A Decade of the Indian Realty Sector

With the passing of each decade, a new era begins, which lays a foundation for businesses and economies to transform themselves. Over the previous decade, the realty sector and its ancillary industries witnessed a series of structural reforms through changes in policies, market consolidation, and the strong emergence of PropTech. Most importantly, the sector has prioritised the ever-evolving needs of homebuyers and has accordingly taken a step to regain their trust. 

Today the industry is at a major cusp of transformation. Though many milestones have reshaped the real estate industry, there were a few that played a significant role.

Increase in transparency

The real estate industry, for long, had been known for its complexity, as the processes involved were not very transparent between the realtors and the homebuyers. However, with the introduction of RERA, GST and online registrations, this problem was addressed and became the foundation of the Indian realty sector. These policies have enabled customers to regain their trust in the industry.

Eco-friendly construction knocked the doors 

Both realtors and homebuyers realised the importance of green technology, which involved technological advancements, the procurement of eco-friendly raw materials, and sustainable designs. The Indian real estate market recognised the growing need for sustainable projects that would contribute towards a healthy living. 

Smart cities were introduced as a new concept

Due to the growing population and increased mobility, one of the biggest challenges residents faced was congestion; a clear solution to this was planning for smart cities. Indian realty slowly adapted this idea and designed projects that were self-sufficient and autonomous. Smart cities were designed to efficiently utilise resources while offering the best infrastructure to future generations. 

Precast technology emerged as a ground-breaking change 

In contrast to the in-situ concrete, that is on-site and time-consuming, precast concrete can be produced by casting concrete in a reusable mould, cured in manufacturing units. This allowed builders to customise designs and various components of the structure, with dimensional accuracy within a short time frame. 

Smart homes made a prominent entry to the market

Innovation in the housing sector has already introduced us to smart homes, which emerged as a category with a potential for growth. Inbuilt Alexa connectivity, smart grid solutions and energy-efficient alternatives had begun to garner interest from the homebuyers. The real estate market began to tap this space with many ambitious projects, which have led the Indian Smart Home market to be valued at $893 million as per industry estimates. 

Realty platforms became popular 

Unlike the previous decade, buyers were no longer dependent on brokers to buy a property. Online realty platforms revolutionised buying patterns and positioned the buyer, just a click away from their dream homes. This not only retained the confidence of the end-users but also gave them clarity on making an informed decision while buying property. 

Emergence of the co-working and co-living space

According to a joint report shared by JLL and FICCI, the co-living segment could offer business opportunities of up to INR 1lakh crore by 2023. With the demand for shared rental space in the rise, co-living and co-working spaces successfully disrupted the traditional real estate practices. 

Millennials stepped forward to redefine the consumer buying pattern 

Millennials are now being seen as quintessential consumers. The changing lifestyle of these millennials has impacted the markets like compact housing, rented economy, co-living etc. Developers recognised this as an opportunity to expand their footholds to cater to the changing expectations of the Millennials. 

The sector has grown tremendously over the past decade and is all set to revamp itself in the decade to come. 

This article is contributed by Ashish R Puravankara, MD, Puravankara Ltd.

(The views expressed here are solely those of the author and do not necessarily represent or reflect the views of RoofandFloor)