How real estate market has evolved over the decade

How real estate market has evolved over the decade

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  • Better construction, lesser time
As in with almost everything in life, the construction techniques have evolved in the last decade or so. There are now techniques involved in construction that have lessened the time consumed for project completion significantly. As an example, there is prefabrication technique which brings down the project time in noticeable way. Additionally, some people even make this process taking place off-site which further lessens the time period. The resultant of such methods is more projects in less time. And lesser time cycle per project also means a lot of cost saving for builders, which can ultimately reflect in the price point offered to the buyers.
  • Smart homes
The innovation process is not limited to inly construction techniques involved. A decade back, nobody would have known what a smart home means. Everyone was still getting introduced to the concept of smartphone and trying to get the hang of it. Today, smart home is a reality and in vogue. Major players such as Apple & Samsung have already stepped into this domain. You’re looking at completely automated home appliances, gadgets and all elements creating a smart home in the true sense. The movement is towards integration with technology.
  • Affordable housing
While it might look like the crème de la crème are the ones who have been receiving the benefits over the last decade with products like smart home on offer, it is unfair to conclude so as the last decade has also seen the emergence of affordable housing. Of course, it is still debatable that what should be considered affordable housing and such open discussions are welcome as they contribute in further fine tuning of financial factors associated with affordable housing, but the truth remains that affordable housing is real. And the government is providing with multiple benefits to encourage the expansion of the idea into reality, including financial benefits. Even the latest budget has provisions for the same.
    • Better payment options
In the course of the last few years, the payment options have become more and more customer friendly. Apart from the fact that the so called slow down in the real estate sector has given birth to additional offers and payment schemes from the developers’/builders’ end, the continuously decreasing repo rate from the Reserve Bank of India has made more flexible and affordable payment plans a reality. You just need to look at what kind of payment plan suits you for any particular project. Chances are that in most cases, you will find a suitable option, which would not have been possible 10 years ago.
    • Regulations
One of the key issues that bothered people throughout was the lack of transparency in a lot of deals in the real estate segment. It is due to the same factor that there were also several cases of fraudulent activities and forgery. In the last few years though, regulations have brought in place to tackle these issues. While every country in the world has its own interpretation, India has seen the introduction and implementation of the RERA act. It is here to ensure a certain level of transparency and structured approach in real estate segment, which was otherwise known as an unorganized sector.
    • Regulations
In recent times, eco-friendly designs and ‘The Green Factor’ have become a major point in the real estate sector. Builders and construction companies have understood and acknowledged the fact that an eco-friendly and green design harmonizes the entire project; it optimizes the usage of resources. And it also adds sheen to the portfolio of the offering to the customers.
    • Digitization
While a decade back, internet was still accommodating the real estate segment, in current times digitization is a key element in the sector. Compared to 10 years back when a few people searched for a few options online and found, practically, a few options, today the consumers first search for things online and find plenty of options with every player in the segment vying an eye for the digital space. Besides, digital platforms have also made it easier for construction companies to initiate an interaction online with the potential consumers. Even the approach is smart through digital platforms today; instead of counting on the consumer searching from a desktop, the websites can opt for the GPS location data of the consumer to show location specific options for the same consumer. What’s more, the consumer can even lock in a project online completely. even the transactions can be made using digital platforms seamlessly. The changes in the real estate sector in the last decade have been moving towards an exponential curve; so, you can expect way more changes taking place in even lesser time now in near future. The only thing that is not going to change is the fact that it is going to get better and better for everyone.

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