Talking about Real Estate, this sector has experienced a major boom yet a considerate fall in the recent decade. Several amendments have been made by the government and industry itself in order to have an organized sector that works efficiently and makes optimum utilization of available resources.
Projects that are likely to witness demand in the new decade
Luckily Thane did not undergo a major downfall in this sector but is moving steadily. Hence, during the initial years of the decade the growth might take place slowly. Considering all the current situations, stand-alone buildings, differentiated products, ready-to-move-in products and towers are preferred by the buyers looking for property in Thane.
Project delays and delivery timelines
The construction process all over has evolved in many ways. Due to the existence of RERA, there are no project delays and delivery timelines are adhered by the builders. The work is completed within time. Things and policies being clearly mentioned in the RERA, there is no need for separate proving.
The real estate market is not going to crash
With price growth slowing down, some folks are wondering if the housing market could collapse again. Well, it’s impossible to know for sure, but a number of factors indicate a housing crash is unlikely—as long as tariffs and trade wars don’t cause a dramatic ripple effect. But economists say we seem to be in good shape since people are spending money and new job opportunities keep popping up.
Shared accommodation and rental homes will grow in terms of numbers
Rising rents may also create an infinite loop in the housing market. Rents have risen rapidly and outpaced income in many areas of the country. This makes it harder for people to save up a down payment to buy a home, which leads to more people renting.
The industry will continue to digitize
The mortgage and real estate spheres have been moving away from their manual, paper-laden processes in recent years, and 2020 will only see that trend expand further—especially as more tech-savvy Millennials enter the market.
Real estate technology trends
Fractional property investment is one of the most recent real estate technology trends. Fractional property platforms are expected to become increasingly popular with real estate investors in 2020. We cannot discuss real estate technology trends without mentioning Blockchain. This is the technology driving crypto currencies like Ethereum, Litecoin, and Bitcoin. In basic terms, it is a digital, public ledger that records all transactions, without requiring verification from bodies such as banks. Having no middleman means lower title-related and legal expenses, as well as a faster settlement process. You can expect more and more real estate properties to be sold using blockchain technologies in 2020.
Transformation in real estate due to digital technology
Technology is finally coming to real estate. By 2020, it will have both altered the economics of entire subsectors of the industry, and changed the way that real estate developers and the investment community operate. Beyond 2020, the generation that has grown up in the digital world will dominate consumer spending and the culture of work. Social networks will help to determine where and how people will want to live, work and recreate. At the same time, shrinking technological barriers will make online shopping still more appealing, perhaps through drone delivery. And telecommuting will become more practical – for example as you can easily access database applications through tablet computers.
Ready-to-move-in properties
One of the major trends expected to rule the market is the delivery of ready-to-move-in homes. Timely delivery after the completion of projects will encourage the buyers to invest in the realty sector, marking 2020 a right time to buy property.
Government
The government’s next round of reforms is likely to be focused on real estate, with finance minister Nirmala Sitharaman saying that the prevailing slowdown in the sector needs to be addressed soon. Hence, 2020 might turn out to be the year of positive reform in real estate.