The real estate industry in India is going through a technological revolution. Interestingly, property prices will rise quickly in tier 2 and tier 3 markets as well. To make purchasing and selling easier, a variety of innovative strategies and solutions are being used across the industry.
Due to the steady structural foundation, growing demand, and decreased house loan rates, it appears that the Indian real estate industry will continue to experience strong and positive momentum in fiscal year 2023 (FY 23). A positive economic outlook will aid in the market’s growth. The majority of rating agencies expect India’s growth to be between 8% and 9%. The expansion of business operations, the strengthening of the labour market, and rising income levels all logically lead to increased housing demand. The real estate sector in India is going through a technological revolution. Interestingly, property prices will rise quickly in tier 2 and tier 3 markets as well. To make purchasing and selling easier, a variety of innovative strategies and solutions are used across the sector.
House hunting going digital
Digital platforms also existed before the epidemic, but demand for them increased during and after the pandemic in all industries. On the internet, people did extensive research on real estate projects, and some even made reservations for their accommodations. The real estate sector has advanced to the point where prospective buyers can take a virtual tour of a house thanks to technological advancements.
- 3D Tours
- Drone videos
- Virtual staging
Other aspects of home buying are turning digital in addition to the home tour. Mortgages can now be applied for online. The source for purchasing and selling real estate properties will be this element. A home will be purchased or sold online, just like on Amazon, Myntra, or other online marketplaces.
A sellers’ market
A seller’s market will prevail in the forthcoming housing market. Home prices are expected to increase for a while due to rising demand and a lack of supply. The members of Generation Y are legally permitted to make their first real estate investment. As a result, there is a daily rise in the demand for residential and commercial building. A seller’s market will be prevalent in real estate in the future due to rising demand and limited supply.
Prices Continue to Rise
The end result would be higher prices as a result of growing demand and the market shifting to a seller’s market. Rising costs do not stop people from buying homes. To secure their acquisition, some purchasers are prepared to shell out substantially more money than the asking price. Equity in existing homes has risen as a result of rising home prices. A home’s equity is its overall value less any outstanding debt. As a result, home equity increases along with market value.
Rental market slowing down
Post-Covid, the desire for private property has increased. In large urban regions, the demand for rental houses is anticipated to fall as those who can afford it opt to buy a property. Today, people would rather own a home than rent one because rental prices have equaled EMI prices, and the rental sector has declined as a result of increased consumer affordability.
Rising Interest in Becoming Home-Buyers
Even if the housing market is expected to crash and home prices are high, there are still many people who want to buy a home. The housing market will be dominated by first-time and younger purchasers. This is most likely a result of the current record-high rental rates for real estate.
About FlatMate.in
FlatMate.in is the first app that helps you to search shared rooms/apartments based on common liking & interests and not just based on usual factors like location and price range. In other words, we focus on the relationship between potential roommates. A study shows if you share an apartment with a compatible roommate then chances are higher that you would stay longer with each other and will become friends for life.
