2017 was a notable year for India owing to the number of financial reforms introduced by the government. While 2017 will go down in history for all the right reasons, 2018 will be a model year in its own right. 2018 is expected to see a huge spike in the real estate industry and the effects of it on real estate in Mumbai are already visible.
Let’s have a look at some of the emerging real estate trends in 2018.
Affordable Housing – A Growing Sector
Post the government’s revision on carpet area of homes under the MIG (Middle Income Group) category and PMAY (Pradhan Mantri Awas Yojana) scheme, affordable housing is seeing better days. Real estate developers are making the most of this boost and are offering middle-class homebuyers better options in the affordable housing sector.
Innovative Designs, Hybrid Spaces
The population of urban cities are fast rising with each passing year and builders in Mumbai are becoming more innovative in their design philosophies. While the space in cities are limited, real estate developers in Mumbai are looking at creating smart cities, in line with the smart city initiative by the government. With the introduction of smart cities, commercial real estate demand will subsequently grow up. Also, with the emerging co-working culture taking over the country by storm, flexible working options and hybrid office spaces are coming into the picture.
FDI Boost – A New Opportunity
Over the last few years, real estate investment in India from oversees has seen a steady growth rate. India is now being viewed as one of the most desirable locations for foreign investors and NRIs who are looking to invest in luxury homes. This will give real estate developers a massive opportunity going into 2018.
Real Estate Industry Mergence
2018 will see the reversal of the effects of the government reforms like GST, RERA and demonetization. Home buyers who became more unsure in the past year will begin to trust the real estate sector more owing to the transparency in the dealings etc. The smaller players and independent builders would want to associate with renowned real estate developers and those who were indulging in malpractices will be ousted. This will in turn only lead to consolidation of the real estate industry.
2018 is looking brighter and better for the real estate industry in India and real estate developers like The Wadhwa Group, who have a reputation of being fair and consumer oriented will flourish in this market. Real estate in Mumbai will look up and The Wadhwa Group being a trusted developer will take the industry to new heights. 2017 was historic but 2018 promises to be a memorable year, especially for the real estate industry.