With the last few months of 2019 yet to come, real estate investors and homeowners would like to know the expected real estate trends in 2020. With the demand for residential and commercial property in Mumbai and other metro cities on a rise, price trends are likely to be slightly different from what it was in the last few months. Besides, the government has implemented several reform measures in the real estate industry over the last few years. This has already cast a positive impact on the industry. The property buyers have more confidence, due to the transparency in the industry. It’s time to explore the upcoming trends in real estate.
Rising demand for rental properties
In the last few quarters of 2019, the demand for rental properties has risen consistently. This trend is likely to continue in 2020. Across the metro cities, people are looking for rental properties, both in the residential and commercial segments. Particularly, the demand for property in Gurgaon and its adjoining areas, like the NCR, has been consistently rising. Due to the upgradation of infrastructure and availability of civic amenities in the region, the demand for sophisticated homes is on the rise. Rental property rates are rising, given that a significant number of corporate employees have moved to the metro cities over the last few years.
Investment in second homes
One of the most prominent trends in real estate is the rising interest of homeowners to own a second property. With new tax regulations favouring the ownership of a second home, many investors are planning to utilize their funds on productive shores. Particularly, places like Goa have already witnessed this trend. In other cities too, buying a second home is becoming a trend among millennials. Most of these investors, prefer renting off the property, as the returns through rents are lucrative indeed. Besides, a significant section of homeowners is leasing out their properties on a long-term basis.
Gated community apartments
Over the last few years, reputed real estate developers across India are coming up with sophisticated gated community apartments. These complexes are integrated with several lifestyle and healthcare amenities. With changing lifestyles, millennials have developed a fascination for these homes, where they can enjoy all the amenities in one place. Swimming pool, gym, fitness zones, parks, schools and hospitals are available within these estates. Besides, the kids get ample place to play around, while senior citizens have special corners to relax. People willing to buy residential property in Pune or other big cities often go for these complexes.
Green living facilities
Another emerging trend in the real estate sector is the demand for homes that come with green features. Most of the complexes developed in the metro cities are integrated with parks, landscaped gardens and walkways. People love residing close to nature. The developers, therefore, come up with suitable features and environment-friendly specifications in the complexes.
In 2020, the real estate prices are expected to rise in the major cities. With the demands increasing, a hike in price is on the cards.
References: Media Reports, Economic Times, Press Releases
Disclaimer: This information has been collected through secondary research and Elite Landbase is not responsible for any errors in the same.