Among thousands of booming businesses, real estate is one of the most fast-paced and emerging businesses. Even during the pandemic, it saw a record-breaking increase in demand when people finally realized the importance of having their own home.
There has been a steady demand for residential and commercial real estate and it is only growing by the day. The demand was so high that it rose by 40% in the first 9 months of 2022 (Src). Will 2023 witness the same amount of rise in demand for real estate? Well, let’s find out.
The need to buy a home is stronger than ever before. Affordable luxury homes are the talk of the town. As the world is emerging out of the post-pandemic era, it is witnessing a lot of trends in the real estate sector due to the preference for working from home and a hybrid model of working along with desire for fitness & quality family time.
Here are some of the trends to look out for in 2023.
The Preference For Affordable Luxury Homes
To match the increasing demand, developers are not leaving any stone unturned in building affordable luxury homes. Gated communities and smart townships are the most preferable real estate asset of the current times. At Chandak Group too, our endeavor has always been to provide quality homes that are tailored for every budget. From lower ticket homes to premium ones as well. From a 1 BHK to a 3 BHK with Jodi options along with the choicest amenities and conveniences, we ensure we are always ahead of the curve. The continuous growth throughout the year has also set new benchmarks in sales and innovations. Consumers are inclined towards owning a home as it is considered a better investment than renting. The demand for real estate is outrunning supply and the need for smarter infrastructure continues to grow (Src).
A More Holistic Growth In Commercial Spaces
Along with the demand for residential spaces, the need for commercial spaces is also increasing. Increased NRI and FDI investments are also expected to rise. An accelerated infrastructural boost is also expected that will lead to inflated demand in office spaces. “Grade A premium office spaces segment is expected to grow to a staggering 1.2 billion sq. ft. by 2030.” as stated by a real estate giant (Src). At Chandak Group we continue to see a huge surge in demand for our commercial spaces. Unicorn and GreenBiz are testimony to this as with a great product design they have shown phenomenal acceptance amongst their audiences.
The Inclusion Of Technology
Digital house-hunting will be the next big thing. The trend was initiated by NRI investors who cannot visit the site frequently. From real-time video screening to exhibiting 3D models through AR, real estate has come a long way. In the coming years, we will witness more and more tech innovations and inclusions in real estate which are bound to make things smoother and easier. With superior technology and innovation, the dynamics of the market have completely changed taking the real estate sector to new heights.
Buying Over Renting
The desire to have one’s own property has shot up Post-Covid. Those who can afford to buy a home or were on the fence have all warmed up to the idea of a place they can call their own since it also gives a sense of security. Thus, the demand for rental properties in large metropolitan areas is probably expected to decline. People also prefer purchasing a home rather than renting since rental values are now at par with EMI values.
If you too are looking to invest in a residential or commercial property in Mumbai, our team at Chandak Group would be happy to assist you in your search for that perfect home/office.