The Indian real estate market has been going from strength to strength in recent years. As government regulation has eased business and tax restrictions, the market has enjoyed a spell of growth and a surge in home purchases and rentals.
With more homeowners sprawling across the country, real estate trends have been evolving each year, and with 2019 upon us, we can expect a slew of new trends to shape the Indian real estate market.
For students, like 22-year-old Ashish Sharma, purchasing furniture in his property in Mumbai didn’t make financial sense. He would be living in the city for just a few years while he completed his studies. Furnishing an entire property with his own furniture just to move in a year was money down the drain.
Ashish, like a growing number of Indian renters, elected to rent furniture. Getting a mattress on rent or deciding to rent a washing machine is much cheaper than purchasing one, and for those in temporary living arrangements, they don’t have to pay for removal or storage when the lease is up, they can simply up-sticks and move on to their new location baggage free.
Even for people more established without access to credit, renting is a good short-term solution for household essentials while you are saving up to buy one of your own.
Once upon a time, homeowners with disposable income sought opulent interiors and expensive cars. Now, homeowners are seeking the latest AI technologies and Smart Home capabilities.
Expect more homeowners to embrace cutting-edge technologies in 2019 as touch-enabled interfaces creep into home appliances and home control systems. New homes integrated with biometric locks, security systems with email and app integration are entering the market and will likely entrench themselves in the luxury home sector in 2019.
Automation will also enter the real estate sector in other ways. Readily available sales data will mean home buyers can keep tabs on the market, homeowners will have a stronger indication of their property’s value, and negotiation will likely be dictated by real-time sales data.
Beyond this, new blockchain technology has the capability to revolutionize the home buying and renting processes. Its digital contracts could reduce the need for middlemen like lawyers and letting agents. While 2019 won’t see the sudden disappearance of letting agents expect blockchain technologies to begin to disrupt the real estate sector and force innovation among traditional players.
Pinterest has long been a trendsetter in the real estate world. And the picture sharing media platform has spoken.
Eggshell and ivory are out, and large elaborate prints are in. Think bird prints, forest scenes, flowers, clouds, geographical designs, and geometric patterns. The bolder the better in 2019, and with wallpaper such an affordable design trick and widely accessible to everyone, expect these to take the real estate sector by storm in 2019.
Expect these emerging trends to shape the 2019 real estate sector and drive design, sales, and renting trends in the years to come.