Look Out For These Real Estate Trends
Who says real estate is a very bland domain? As the spend capacity goes up, not only buyers but developers, too, are looking out to fashion somethings very differently. This way developers really are selling you a dream.
Let's take a look at what to expect in the market:
Smart homes
A technologically enriched concept in real estate, smart homes today may be an expensive affair but definitely an intelligent way of going about a purchase. Be it in terms of lighting and electricity or the way you secure your house, you get to enjoy everything better in a smart house. What has deterred many to embrace this technology may be the pricing. However, opting for it may add up to as little as one per cent or as much as 10 per cent of the construction costs as per as your need for customisation, says Vinod Dhar, co-founder and president, marketing at iYogi.
Homes that expand and convert
Convertible apartments address one of the biggest worries that we have in our daily life. So, whether you would like to roll up your bed to make it a sofa by the day or a wardrobe that doubles up as a book shelf, or yet again, a door that can be brought down to maximize space, the concept is worth your time.
How is this useful? This gives you flexibility of choice, of use and of lifestyle. It offers the customer to choose how they would like to live, how many persons they would like to invite home, what use would they like to put their rooms to.
Assembled homes
Harried by project delays? Prefab technology could be the respite. What takes years to complete and is usually capital and manpower intensive could now be complete in a matter of few days. If the government's policy of affordable Housing for All by 2022 has to be realised, we would be looking at a housing deficit of almost 60 million units. If time and money mean anything, prefab, pre-engineered homes can be future of construction industry.
Mobile offices
Say goodbye to the traditional concept of walled spaces altogether. With a number of startups coming up, mobile co-working spaces necessarily had to make a presence. Co working spaces give you the flexibility of opting for a location that meets your business needs. What is more, although it does usher in a breakthrough in the commercial real estate market, residential realty, too, could benefit from it. How? Peripheral markets for want of an established social and physical fabric have always been scorned. However, with most central locations either becoming saturated or expensive, pricing is one favourable aspect of having a house in the fringes.
A decade back, a home in Thane, a micro market close to Mumbai, would have been unimaginable. Years later, it has turned costlier, livable and coveted as well. If co-working spaces come into fringe locations, a lot of stress on resources is reduced. Home buyers wouldn't need to depend on a transport infrastructure solely for work. It will be long till such concepts dominate the commercial market. At most, it would be useful for journalists, startups, advertising agencies, business analysts, freelancers and individual contributors as of date.
Amit Ramani, founder and CEO at AWFIS Space Solutions Private Ltd, he points out that the idea of space has evolved through the years. What stood at 300 sq ft per person (in offices) in the 1980's is down to 100 sq ft. He believes that by 2025, just-in-time spaces would be more economical and a better realised concept.