2019 key focus areas within the real estate industry
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With greater attention being given to effective implementation, developers are focusing on remaining RERA compliant. There is increased standardization introduced throughout the industry, as per real estate leaders including Vinod Goenka, DB Realty.
2019 key focus areas within the real estate industry
- 2. With greater attention being given to effective implementation, developers are focusing on remaining RERA compliant. There is increased standardization introduced throughout the industry, as per real estate leaders including Vinod Goenka, DB Realty. The overall amendments process is more streamlined and clearer, with customers having greater say in the domain. Greater trust is developed within the industry, with only RERA compliant projects being advertised. Builders are designing projects that adhere more closely to all listed guidelines under RERA, including technical and consumer-focused details. Reserve accounts are being used for ensuring effective project development and timely completion.
- 3. Real estate leaders, such as Vinod Goenka, Director of DB Realty, are aiming to empower the potential homeowner throughout the buying process. Developers are providing greater access to information, pertaining to possession, amenities, floorplan, etc. Customers are coming directly to the developer for answers to key questions around possession, OC, construction timelines, etc. Developers are working with buyers to address all grievances, in accordance with their rights as per RERA.
- 4. Developers are introducing new safety norms that are being followed across all projects. Key norms around structural material, monsoon management, and quality of construction are being designed. Fire safety regulations are being introduced by design, especially in commercial hubs, logistics centres and residential properties. Raw materials being used that are weather protected, anti-corrosive and longer lasting across project specifications. Older projects are being redeveloped to ensure residents safety and protection from collapse.
- 5. Home automation technologies are being adapted across the board. Home security is being enhanced using digital locks, virtual connectivity and camera tracking. Big Data is being leveraged to understand consumer demand better, across key residential and commercial zones. IoT smart appliances are being introduced in new projects, to create a connected home experience for buyers. 3D modelling, drones and new technologies are being leveraged to map, design and highlight key features of upcoming projects.
- 6. Real estate leaders, such as Vinod Goenka, DB Realty, are designing more family-oriented amenities, such as gardens, pools, etc. Sporting activities are being designed within the complex, such as tennis, badminton and football. Extended walking paths and local gardens are being introduced inside the housing project, so that residents can reconnect with nature within the premises. Skywalks are offering a new look from the top, while giving residents a more community-oriented experience. Projects are being designed with discotheques, halls, and movie theatres built inside the complex.
- 7. Affordable housing is a key area of investment, owing to the leaner development model. Houses are being designed through standardization in key inputs and resources. Greater incentives are being offered within the domain of affordable housing, giving greater access to reliable developers. Greater expansion of the lower-middle class and middle-class market is driving growth within the real estate sector. Builders are redeveloping older projects to provide quality affordable housing options to the masses.
- 8. Luxury projects are being designed across the country, including Metro, Tier II, etc. Projects are expanding in terms of amenities offered, luxury interiors, creative designs, and completely furnished homes. Luxury developers are focusing on a wider range of offerings to marquee buyers, including villas, penthouses, 5BHKS, and cottages. The luxury domain is expanding into micro-pockets within key markets, offering flexibility in real estate investment.