When it comes to real estate in India¸ several new trends are dominating the market. Property in India has undergone a radical change in recent times. Several new trends have been observed in the contemporary market. Firstly, residential plots are set to occupy pole position in the market on account of higher demand as opposed to high rises and residential clusters. Residential plots are steadily making a comeback in several cities as opposed to their position at the bottom of the value chain earlier. Buyers are now choosing to purchase residential plots which give them attractive investment returns in the long run.
Residential real estate segment in India is now witnessing a steady demand for plots, especially for investment purposes in pockets which are slated to witness huge growth in the near future. Individual investors are perennially in a hurry to snap up these plots in emerging areas.
New trends for property in India state that South India will soon gain higher traction in recent times. Several projects are being launched in areas like Hoskote, Devanahalli and the Old Mahabalipuram Road that consist of more than 1000 units on an average. The Grand Southern Trunk Road is also another epicenter of realty development. Most of the emerging projects in the South are located on the outskirts. Land parcels are increasingly available in these areas and this is spurring developers with regard to launching newer projects which come with adequate social infrastructure. North India is witnessing a lower volume of such projects in comparison to the South.
Heritage cities will be the next big thing in the realty market of the country on account of the initiatives taken by the government to develop several such cities and regions. Several cities like Mathura, Kanchipuram, Amritsar, Varanasi, Ajmer, Gaya and Vellankani will witness huge residential growth along with places like Tirupati, Puri, Ujjain, Allahabad, Rishikesh, Hampi and Lucknow among others. The Indian hinterland will also witness huge growth based on major industrial corridors which pass through towns, cities and clusters. Affordable housing will be another big trend in the country, particularly with the government promising affordable housing for all by the year 2022.
Affordable housing is a segment that has got a boost with a budget of INR 4, 000 crore and tax incentives being offered on home loans related to the same. Home loans up to INR 40, 00, 000 in non metro cities and INR 50, 00, 000 in metro cities will now be considered under the affordable housing category and this is expected to fuel further realty growth in this segment. Faridabad should be a major growth centre in the entire Delhi-NCR belt according to experts while people will increasingly opt for smaller living units over bigger ones.