Real estate trends to watch for in 2024
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The Indian real estate market is one of the fastest-growing sectors in the country’s economy. Increasing urbanisation and rising incomes has propelled the growth of the housing market in India as a significant contributor to the economy.
For first-time buyers or investors looking to expand their property portfolio in 2024, this year is going to be an exciting one. Here are a few key real estate trends that will rule the year ahead.
- Lifestyle driven homes
The housing market is driven by a demand for homes that offer a lifestyle according to the evolving priorities and preferences of modern homebuyers. Homeowners today look for more than just a physical living space; they want a community that delivers a holistic experience that complements their lifestyle choices.
Homes with lifestyle amenities such as dedicated fitness zones, swimming pools, co-working areas that cater to work-from-home features, recreational areas, and an equal amount of lush green landscape, resonate deeply with buyers.
These amenities provide convenience and entertainment, while fostering a sense of community and social engagement, for harmonious living which aligns with the aspirations and values of the contemporary generation.
As millennials become the significant market of homebuyers, their focus on work-life balance and overall well-being will drive the demand for lifestyle-centric homes with enhanced amenities.
- Affordability takes the top seat
The focus on affordable housing will continue to be unwavering in 2024. The industry has recognised the needs of the expanding urban population, and this is seen in the significant efforts taken by developers through affordable housing initiatives.
Affordable housing will flourish in 2024, providing much-needed relief to aspiring homeowners. Developers will look to leverage favourable government schemes and incentives promoted to fulfil the dreams of homeownership for a wider segment of the population.
As one of the biggest developers in Pune, Mangalam Landmarks offers a diverse range of housing options across various price points, to make luxury livable and accessible to individuals.
- Suburban resurgence and expanding peripheries
The growth of homes in city suburbs is fuelled by rising urbanisation, improved infrastructure and the need for a better work-life balance by aspirational homebuyers. Infrastructure development in the form of better road connectivity and efficient public transportation systems has made commuting to urban centres more convenient, encouraging people to move to the suburbs.
Suburban homes offer the right location and price balance, as the availability of larger land parcels allows for the creation of expansive residential projects with modern amenities.
Many individuals also opt for suburbs to enjoy a serene living environment while maintaining access to urban opportunities, resulting in the rise of suburbia.
- Sustainable homes with minimum environmental impact
Sustainability is the defining factor for real estate development in 2024. More and more homebuyers are gravitating towards homes that have energy-efficient features, and are constructed with sustainable building practices for reduced carbon footprints. This will prompt developers to create sustainable living spaces that align with the eco-conscious mindset of buyers. This year is predicted to bring along an array of green-certified projects that focus on sustainable living and offer long-term cost savings.
- Digital House Hunting
This era of rapid technological advancement will seamlessly transition the traditional process of house hunting to the digital space, catering to the prospective homebuyer’s convenience with efficiency. The digital platforms and websites of developers will be equipped with cutting-edge features such as 3D Tours, drone videos, and virtual staging, revolutionising the way individuals lock in their dream homes. Virtual property tours, high-resolution images, comprehensive property descriptions, neighbourhood insights, and AR/VR driven experiences will empower home seekers with an immersive and informed experience. The convenience of filtering preferences, comparing prices and exploring various locations from the comfort of home will become the hallmark of the digital house-hunting experience in 2024.
No doubt, the Indian real estate housing market is poised for exciting transformations that cater to the evolving needs and expectations of homebuyers in the year ahead.
At Mangalam Landmarks, our deep understanding of the evolving needs and desires of modern homebuyers drives us to deliver innovative design concepts to create new developments in Pune. Each of our projects are communities providing an enriching living experience, with a focus on livable luxury that brings comfort, convenience and community engagement. Our Mangalam Way of Life elevates the quality of life and brings the world’s finest living experience to your doorstep. To know more about Mangalam Landmarks or our projects, click here.