Real estate and the growth in smart and autonomous living spaces: trends and outcomes
Introduction:
Imagine a home that awakens with the first rays of the sun, brewing your morning coffee and gently stirring you from your slumber. A home that learns your preferences and adapts to your daily rhythm, intuitively creating an atmosphere that aligns with you. There has been a dramatic shift in how people think about and use their homes because of developments in the real estate market and shifting consumer expectations.
Here is a deep dive into the fascinating journey of India’s real estate industry and its expected future transformation with the growth of digitization.
Change in Business Model:
The changes in the industry, starting with structural reforms bolstered by the introduction of RERA (Real Estate Regulatory Authority) and policy alterations with technological advancements, are collectively paving the way for enhanced transparency and trust. The IMARC Group reports that the Indian real estate market is showcasing a commendable growth rate (CAGR) of 9.3% during 2023–2028. Today, the idea of harmonious living is on the rise. This groundbreaking change, along with others, centres on creating a dynamic environment with state-of-the-art technology.
With the adoption of hybrid frameworks that permit revenue sharing with landlords, an additional layer of evolution and change can be noticed with regards to the current operating business models. Many are even choosing to embrace an aggregator model focused on a digitalized single hub with on-demand services, leading to a dramatic increase in customer loyalty. From the pandemic until now, the overall transition has been truly transformative. The entire focus has now shifted towards improving the well-being of residents through add-ons like work lounges and office-grade internet access, amongst others.
Pioneering Trends for Home Features:
Every industry has its demand shifting as people’s mindset progresses with an inclination towards environmentally conscious living. The same is being mirrored in real-life space with energy-efficient designs, eco-friendly building materials, solar panels, and water-conserving features. Other key aspects of this transition include:
- Age-friendly homes
With demographic evolution, homes with age-friendly attributes are becoming more in demand. This calls for single-level layouts, accessible bathrooms, wider doorways, and amenities fostering the thought of independent living, be it old or young.
- Youth apartments
Today’s youth, typically around the age of 18 to 35, are poised to attain an attractive demand of more than USD 34.1 billion by 2030 for living spaces globally. The primary components of this rapidly accelerating demand include rental apartments, housing arrangements, and co-living spaces, with designs focused on providing flexible and affordable living spaces.
- Micro-living
Affordability has always been a key determiner, especially in times of inflation and global unpredictability. That’s where the visionary concept of Miro-living emerges as a beacon of smart and cost-effective housing, particularly when entwined with the magic of smart technology and automation.
- Technology enabled
Smart technology amplifies the quality of life by infusing functionality and personalisation into the very DNA of a living space. The implications are profound as homes transcend boundaries, anticipating the demands and surmounting challenges of the inhabitants’ needs to create a tapestry of human connection that is altering the very fabric of habitation in both perception and reality.
- Smart cities
On the horizon, a revolution beckons to redefine urban living at the communal level—the era of smart cities. The rise of these cities aligns perfectly with the growing demands for convenience, sustainability, and improved quality of life. Inside all of this are healthcare provisions, eco-friendly practices like efficient waste management, rainwater harvesting systems, and unfaltering connectivity through well-crafted transportation grids. This would be in addition to healthcare facilities, academic institutions and provisions for fire tenders as well as police stations.
India’s real estate story keeps on unfolding, with Tier 2 and Tier 3 areas emerging as the cornerstones of transformation, possessing untapped potential, pristine environments, and affordability. The sector’s impressive growth, supported by a positive market outlook and progressive policies, is a testament to its transformative potential.
In my opinion, the real estate market today is more than just bricks and mortar; it’s about nurturing the way of experiencing life within these spaces. The marriage of technology, sustainable practices, and forward-thinking designs propels us towards a future where our homes are more than just shelters; they are vibrant, responsive companions in our onward journey and that for our several generations to come.
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