5 Real Estate Trends That Are Attracting The Buyers

Indian real estate is dynamic and evolving with the changing economic scenarios. The latest trends are being embraced by both developers and buyers. Developers are coming with innovative formats to attract buyers and making efforts to generate more and more demand. As buyers are more inclined towards owning a home than renting, the real estate market is witnessing some major trends that are shaping up the future of Indian Realty. Let’s take a look at the trends that are luring potential home buyers:
5 Real Estate Trends that are attracting the Buyers

Technology

Technology is playing a pivotal role in attracting potential home buyers. Artificial intelligence has stormed the real estate industry from online home buying platforms, apps to smart home technologies. Millennial are not just buying houses; they are investing in smart homes. Buyers are targeting home compatibility with technology and smart home features. From high-end security to technologically advanced amenities and appliances, buyers are looking for every small detail that could increase the comfort and convenience level with better automation space. In addition to smart home interiors, technological trends like 3D mobile applications, online buying and selling platform, virtual property tours are appealing to the buyers’ interest.

Sustainability

Another trend catching buyers’ attention is sustainability and the rise of the green homes. Builders are becoming more environmentally conscious and incorporating sustainable features in their housing formats. Buyers are opting for houses that are designed sustainable and have green features. Sustainable housing is the latest trend following clean energy practices. Home buyers are opting for homes built with Eco-friendly construction material, green features like solar panels, rainwater harvesting systems, energy-efficient home appliances, and amenities to decrease their environmental impact. This trend is gradually catching attention and being catered by the builders in the upcoming projects. Eco-friendly concepts at home are a preferred choice of customers aiming for a healthy and active lifestyle.

Suburbs

Buyers are being attracted by the suburbs’ potential to provide an affordable and better quality of living. Customers are increasingly moving towards the suburbs outside the main cities for a better quality of living, serenity, green surroundings and luxurious amenities at affordable prices. The high price of houses in main cities is opening doors for secondary areas offering homes with unmatched values. This trend is likely to grow in 2020 and open more options for potential buyers.

Amenities

With high competition in the market, builders are coming with unique and luxurious amenities to attract buyers. The era where generation is comfort-driven, thoughtful amenities like swimming pool, movie theater, clubhouse, Meditation Park, laundry service, retail outlets, gym, sports area, etc are increasing the demand of homes with unique features. Buyers are not ready to comprise on the extra amenities that give their dream homes edge over the average home. This trend has been embraced by the builders with open arms and the luxurious amenities are now been considered as a necessity.

While the above trends are popular among the buyers and gradually securing their place in the real estate market, in-depth research could help you anticipate the shifts in the above trends.


Real Estate Transformation Through Digitization

The digital transformation of the real estate industry has gained momentum in recent times. Digitization has positively influenced and transformed almost every industry. The wave of innovation and competition is taking over all the sectors and hence the use of digitization has become the need of the hour. It not only transforms the core processes but also helps to improve the functionalities of the system. The advent of digitization shows the possible potential of the real estate industry and the revolution it could bring to the world of realty.

The time is not too far when the digital business models would dramatically replace the conventional methods and steps. The real estate industry has already witnessed some major changes and strongly renewed with the proliferation of the digital era which has bridged the gap between the builders and the consumers.

Let us take a look at how digitization could transform the real estate industry and open the doors to a new world in near future:

Real Estate Transformation through Digitization

 

Virtual and Augmented Realty

The emerging technologies like Virtual Realty (VR) and Augmented Realty (AR) are offering unmatched experience to the buyers and sellers. The augmented realty tool allows its users, to view the property through an internet device. As compared to conventional method of viewing the property via images, VR and AR help buyers to delve into the details as good as a live review. Customers can view the property on a click of a button on their phones with access to world-class resolution and 360-degree tour through 3D renderings. Hence customers can experience the final product without being physically present at the site.

Interactive Modelling

Digitization is a boon for builders as well as buyers. Interactive modelling is transforming the way real estate projects are being constructed. From planning, designing, architecture to construction, the 3D model-based software helps engineering professionals to optimally utilize the resources.

Artificial Intelligence

AI-powered digitization is on the rise. AI is a smart technology that consciously collects and perceives the surrounding environment (data) and responds independently to make decisions. The usage of AI is not only restricted to the improvement of operational tasks but focused on revolutionizing the decision making process. Developers are constantly relying on AI algorithms to have accurate insights about market trends, preferences of buyers and improvement areas to identify the pattern and closely examine the possible future scenarios to base their decisions. The usage of artificial intelligence is spread over the various division of real estate i.e. transaction and data management, property valuation and management, potential investment areas, etc.

To conclude, Real estate is one of the fastest-growing industries. In an era where people are dependent majorly on the internet for everything, the digitization of real estate market is all the more important. While the above methods have already entered the real estate market, there are other areas of technology like Blockchain that are just standing around the corner to revolutionize the core of real estate and make the real estate business more transparent, accurate and efficient.


Navigating Your Way Through The Basics Of Purchasing A Property

Investing in a property can be intimidating. If you are planning to purchase a property it is very important to understand the basics of real estate and navigate your way into the world of real estate.  From taxation, legal formalities, certifications to value of the property, taking care of the required checks can put you into a better position to own a property. While it is recommended to take the help of the expert, there are certain parameters that are to be taken into consideration before locking the deal.

Navigating your way through the basics of purchasing a property

Title deed

Title deed is the document that gives you the right and ownership of the property. Identify the nature of the title leasehold or freehold. Ensure all the required documents are stamped and duly registered.

Approvals and Certifications

Ensure the builder has the required approvals for construction of the property like RERA certification, building plan and layout. From approval of building plan by local municipal authorities, approvals for water, electricity, fire safety to environmental clearance by government and concerned regulatory authorities.

Check on the list of possession of mandatory certificated with the seller. It includes commencement certificate, no objection certificate (NOC), completion certificate, certificate of no encumbrance and occupancy certificate. Checking the above-mentioned documents will help a smooth transaction and avoid any legal issues.

Sale Agreement

Make sure to thoroughly check the sale agreement to safeguard yourself from any legal complication. The document includes terms and conditions, possession date, property specifications, legal implications etc. The document is to be shown in original at the time of purchase of property and acquiring a home loan.

Letter of allotment

It is one of the important documents required at the time of purchasing a house. It is issued by the concerned authorities or the developer and includes the description of the property and the payment made. It is issued to the first owner and the letter is transferred to the subsequent buyers at the time of final deal.

Property Tax receipts

Duly paid property tax is the assurance that the seller has all the valid documents. Hence, verify the property tax receipts and ensure that there are no pending dues.

Along with the above mentioned legal checklist, it is important to consider the below parameters for sealing the deal:

  • Manage your finances- Set a budget and consider the total cost of the shortlisted property.
  • Decide on the type of property you want to invest in- Be mindful about selecting the type of house which would be suitable for you and your family in long term.
  • Check on the builder’s reputation-Do a 360-degree research about the builder starting from a number of projects, quality of construction, financial strength, possession time and customer reviews.
  • Have clarity on the size of the property- Be aware of the difference between the carpet area, built-up area, super built-up area.
  • Location matters- Pick up a location that is accessible and has good connectivity.

So let’s get started with the above real estate roadmap and jump start on owning your dream home.