Over the last few years, the Indian economy has witnessed constant growth. The recent set of reforms announcedby the government have offered transparency to the economy. In fact, despite the real estate sector witnessing huge reforms, the domestic and international real estate players are willing to make significantinvestments. Overall, the long term picture looks positive.
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We’ve highlighted the top trends in the Indian real estate market in 2018.
Growth of Co-working spaces
With the growth of start-up ecosystem across India, the central government is creating a conduciveenvironment for entrepreneurship. For instance, the demand for office spaces has spiked over the last few years. At the same time, with the growth of rising number of professionals in the workforce—officespaces or co-working spaces are gaining recognition.
That said, co-working spaces are mushrooming across all the sectors and tier-2cities and assisting several start-ups at flexible working options at prices they can afford.Few work places function as incubation centers in the urban centers. Importantly, startups leasing real estate to tenants is also on the rise. In fact, there are around 100 players across India. This trend is catching up in India.
Crowdfunding beginning to mushroom
Crowdfunding assists innovators and inventors to raise money for launching services via the internet. It includes raising money online from people across the globe, to fund a project. Crowdfunding has become popular in other industries, but it is yet to pick up in the real estate market.
According to few experts, crowdfundinghas matured in the USA and China, where theamount of money raised and the size of deals havesignificantly increased.
However, crowdsourcing is in the nascent stages in India.With increasing digitalizationand transparency, investors are expected to invest, if they can expect a good return on investment. That said, this sector is likely to grow in the coming years.
Technology changing real estate requirements across the globe
Technology enabled workplaces are gaining recognition across the globe. For instance, there has been an expansion of IT services, right from cabling, wiring and a dozen of items in technology,comprising access devices, infrastructure, mobility, wireless connections and upgrades, business specific apps. Several firms are beginning to invest in their IT infrastructure. Overall, technology is altering real estate requirements across the globe.
ORCs (Office Retail Complexes):
Another emerging trend in the real estate space, is the growth of office retail complexes. The growth of ORC is an example of the change in the mindset of developers. ORCs gel with the office crowd and for retailers it’s a good proposition. The retail centers function as the epicenter for the community for their shopping needs. This trend is catching up in Tier-1 cities and will expand to cities in the coming days!
All said and done, these trends are catching up across cities—Delhi, Bangalore, Kolkata, andChennai.