It is expected that real estate India will be significantly transformed by the year of 2025, and along with its key emergence factors- growing economy, advanced technologies, and increasing urbanization – it has the potential to be a true gamechanger.
Scope:
At this moment, the need for affordable housing is at an all-time high, and PMAY (rural) continues to serve as one of the many government efforts that need to be undertaken. On the other hand, luxury property demand is trending. Consequently, we can expect further advancement in construction technologies to occur. The best part about this would be the innovation in financing and construction material that could make housing significantly less costly and more sustainable. This all paints a clear picture of rising construction speeds and an all-around greater efficiency.
Technology:
With time, smart cities are bound to emerge, new construction developments see the integration of smart technologies for homes with enhanced security features. The traditional ways of property management make inefficiency and transparency almost customary, but the use of data analytics mitigates both efficiently. The tech divide needs to be solved before thoughts of these advanced technologies become a reality and let us be honest, greener sustainable buildings will be built once these factors get emphasis.
Commercial real estate
It is likely to continue expanding owing to growth of retail, the proliferation of co-working spaces and new office space requirements. However, the market must be responsive to new ways of working and evolving preferences. There is likely to be a surge in the requirement for more versatile and hybrid workspaces. Furthermore, the incorporation of technology within commercial properties such as smart building management systems is set to become more prevalent.
Challenges:
Obtaining land continues to be a major challenge together with the limitations imposed by lack of sufficient infrastructure as well as lack of access to finance. Solving these problems requires the participation of the state, the private market, and the banking system. Confronting these barriers is likely to be critical to realizing the full opportunity of the Indian real estate landscape. Nothing constrains investor confidence more than difficult legislation and lack of sound policy to support the business of real estate. There is little doubt that the enforcing and deepening of the provisions of RERA is an absolute must. All that will promote investment; consolidating the investment environment by simplifying the regulatory framework and ensuring transparency, compliance with fair investment and doing business principles. But introduction of these devices alone does not suffice, the emergence of institutional structures and other devices deeply embedded in the fabric of society, of reinforced and capable transnational corporations is also required.
Conclusion:
The Indian real estate industry can expect to become more globally integrated by 2025, with a focus on advanced sustainability, alternate financing options, fostered affordable solutions and immaculate transparency.
About Author:
Rohit Gaikwad is India’s renowned Real Estate Master Coach & a published author. He has sold 12.5 million sq ft till November 2024 & counting. He is recognized as an authority on how to build a super-profitable Real Estate business using simple and easy strategies without a huge investment. He has worked with over 500 realty Brands & authored 10 books on Indian real estate. To know more, kindly visit www.RohitGaikwad.com
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