The real estate industry has always been one of the most prominent pillars of the Indian Economy. The real estate industry has a tremendous contribution to India’s Gross Domestic Product (GDP), it stands tall in terms of employment generation and needless to say, creates immense value in the market.
What is the future of real estate in 2020?
The industry regulations have compelled many buyers and developers to reshape their ideas and tactics of playing in the real estate market. All these activities led to many positive changes and altered the algorithms of this industry. The new trends being observed are urbanization, better-planned settlements. Real estate technologies are adapting to accommodate the entrance of the biggest new market driver, i.e. millennials.
Looking forward to the 2020 real estate forecast, there will be some new social shifts, a wider range of opportunities, larger risk and returns, and new drivers of value. According to future real estate reports for the year 2020 is that the start of this decade appears promising.
Here we present the highlights of the real estate market forecast in 2020:-
Rise in investments
As we have mentioned above, the start of 2020 looks promising for middle-class consumers, since it is the initial period of the coming decade. Be it MNCs, ITs or other industries, all sectors are looking for the right time to expand. And 2020 sounds appropriate in various aspects as the world’s population of middle-class consumers has increased by a larger percentage. The addition of the younger population is paving a new path of investments. Since keeping money in currency form will not be fruitful, it’s far better to invest in an avenue which yields better returns. A growing population means greater consumption; which will spark more investor interest in the real estate sector. It will gain momentum with a little boost in logistics and civic amenities.
City suburbs are becoming the hotspots for investment
Due to the trend of urbanizing cities for economic growth, the future of the real estate industry appears quite bright. Cities not only in India but across all over the world are working hard to build themselves as wealth creation centers. The reshaping process of outskirts and suburbs is self-explanatory for expanding dimensions of cities. The peripheral areas are now in way more demand for these diverse reasons. The construction activity seems to be booming in 2020 and we can expect to see more contribution to the future of the real estate industry. Consequently, the emergence of new areas will raise the chances of employment opportunities and leads to migration. Then the final result will be increasing in demand and supply of properties. For the real estate market in India 2020, the cities like Pune, Hyderabad, Bangalore, etc, came out on top as leading centers for the investment groups.
Increase in demand for affordable homes
In today’s tough market conditions, affordable home developments are a breath of fresh air. Even among the users, the demand is clearly for ready-to-move-in projects, with buyers unwilling to take any risk. This trend of the user segment dominating the housing demand is going to continue, at least for the next few years, even with the economic outlook improving.
New-age technologies will be the helping hand
With so many industries taking their business online, it’s only natural to think about the way tech will affect the future of real estate in 2020 or beyond. The real estate sector is expected to benefit from the developments of smart home tech, online home selling platforms, and various apps. Building organizations, interior design and real estate management will incorporate artificial intelligence, which will make our life easier.
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