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Latest Real Estate Trends That Will Define 2024.

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The real estate market is ever-evolving, driven by changes in technology, demographics, and economic conditions. As we step into 2024, several trends are poised to shape the real estate landscape.

Whether you’re a homeowner, investor, or industry professional, understanding these trends can help you make informed decisions and stay ahead of the curve.

Here are the top real estate trends to watch in 2024.

1.    Digital Listing

During and after the pandemic, the demand for digital platforms has surged in all industries, including real estate. People are using platforms like housing.com, 99 Acres, MagicBricks, and PropTiger to make investment decisions and book homes.

Ganga Villas and Amtala City on the outskirts of Kolkata, are two of our land investment projects dealing with premium plots for holiday homes and affordable housing plots, respectively. Both of which are listed on these platforms. This has been driving our overall visibility and credibility.

2.    Technology in Real Estate Transactions

Another use of technology in real estate includes transactions. Virtual tours, online mortgage applications, land loan options, and blockchain for secure transactions and convenience are becoming standard practices. These technologies streamline the buying and selling process, making it more efficient and transparent. Buyers and sellers can complete transactions faster and with greater confidence.

3.    The Idea of Offices with Shops

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In one phrase, a “shop cum office” building, has shops on the ground floor and offices above. The shops benefit from high foot traffic and provide convenience for office employees, who often become regular customers.

This setup creates a synergy where both shops and offices thrive. This trend in Indian real estate offers a perfect blend of retail and office space, making it easy for employees to shop or get food nearby, saving them time and money. The increasing demand for such buildings promises good investment returns.

4.    Vastu Compliant Properties

Buyers are increasingly considering plot purchase in Kolkata and seeking homes and commercial spaces designed according to Vastu principles, believing these bring harmony and prosperity. Real estate developers like us, Manafuli Group, are responding by ensuring their projects adhere to these ancient guidelines, which dictate the placement and orientation of structures. This trend reflects a growing desire for balance and positive energy in living and working environments.

5.    Affordable Housing Initiatives

The government is prioritizing the needs of the lower and middle-income groups. Initiatives like the Pradhan Mantri Awas Yojna aim to tackle the challenge of affordable housing.

In the Interim Budget of 2024, the Finance Minister focused on providing subsidies and promoting energy-conserving practices for affordable housing solutions. The goal is to ensure that more people have access to quality housing without experiencing financial strain.

6.    Rise of Smart Homes

Smart homes are no longer a luxury; they are becoming the standard. In 2024, the integration of technology in homes will continue to grow. From LED lightings and remote control appliances to voice-activated assistants and smart security systems, homeowners and investors are increasingly looking for properties that offer convenience and enhanced security.

This trend is driven by the growing demand for energy efficiency and the convenience that smart technology provides.

7.    Sustainability and Green Building

Another growing real estate investment trend this year is Sustainability. It is a necessity in current times. This year, green building practices are taken care of seriously in the real estate market.

Investors are more conscious of their environmental impact and prefer homes that are energy-efficient and environmentally friendly. Features like solar panels, green roofs, and sustainable materials have become more common.

We too as Manafuli Developers team are responding to this demand by incorporating eco-friendly designs and technologies into their projects. Those who want to invest in a sustainable future can book their place at our Ganga Villas project. It offers holiday home plots at Burul is going green supporting healthier living environments and beautification. We have a nursery, a birdhouse, and plenty of plants and trees. More other arrangements are on the way.

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8.    Urban Exodus and Suburban Growth

The cost of living is rising rapidly, for which more and more families are reconsidering their living arrangements which is leading to an urban exodus. One of the 2024 real estate trends indicates more people seek the affordability and space offered by suburban and rural areas. The desire for larger homes with outdoor spaces has driven many to leave the crowded cities.

Suburbs and smaller towns are experiencing growth as they offer a better quality of life, lower living costs, and a sense of community, which is exactly what Amtala City is offering.

Changing Real Estate Market

India’s real estate sector is a top choice for investors due to the country’s rapid economic growth, driven by private spending and investment. Investors are putting money into various areas like office spaces, logistics, private credit, residential properties, and data centres.

To fulfil the requirement Manafuli offers plots of land with projects like Magna Star Industrial Park, Manafuli Industrial Park, Amtala City, and Ganga Villas.

Seen as a secure long-term investment, the real estate market is expected to grow at a 9.2% annual rate from 2023 to 2028, according to a Concorde report. In 2024, factors such as urbanization, rental market growth, and rising property prices will boost the sector further. Residential real estate will stay affordable, reaching a three-year peak in 2024.

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Conclusion

As we look to 2024, things are looking up after a tough 2023. Experts think the market will get better, thanks to people wanting to invest in homes after holding off. Whether you’re purchasing your first home or considering expanding your property portfolio, it’s essential to stay updated with real estate developments so you can make informed decisions in this rapidly evolving market.