Affordable Housing Dominating The Indian Real Estate Market: Trends To Look Forward To In The Coming Years

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With the rising urban population, it's no question that housing prices are picking up with it. Although developers and architects are working round the clock, investing and inventing new ways of providing a solution to the upcoming challenges. This is largely for maximum unit count paired with minimum budget keeping in mind the technological and architectural advancements. The development and management of affordable housing can put home buying within the confines of low-income families. Affordable housing developers can anchor a size able number of state and central tax credit possibilities. Builders can equip for government relief or subsidies in the construction of new, or rehabilitation of existing infrastructures. Given the impact of Covid-19, let’s delve into a few affordable housing trends to look forward to in the upcoming years

As the urban population is inclining towards suburbs, there is a drastic increase in diversity in the local areas

Spiraling Demand For New Livable Space
Due to the covid-19 pandemic, people are looking for more livable spaces. There's a huge increase in demand for residents moving into ready to move in affordable units in suburban areas to gain more indoor and outdoor space attached to their property, and many are trying for sight unseen. With more interests taking place inside the home, houses need to now have space for living, entertainment, career/job work, working out, school and more.

Health And Well-Being
With the pandemic on uproar, one thing to look out for is how the surroundings impact your health and well being. Planning and constructing in ways that improve some-one's overall health will be something end-users will gravitate towards.

Urban Population migrating to suburbs
Work from home was already gaining preference before the pandemic. With the congested cities, suburban areas and MMR regions are becoming quite popular for the space they provide. Additionally, millennials desire to buy single-family units, that will become an emerging trend in the real estate market.

Government schemes encouraging more affordable home buying
The investment of lakhs of crores of rupees into India's infrastructure segment, with a cornerstone, to facilitate connectivity, will boost up affordable home buying in the coming years. The issued debt financing for REITs and InvITs and the backdrop of the Development Financial Institution for supplementing funds for infrastructure and the real estate market is anticipated to supply a major uplift to the industry and help bring in more investments.

Technology becoming the bedrock for house hunting
Technology has always played a crucial role in real estate. But the Covid-19 pandemic is claiming to be a turning point for the authorization of technology within the sector. Innovations such as augmented/virtual reality, live virtual tours, online 3D and drone views, project webinars and online booking platforms are safeguarding the real estate sector from coming to stagnation during the adversity.

Diverse social demographics
As the urban population is inclining towards suburbs, there is a drastic increase in diversity in the local areas. Millennials from various socio-economic backgrounds are looking for housing units to suit themselves according to their needs. Some looking for affordable spaces to call their own, some for peace of mind or getaways from the urban hustle, the affordable housing sector is becoming the tree for all their nests.

Increasing demand low supply in urban areas
Both rural and urban region of Maharashtra would require about 50 lakh houses each by 2022 to meet existing demand from low income buyers. The coming years would need more affordable housing units to meet the demands and this could eventually overwhelm the industry. As investors and developers are coping up with the pandemic and operational difficulties in the urban housing sectors, pipeline deals may get delayed.