In last one decade the realty sector has gone through major changes and is much vibrant and dynamic due to implementation of policy changes by government. The realty sector is now considered to be in organized sector like any other core business. Realty sector is one of the major growing sectors contributing a major chunk in GDP growth and employment generation. The rapid urbanization due to migration from the rural and semi-urban area has created a huge demand for housing need in the country. The dynamic attitude of the policy makers are helping in the transformation in every aspect, right from the construction style by builders as per the needs of customers. The affordable housing is being made with lot of innovative ideas with the main focus on comfortably without compromising in quality and style of living. Builders are quite alert and with exposure to international designing style for making exquisite interiors and exteriors with feasible economical option. The emerging trends in residential housing are well defined.
Young generation belonging to the age group late twenties to early thirties. Due to globalization and trend in business especially in IT sector and large number of MNC’S project engagements, these young potential home buyer groups are well travelled and exposed to world class housing projects. When it comes to buying a house, Millennial opt for a house which has all the amenities and facilities that match the international standard. To cater to these globes tottering generation builders are inspired to deliver quality homes and lifestyle to its customers.
It has become an integral part of any newly developed housing project to provide with luxury interiors and modern-day fittings, the emergence of fine air quality, clean water, and other fundamental environment factors have appeared as a key trend. Sustainable existence is the top priority for the buyers these days. The housing without green zone is difficult to sell. The millennial buyers will definitely look for a residential project with lot of greenery around. a health and fitness club, swimming pool, walking track for morning and evening walkers, double-height windows, roof top garden are a few options for ‘sustainable existence’. In some housing projects in metro cities builder also provide a club facilities with restaurant and bar which allows residents to be member of the club on priority basis. However these clubs also invite high profile non residents to be members of the club at a premium membership fees. These clubs entertain social gathering and organize entertainment programs time to time. Today, certain developers have adopted ecological supportability as an integral part of living criteria and aim to grow and go green!
Over the few last years there is a gradual rise in the investment from Non- Resident Indians. The FDI route for retail brands entering into India is favoring them to invest in the segment. Although Delhi, Mumbai, Bangalore, Gurugram, and Kolkata are the favorite destination for affluent NRIs, but of late the type B-Cities and towns are also getting sufficient boost from these NRI investors and FDIs.
In India the in the changing scenario the real estate sector is moving forward with newer technologies adopted through innovations and replicating design structures from counties like Singapore, Dubai and other western countries. The recent trend is to hire highly reputed architects with experience of providing technologically advanced design matching with international standards. Advanced technology has influenced the home-buying habits of the millennials at large. Homes designed with a high component of automation and technologies are more in trend.
Millennial is providing huge scope for buyers to make their choices and compare strategically from various aspects. The need to educate a client face to face has shrunk as realtors now have access to online presence through their blogs, social media and other relevant forums.
KW Group's Anthem.