From constructing basic four-walled enclosures using stones and mortar to using elevators, cranes, and high power tools to build skyscrapers and high-rise buildings, the real estate sector has undergone a drastic evolution. New innovations in the real estate sector have kept developing the market and pushing it to new zeniths. In India as well, the real estate market has evolved from unorganized societies to planned cities, to contemporary world-class structures, to urban societies, and now smart cities. Favorable tax incentives, increased transparency in transactions, penetration of housing finances, policy initiatives, and embracing of technology have led to robust growth in the Indian real estate sector. And that’s not all. Here are the top 5 innovations that have taken real estate India to new heights.
Affordable Housing Schemes
Affordable housing is undoubtedly a step that has taken the Indian real estate industry to a whole new level. There are many schemes offered by the government like Housing for All, Pradhan Mantri Awas Yojana, Credit Linked Subsidy etc. While earlier, the economically weaker, and low and mid-income groups used to find it pretty hard to buy a roof over their head, the affordable housing schemes have entrusted them with the power to buy their own house. The concept of affordable housing has empowered the mid & low-income groups to invest in real estate. This has not just increased the demand but also encouraged the builders and developers in India to take up new budget-friendly projects with required amenities and basic facilities.
With the internet of things (IoT) connecting people with people, people with things, and things with things, smart houses in smart cities are no longer a sci-fi thing. Be it residential real estate sector or the commercial set-up, home automation has become one of the most desirable features while buying new homes, especially in the high-income and the uber-luxury segment. Smart homes have become the trend that offers the homeowners the power to control home appliances, gadgets, and many other safety & security devices with a touch on their smartphones. Developers are now going tech-savvy and offering smart homes with automated facilities.
Virtual Reality Tours
Another innovation in real estate India that transformed everything was virtual house hunting through real estate portals like RealEstateIndia.Com. And taking these online portals to the next level are virtual reality tours. Now property seekers don’t need to move around the city hunting houses and inspecting them, they can simply take virtual tours. The property sellers can also stay tension-free as they do not have to entertain visitors or host open houses. Drone footage and computer graphics have enabled the industry to offer a 3-d walk through and virtual reality tours of the property through mobile phones or laptops in their hand.
Many reforms have been initiated by the government of India to regularize the real estate India market. Whether we talk about the Real Estate Regulations Act (RERA), Goods and Services Tax (GST) or various other schemes, many moves have added transparency in the industry. This has also empowered the property buyers and helps them get their trust back in the sector. The real estate market was considered one of the most unorganized industries, with the unscrupulous activities of builders and developers taking away the trust of the buyers. Whether it was canceled projects, extended deadlines, cascading taxes, etc., all these activities have been brought to a stop with the regularization of the real estate sector.
Real Estate Investment Trusts
REITs or Real Estate Investment Trusts were approved by the government in 2014 and have welcomed many investors over the years. With REIT, an individual can invest in the real estate sector without actually having to buy property. Investment in real estate through REITs would allow liquidation in a simpler and quicker manner. There are even many norms to encourage foreign direct investment in Indian real estate. Another reform brought about by the establishment of REITs in India is that it has a very low risk of loss while offering diversification of investment.
Not just that, the inclusion of technology for quicker construction, green projects, space-efficient designs, flexible payment, and automated valuation are some other innovations that have changed the face of real estate India. The future holds even more innovations, especially in terms of technology, that would make the real estate sector even more promising.