pack.
Data and research are now required for front-line real estate business functions like lead generation, sales meetings (physical or online), and property tours (physical or virtual). These functions are now incomplete without them.
In the digital world, you can market your business.
With the rise of social media and the need for digital marketing, a lot of people who want to buy a home or invest in real estate have moved online. It’s not just COVID that has played a role; this was also true before COVID and is becoming the norm as time goes on. It’s all about video and VR-based virtual property tours these days because they give buyers a lot of options to think about before deciding which one to buy. Developers and real estate agents who have been more tech-savvy and used digital marketing have had better conversion rates and faster communication and transactions.
The commercial sector
When office space and commercial real estate have come back, it’s just been the cherry on top. India took in 5.85 million square feet of office space across the top seven cities in Q3 2021. During the process, it grew by 48% in the second quarter and 12% in the first quarter, as well as by 8% year-over-year. There were a lot of people getting vaccinated, the economy was opened up, and people were more aware and prepared for COVID in general.
It’s thought that this surge in demand for office space will continue, as the gross leasing volume hit 6.3 million sq. ft. in Q3 2021, up 25% on a year-over-year basis. These cities are the best at getting new businesses into their office spaces in terms of both volume and how much money they add to their businesses each year. It’s expected that Tier 2 and Tier 3 markets will follow in the coming months and years, too.
REITs are very popular.
People in Indian real estate have been a big fan of Real Estate Investment Trusts (REITs) for a while now. A group of businesses that make money by owning, operating, or financing income-producing real estate is called a “real estate fund.” REITs combine the money of a lot of different people so that they can make money from office property investments in India.
All in all, the REIT space in India has been going up even though there was a pandemic. This positive commercial trend could make room for it to move into the residential, retail, and hospitality sectors soon. This could happen soon.
Eco-friendly homes are built.
Many Indian families want to leave a small amount of water and carbon footprint behind when they leave their homes. This is called “organic living.” A growing number of people are buying homes that are more eco-friendly. This could be in the form of solar panels on the roof, rainwater harvesting systems, natural ventilation and lighting systems, or a lot of green space that is part of the house. This is what people want.
For India’s real estate market in 2022, these five are going to be the ones who make the road ahead even better. Developers, agents, and other people in the real estate business should pay attention to these trends in order to stay profitable and grow.