Real Estate Trends 2023: An Insightful Outlook

The real estate sector has been a major contributor to the growth of the Indian economy in recent years. 

With the rapid development of infrastructure, growth of urbanization and increasing population, the real estate sector in India is projected to continue to grow in the coming years. 

We will discuss the major real estate trends that are expected to shape the Indian real estate market in 2023.

Affordable Housing Will Continue to Drive Demand

Affordable housing has been a key focus area for the government and developers in India. The government’s flagship scheme, Pradhan Mantri Awas Yojana (PMAY), has given a boost to the affordable housing segment. 

The scheme aims to provide housing for all by 2022. Developers are also focusing on affordable housing projects, given the huge demand for such properties. 

According to a report by Knight Frank India, the affordable housing segment is expected to drive the Indian real estate market in the coming years.

• Indore city is a good example of how affordable housing is driving the real estate market. In the past few years, the city has seen a significant increase in the demand for affordable housing. 

Developers have launched several affordable housing projects in the city, such as the Skye Heights project based in Limbodi, Khandwa Road. 

The project offers 1BHK and 2BHK apartments at an affordable price, making it a popular choice among homebuyers.

Co-living Spaces Will Gain Popularity

Co-living spaces, which are shared living spaces, are gaining popularity among millennials and young professionals. 

Co-living spaces are fully furnished and offer all amenities such as WiFi, housekeeping, and security. These spaces are particularly popular in urban areas where housing is expensive. 

According to a report by JLL India, the co-living sector in India is expected to reach $2.2 billion by 2024.

• Indore city is also witnessing a growth in co-living spaces. Several co-living spaces have been launched in the city in the past few years. 

These spaces are particularly popular among students and young professionals. 

The availability of affordable co-living spaces has also made the city a preferred destination for students and young professionals.

Digitalization Will Transform the Real Estate Industry

Digitalization is transforming the real estate industry in India. With the increasing use of technology, buyers and sellers can now access property-related information with ease. 

Property websites and mobile apps are making it easier for buyers to search for properties and compare prices. 

Real estate companies are also using digital marketing techniques to reach out to potential customers.

• The SkyHeights project based in Limbodi, Khandwa Road is a good example of how digitalization is transforming the real estate industry. The project is being marketed extensively on social media platforms such as Facebook and Instagram. 

The project website provides all information related to the project, including floor plans, amenities, and pricing. Interested buyers can also book a site visit through the website.

Green Buildings Will Gain Prominence

Green buildings, which are designed to be environmentally sustainable, are gaining prominence in India. 

With the increasing awareness about the environment, developers are now focusing on building green buildings that are energy-efficient, water-efficient, and use sustainable materials. 

According to a report by JLL India, the green building market in India is expected to reach $35 billion by 2030.

• The Skye Heights project based in Limbodi, Khandwa Road is also designed to be environmentally sustainable. 

The project is built using green building techniques and materials, making it energy-efficient and sustainable. 

The project has several green features such as rainwater harvesting, solar panels, and energy-efficient lighting.

Conclusion

The real estate sector in India is poised for growth in the coming years, driven by these trends. As the sector evolves, developers will need to adapt to changing consumer preferences and adopt sustainable practices. 

The Skye Heights project is a good example of how developers can align with these trends and build projects that are both environmentally sustainable and financially viable. 

With the right approach, the real estate sector in India has the potential to continue to grow and contribute to the country’s economic development.