![]() ![]() ![]() By 2047, we may expect to see IoT fully integrated into several homes, transforming them into intelligent living spaces. It is steadily becoming a part of our homes, work, shopping centres, parking lots, etc., especially post Covid. The Internet of Things (IoT) has almost miraculously changed the way we live and function today. Coworking spaces integrated within residential complexes will further blur the lines between work and leisure, fostering a holistic lifestyle. These spaces will cater to the needs of young professionals and digital nomads who seek not just a place to live, but a vibrant community and networking opportunities. Coliving communities, which have already gained traction in recent years, will flourish. India’s commitment to renewable energy sources will have a significant influence on shaping the housing sector of 2047.Īs the nature of work evolves, so too will the concept of living and working spaces. Solar panels, rainwater harvesting systems, and energy-efficient appliances will be standard features in homes across the country. Sustainable materials and green building practices will be ubiquitous, not only for environmental reasons but also due to the cost savings they offer in the long run. The battle against climate change will have a profound impact on housing design and construction. This middle class will thus be the key to drive the housing market in the near future. ![]() This expansion of the middle class in terms of population thus has a direct corelation to the boom in real estate because with disposable income growing in their hands, most of these people aspire to have a home of their own. It is expected to cross 38% by 2031 and over 47% by 2047. It has risen annually at nearly 6.3% between 19 and currently represents almost 31% of the overall Indian population. The Indian middle class is its fastest growing demographic in both percentage and absolute terms. Smart city concepts will be fully realized, with integrated technology systems optimizing everything from waste management to transportation. ![]() Green infrastructure, vertical gardens, and energy-efficient skyscrapers are likely to become the norm. The rise of megacities is inevitable, and urban planners are faced with the challenge of ensuring sustainable and liveable environments for millions. India is already the world’s most populous country, and by 2047, a substantial portion of its population will reside in urban areas. Urbanization and Sustainable Megacities.Some of the major factors that will strongly impact the growth and reshape the Indian real estate market include: Indian residential segment is at the cusp of a long-term growth cycle. Going forward, residential real estate will both grow and evolve - and by 2047, when India completes its 100 years of independence, we will have a completely changed sector. This itself indicates the undeterred demand for housing across the top 7 cities. 2.29 lakh units across the top 7 cities which is over 63 percent of the total sales recorded in all of 2022 despite rise in both interest rates and housing prices. This trend continues unabated even today when home loan rates and property prices have risen.Īs per ANAROCK Research, the first half of 2023 saw total housing sales of approx. Buyer preferences for large and listed developers has also boosted its supply and sales share over the last three years. The reforms ushered in a new ray of hope and thereafter Indian residential real estate (which was previously dominated by unscrupulous developers) became more transparent and accountable, and we saw rapid consolidation with organized and branded players gaining a stronger foothold.Ĭovid-19 accelerated this consolidation wave with financially strong and organized developers gaining more market share. In the last decade we saw the Indian residential segment witness various structural changes (RERA, GST, DeMo, etc.) which completely metamorphosed the sector. With rapid advancements in technology, evolving demographics, and shifting socio-economic dynamics, the way Indians live and the homes they inhabit are poised for a transformation that will reshape the very fabric of the nation’s housing sector.īut to peep into the future, we must reminisce about the past as well. What will the landscape of India’s real estate sector look by year 2047? It's an interesting notion. ![]()
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