Top Real Estate Trends in 2024 That Will Rule the Market

Bricksnwall Trusted Experts

With real estate being the second-largest employment sector in India after agriculture, it is expected to increase significantly by 2024, with developing trends expected to play a major influence. Furthermore, significant short- and long-term investments from non-resident Indians (NRIs) are expected. The housing, retail, hotel, and business sectors are all included in the real estate landscape, with a particular emphasis on the commercial real estate sector's growth determinants. India's growing infrastructure demands are met in part by robust growth in the retail, hotel, and commercial sectors in the backdrop of the country's changing real estate trend in 2024.

Sustainable Housing Trends: 

Modern technology has an impact on Indian real estate by enabling the use of renewable resources and maximizing efficiency in eco-friendly dwellings, which reduces energy consumption. The real estate industry's commitment to sustainability is demonstrated by the rise in environmentally conscious homes, which address the pressing need to combat climate change.

Government laws play a critical role in promoting sustainability since they regulate industries, promote environmentally conscious behavior, and ensure responsible resource usage. Aligned with enduring goals for a secure and harmonious future, these policies uphold economic expansion, equity, and environmental conservation. Demand for environmentally friendly and sustainable structures is rising as more people search for homes that consume less energy. This real estate market trend IN 2024 will rule the market.

Technological Influence:

Over the past ten years, the real estate industry has seen a dramatic change as a result of this unique and rapidly expanding concept. Tech startups are a major source of potential investment in this sector since they aid firms with sales and marketing in addition to offering the newest technology.

Higher profitability and lower costs are possible when big data and proptech are used together. By utilizing a "predictive analysis" method to determine the property's rates, AI may help with property value. Investors can use this strategy not only to compare property rates but also to estimate growth in property values and evaluate potential risks in the future.

Affordable Housing Dynamics:

The dynamics of affordable housing are intricate due to the need to maintain a balance between supply and demand. While striving to reduce this imbalance, initiatives like "Housing for All" have improved housing access. Still, there are difficulties, such as a lack of funding and complicated legislation. However, because of urbanization and population growth, the industry offers fantastic economic potential. However, because of its importance to society, investors are still drawn to affordable housing, despite the risks associated with economic and legal changes. Maintaining an equilibrium between governmental measures and private backing is still crucial for long-term growth and full housing fulfillment.

The market for luxury property: 

The idea of a luxury home has purposefully changed in Indian real estate. Buyers' perspectives on real estate investments have entirely shifted. Thanks to an updated lifestyle near key commercial centers, the supply of luxury residential complexes and apartments has cleared out from a small number of pin codes, making it location-agnostic.

Consumers of the future are growing more conscious of the environment and their own nature. Living in settings that have minimal impact on the environment is becoming more and more common. Using integrated technology's effects on Indian real estate to conserve water and electricity, as well as to dispose of waste efficiently and purchase eco-friendly products, could soon become a regular amenity. Adding solar panels and indoor air filtration devices to the list of amenities could be possible. 

Commercial Real Estate Outlook:

As we move into the post-pandemic era, the growth factors for commercial real estate are changing to accommodate these new patterns. Office settings are evolving to be more adaptable and to prioritize collaboration and mixed work styles. The retail and industrial sectors are taking advantage of expansion prospects by using e-commerce, efficient logistics, and interesting shopping experiences.

Due to the shift in demand brought about by remote work, mixed-use spaces are starting to appear and office requirements are being reassessed. In this evolving context, technology and occupant well-being become very important. Amidst persistent issues, opportunities for adaptable workplaces that include shifting customer preferences and worker dynamics present themselves, underscoring the sector's resilience and transformational potential.

Government Policies and Regulations: 

The Indian real estate market is subject to a range of state, local, and municipal laws, policies, and practices. These include regulations pertaining to property taxation, Special Economic Zones (SEZs), urban development, rent control, flat ownership, building codes and bylaws, environmental protection, land pooling policies, land ceilings, land use and zoning standards, and Real Estate Investment Trust rules, among other things.

The Real Estate (Regulation and Development) Act of 2016 is known as RERA. This Act governs the development, marketing, and sale of real estate developments in order to protect the interests of consumers in the real estate sector. The States have put in place relevant RERA Rules and regulations to help with the correct local implementation of the Central Act.  

Investor's Perspective:

 From the perspective of an investor, real estate is a desirable purchase option. It presents opportunities for rising property values and rental income despite the challenges of unstable markets and limited liquidity. Investors need to carefully consider the risks versus potential rewards, accounting for factors such as property location, market trends, and economic conditions. 

Diversity, encompassing a blend of residential, commercial, and industrial properties, seems to be a workable risk-reduction strategy in the Indian real estate market. Geographic diversity further distributes risk among several cities. Understanding the relationship between risk and reward is crucial for navigating this environment successfully and achieving favorable outcomes in the Indian real estate market.

Future Predictions:

As urbanization, technology integration, and sustainability emerge as major themes, affordable housing will grow in popularity. Examples of persistent problems are funding obstacles and regulatory complexity. The rise of commercial real estate is expected to be aided by shared workplaces and e-commerce, although residential preferences may shift in favor of smaller dwellings. It is anticipated that the next ten years will see advancements in real estate technology, smart urban development, and environmentally friendly building methods.