The competition among real estate developers is tough, just like any other business. The price of land in the city has increased by at least 100% in the last couple of years. As a result, residential plots have come up adjacent to important IT/ITES sectors, airports, seaports, etc.
This makes it easier for people to buy or rent a flat and commute to their workplace. Expert Ram V Chary has the following observations about current trends in Real Estate Development:
1. Buildings are Going Green
Green Building is a generic term for all buildings that aim to reduce negative environmental impact. LEED-certified buildings use materials and methods that promote better indoor air quality, conserve energy and water, increase recycling and waste disposal efficiency, produce less trash, and more.
2. Trend towards Multistoried Buildings
High-rise living is becoming more and more common across the country. There is hardly any city in India where high-rise buildings are not coming up frequently. Therefore, special planning of cars, lifts, passages, stairs, etc., must be considered for multistoried buildings.
3. Demand for High-Quality Plots on Roadsides Rises
Large parcels of land in prime locations like those next to highways, near railway stations, and bus terminals are being sought after. The demand for commercial complexes that can accommodate many offices is also rising. If one plans to build a complex on the roadside, he must have enough parking space for public use.
4. Residential Plots – More Space Required
It is now mandatory for all new residential buildings to have 2-car parking spaces. As a result, people opt for extra bedrooms, bigger bathrooms, and larger balconies than before. The number of family members staying together is also increasing.
5. Increasing Popularity of Gated Communities
Many developers prefer setting up gated communities instead of building separate buildings. The reason is that gated communities offer a better sense of security for the residents by only allowing selective people inside.
6. Increase in Number of Duplexes and Penthouses
Duplexes are fast becoming the new choice for many home buyers because it gives them an option to live independently from day one. However, there are also penthouses in multistoried buildings designed for rich people who like to live alone.
7. Developers Promote their Projects through Advertising Campaigns
The competition among developers is so high that they often invest heavily in internet marketing, print media advertisements, hoardings, etc. They also motivate homebuyers by offering exclusive discounts, attractive schemes, etc.
8. High-Interest Rates are Beneficial for Real Estate Development Industry
As the interest rates continue to rise in India, so does the demand for real estate properties. Homebuyers are now ready to shell out big bucks to fulfill their dream of owning a home because future projects are becoming unaffordable.
9. New Projects Are Coming up Around Eco-Sensitive Areas
Developers consider the environment while starting new projects in large cities like Mumbai, Bangalore, Chennai, etc., where it is difficult to get land easily. Even if the government offers them surplus land near hills or forest areas, they set up projects there because the buyers are likely to get attracted easily.
10. Increasing Popularity of Projection Advertising in Cities
Projection advertisements are gaining popularity among developers because they can uniquely promote their project images without spending too much money. These images are impressive and easy for people to remember because it does not require them to read the name of the project and information about it.
