The real estate industry’s significance in fostering economic growth and stability, is paramount. The Indian real estate market is experiencing a phase, unlike anything it has witnessed ever before. Factors like government policies, technological advancements, sustainable practices, rising demand for housing, and regulatory measures like RERA are pivotal in shaping the current industry landscape. Nowadays, product-centricity has surged with customers, showing willingness to pay a premium for superior quality. These converging factors are guiding the industry in new directions, creating a trajectory never seen before.
Evolving customer preferences is playing a pivotal role in shaping India’s real estate market. With rapid urbanisation and increasing disposable incomes, there is a growing preference for modern amenities and convenience. Homebuyers look for properties with smart technology, energy-efficient appliances, & recreational facilities. In light of the vision of PM Narendra Modiji to achieve carbon negativity by 2070 & growing awareness of environmental sustainability amongst Indian consumers – demand for eco-friendly and green buildings is increasing. COVID-19 pandemic has reshaped perspectives on living spaces, with a heightened focus on personal spaces such as balconies. Developers are responding by tailoring their offerings to meet these changing consumer preferences.
In the dynamic realm of India’s real estate market, technological advancements have significantly reshaped various facets of the industry by boosting efficiency & fundamentally reshaping the development, marketing, & management of properties. The impact is particularly evident in property search & marketing. The increase of online platforms has granted prospective buyers and tenants an unprecedented access to property listings, virtual tours, & comprehensive information. This increased accessibility has made the search process more democratic, giving consumers greater transparency and options. Beyond property search & marketing, technology has led to a paradigm shift in construction processes and project management. Building Information Modelling (BIM) technology, for instance, has revolutionised design and construction practices by facilitating detailed 3D modelling, enhancing collaboration, and streamlining cost estimation. Additionally, the adoption of advanced construction technologies like prefabrication and 3D printing has ushered in faster, more cost-effective, and sustainable building solutions. Real-time project management software further facilitates seamless communication, document management, and progress tracking, ensuring timely project delivery and client satisfaction.
Promoter
RAGHAV REALTY
Regulatory framework & government initiatives are another significant drivers of change. Measures such as RERA have been introduced to promote transparency, accountability, and fairness in real estate transactions. RERA mandates registration of real estate projects and agents, as well as disclosure of project details, timelines, and financial information. By providing buyers with accurate and reliable information, RERA enhances consumer confidence and trust in the market, thereby stimulating demand and investment. Further, initiatives such as the Pradhan Mantri Awas Yojana (PMAY) aim to provide affordable housing to all segments of the population. Through subsidies, tax incentives, and regulatory reforms, PMAY has encouraged developers to construct affordable housing projects and incentivise homebuyers to purchase properties. Collectively, these efforts have contributed to transforming the real estate landscape.
The next crucial step in order to propel the real estate sector is to grant Industry Status. This will serve as a catalyst for growth and development. Real Estate serves as a robust job creator across diverse skill sets, offering employment opportunities from construction to finance. Additionally, real estate offers a wide range of investment options, including residential, commercial, and industrial properties, attracting investors seeking stable returns.
The Real Estate Sector’s contribution to economic growth, job creation, and sustainable development lends a strong shoulder to attain the objectives to be fulfilled during this “Amrit Kaal” and enter the Prosperous 100th year of Independence.
