In the past ten years, the economy and the real estate market has taken a huge leap. The sudden increase in property value has taught locals the value of investment, with real estate being viewed as the most valuable and lucrative option. Commercial and residential projects are coming up at an unparalleled speed with multiple builders and developers in competition.
The reason behind the increasing demand:
One of the biggest reasons behind this increasing demand is the migration of large populations from rural to metropolitan and urban areas. With the increasing demand in housing, more and more individuals and families are willing to purchase homes. Residential properties all over the country are at all time high, making it easier for less privileged members of society to own homes. These factors in combination with the ever increasing value of real estate are the root.
Real estate diversification:
In the recent decade, the real estate market in India has diversified into multiple segments. Initially, the market was limited to hospitality and residential projects but today, it has extended to new commercial trends adding a new dimension.
Commercial properties like offices, malls and retail stores are giving rise to high value plots and are preferred by working professionals, entrepreneurs and organizations. New ventures are also leading to more marketing and advertising and expanding the horizons of communication. Initially, the most common methods of advertising for real estate were limited to word of mouth or newspapers. Today however, technology has given rise to new methods of communication like radio, social media, television and more. If you are looking for a commercial or residential property, be it independent or in a township, you are sure to find the perfect plot.
Since the turn of the millennium, most industries began flourishing, real estate not far behind. However in the global economic meltdown in 2008 created a large paradigm shift. While most other industries and markets seemed to crash, real estate soared. With prices higher than ever, the economic volatility caused the property market to suffer through many ups and down. And while the prices have soared and melted down, equilibrium is yet to be achieved.
New reforms in real estate post 2008:
Innovatively designed apartments and residential properties is the new reform in the real estate market. This drastic change has caused a revolution in the economy and benefitted both parties – builders and homeowners. Most new apartment complexes and townships are designed with world class amenities including basic utilities, security and modern services. Most builders today are aiming to fulfill all the basic needs of homeowners within the campus to help save time. When luxuries are being delivered to doorsteps, more people are opting to purchase a home and take advantage of services including club houses, swimming pools, sports arenas, amphitheaters, grocery stores and even malls and multiplexes.
In the commercial sector of the market, new developments include launching office spaces in centralized areas and providing general and technical facilities within the premises to save time. The main focus of the current real estate market remains saving time and money, providing facilities at lowered costs and creating a balance work and home life. This rampant change has significantly affected lifestyles, security, cost of living etc. Another common concern of shortage of land has also been addressed with compartmentalized design of high rise buildings and the presence of modern amenities.
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