Urbanization has brought about a significant shift in the population distribution of India, with more people moving from rural areas to urban areas. Mumbai and other metro cities have been the most attractive destinations for people seeking better education, job opportunities, and a Good City Life. This shift towards urbanization has propelled growth in various sectors, including real estate. According to a report by the United Nations, over 68% of the world's population is projected to live in urban areas by 2050 (Src). In this blog post, we will explore how urbanization has impacted the real estate industry and the future of the market.
Shift Towards Community-Based Living:
Urbanization has brought about significant development in commercial and residential real estate properties, including high-rise buildings, malls, hotels, and more. Real estate developers are actively investing in urban areas to meet the growing demand for housing and commercial properties. There is a shift towards creating communities instead of just providing houses, and the concept of gated communities, integrated townships, and smart cities is gaining popularity. This trend is further fuelled by the changing lifestyle of people, which has led to the development of various amenities & Infrastructure such as schools, hospitals, parks, and entertainment facilities, making urban living more comfortable and convenient.
Focus on Sustainability:
The focus on sustainability has become crucial in the real estate sector as developers are now more conscious of their impact on the environment and are taking steps to build eco-friendly and energy-efficient buildings. This not only helps in conserving the environment but also reduces the cost of maintenance and operation.
Integration of Technology:
One of the significant trends that we can expect in the future of the real estate market is the integration of technology. Developers are using technology to improve the construction process, reduce the cost of production, and make buildings more sustainable. The use of technology in real estate will lead to more efficient and cost-effective construction, making it easier for developers to provide budget-friendly housing options.
Promising Future for the Indian Real Estate Market:
The future of the real estate market in India looks promising, with various initiatives by the government and real estate developers. The rise of urbanization, infrastructure development, and the growth of the economy are some of the significant factors driving the growth of the real estate market in India.
In conclusion, urbanization has been a significant driving force behind the evolution of the real estate market in modern times. The shift towards community-based living, the focus on sustainability, the rise of affordable housing, and the integration of technology have all contributed to the growth of the market. With the Indian real estate market expected to grow to $1 trillion by 2030 (Src), the future looks promising for Home-Buyers as well as Real Estate Developers. At Chandak Group, we aim to provide comfortable, convenient, and sustainable housing options to the growing urban population and contribute towards achieving this goal.