Property trends of the new year 2020
With Mr.Narendra Modi as a Prime Minister of India and with his many properties driven reforms and policies, the property market of India seems to witness a recovery phase. The year 2020 has been a year of recovery which has led to affirmative growth for the property market of India.
The Real Estate Regulation Bill projects like “Made in India” and the slashed interest rates by the Reserve Bank of India are the other factors which have helped the property sector of India to regain its position on the global platform. And after witnessing a recovery year, experts of property are predicting more upliftment in the property market of India.
After observing years of recession and slow growth, the year 2020 has been a year of sentimental revival for the property market of India. To boost the property market, the new government at the center has also presented many short and long-term measures that seem to be promising and result oriented.
The year 2019 has delivered very optimistic results and the significant growth in property deals and transactions are surely promising to offer fantastic growth in the year 2020.
The economic activities of the year 2019 have played a major role in changing the property scenario of India. With the increase in income levels of service class and optimistic steps of RBI the real estate market of India has witnessed significant growth.
Property buyers are now showing more interest in investing their money in properties which have surely triggered the slow pace of the property market. Even small developments in this sector are promising a bright and prosperous future in an optimistic manner. Need not say that with the end of the year 2019, the differences are clearly visible, and that too on the positive note.
After watching a year of recovery and growth, here we are discussing few property trends which can remain the talking points for the year 2020. Take a look:
- 1 Expected property trends which can remain the talking points for the year 2020
- 2 Property Growth: Important Key Points Which are Needed To Considered
Expected property trends which can remain the talking points for the year 2020
1. 2 tier and 3 tier cities will be the hot spots
Now the interest of buying properties is seeking a shift from 1 tier cities to 2 tier and 3 tier cities. People are opting for properties in these cities because they seem to offer more promising housing projects. The interest of 1 tier cities is also shifting because of overcrowded spaces, small living areas that too at premium prices which are surely not affordable for a middle-level serviceman. Moreover, the economic development of 2 tier and 3 tier cities as smart cities is also attracting the property buyer’s interest.
2. Prices will witness long-term stability
After observing a long period of ups and downs, now property market seems to experience a bit of stability. New reforms and policies have made the prices float in a market with calm and stability. If sources are to be believed; 49% of the potential buyers are advocating the price stability in the property market and few of them believe that prices will go more down in coming months.
3. End buyers will remain the kings of the market
If property trends are to be believed, then the year 2020 will be of end buyers. The stability of property sector will attract the interest of end buyers. The property will be purchased more for family requirements than for investing purposes. The main cause of buying property will remain either for long-term investments or for the fulfillment of residential needs.
4. Affordable housing projects will be in demand
If trends are to believed then, most of the potential buyers will come from the middle-income level and service class who will seek out their property investments for the fulfillment of their residential needs. Service apartments and studio flats will remain in great demand and luxury housing projects will remain on a slower growth pace as compared to affordable housing projects.
5. The aspect of location will play a major role
While considering the several aspects before buying a property, the aspect of location will remain on top as compared to price. The location factor includes features like connectivity, availability of basic amenities, and proximity of the property. The property purchasing decision will basically rely on factors like location, price, and size.
Where on one end, the property market of India is witnessing a fast growth pace, there are still few challenges which the market still need to overcome. As the market is still in its recovery phase, the few key points which are needed to be considered are.
Property Growth: Important Key Points Which are Needed To Considered
1. Buying of ready to shift projects
The times of recession has left many ready projects as it is. In order, to overcome the dark side of real estate, the ready to shift projects need to be sold out as soon as possible.
2. Fast completion of delayed projects
In the recent past, slow economic development has led to projects with delayed progression which has resulted in many uncompleted projects. Now, before we step forward for the growth of property we need to work upon completion of delayed projects.
3. Completion of projects with amenities
Merely completing buildings, bungalows and villas are not enough. Today, property buyers are smart enough and they know where to invest. And in order to attract buyers, builders and constructors need to offer the best of their products. Good location, attractive prices, managed architecture is not enough; a good property also needs to have basic amenities like good socio-civic infrastructure and connectivity proximities.
With the above-mentioned predictions and challenges, it would not be wrong to say that the overall spectrum of the property market of India seems to have an optimistic approach. And with the government plans of developing 100 smart cities, the property market of India surely have a bright and prosperous future.
By managing the small loopholes and shortcomings smartly, the property market of India can surely fulfill the aspirations and desires of many potential property buyers.
And if the government supports remain the same then we can surely expect a great time ahead both for the buyers as well as sellers of the property.