5 Home buying trends to watch out for in 2020

It’s been a bumpy ride for the real estate market the past few years, but slowly yet steadily, the business of real estate has begun to pick momentum growing at 9% per annum with promising steady returns on investment.

Urbanisation

Demand for property in tier 1 & tier 2 cities has increased as the IT and financial sector has been rapidly growing in every part of India. With multiple work opportunities acting as a crutch to the real estate market, the industry has managed to reach a steady growth and will continue to do so in 2020 as well.

Home buyer’s rights

With overcrowding in the real estate market, the government has taken multiple initiatives to provide home buyers a comfortable and safe backdrop. The RERA initiative mandates a registration of all ongoing projects and also demands timely updates of the projects making it safe for an investor to purchase a home without the worry of delivery and possession of their home. This security has taken the guess-work out of the home-buying process and is continually contributing to increased sales in the sector.

Rental properties

 The demand for rental properties has rapidly increased making the market an investor favourable space. With increase in job opportunities in cosmopolitan cities, homes available on rent have provided the opportunity of an enhanced lifestyle for migrants. Working as a perfect second income, an investment in real estate will prove to be an added advantage to your financial growth.

Government Policies

The Pradhan Mantri Awaas Yojana has been put in place to make mid-level home buying affordable for all. Considering these opportunities, it has now become easier for low income urban population to purchase homes leading to the increase in demand for home buying in the coming years.

Sustainable living environment 

Technological advancements have become a necessity for the urban population with regards to purchasing a home. From connectivity to a high-end sustainable living environment, home buyers will continue to gravitate towards a secure lifestyle with comfortable facilities that provide not just homes but also spaces that promise an increased quality of life.

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