Real estate is a popular sector that influences the Indian economy. The real estate industry indeed faces specific challenges and problems. But there is a stable demand for real estate related business. There is a good future in store for the real estate industry due to the policies passed by the Indian government. Here you would know about the future trends of the real estate industry.
Future Real Estate Trends
The following are some of the future trends that you can witness in the real estate industry.
Demand For Affordable Housing Units: In the future, there would be a high demand for affordable housing units. The government has allocated funds for affordable housing. This would be a driving factor for the growth of the real estate industry shortly. Affordable housing seems to be a feasible option for people who wish to own a house.
Increased Trust On Real Estate Industry: Real estate experts predict that the real estate industry would build trust and confidence in the hearts of the buyers in the coming years. This is due to the recent legal amendments passed by the government. Thus small and prominent real estate agents and promoters must possess a license under the Real Estate Regulatory Authority. Therefore small and fly-by-night real estate promoter try work along with big and recognized developers. This has created a sense of confidence, and homebuyers can invest their hard-earned money without any fear.
Low-Interest Housing Loan: The Reserve Bank Of India has slashed the interest rates for housing loan by 1 %. Also, EMI costs have increased considerably. This is of great advantage for middle-class people who dream of investing in a property. Thus with lower interest rates for the real estate industry, there would be growth in the real estate industry.
Maximum Utilization Of Less Space: It is evident that the prices of the real estate property in the urban areas continue to increase. This is the main reason for the popularity of apartment in big cities. Housing developers work along with architects and interior designers to come up with innovative and trendy housing projects. These housing projects would offer maximum utilization of the available space.
Challenges Of Real Estate Industry
The real estate industry faces some common problems like the unavailability of funds and project delay due to approval formalities. There is constant change in the requirements and expectation of home buyers, and this influences the growth of the real estate industry.
The above offers a clear picture of the future of the real estate industry.