Trends to watch out for residential real estate in 2020

Source: HomeCapital

Trends in Residential Real Estate have come a long way since our ancestors decided to build Mumbai's reclaimed city. Mumbai, as a metropolitan city, houses 1,84 crore individuals from different parts of the country and gives them the dreams they had imagined for themselves. 

Another such dream is to buy a house in Mumbai. Millennials between the ages of 24 – 35 have begun to work on owning their ideal houses, but this group is very particular about residential facilities, environmental impact, safe spaces, and several other requirements that come with today 's demand for accommodation.

Let's look at these trends in residential real estate that have emerged in recent years -

1. Rainwater Harvesting-  Residential real estate is moving towards building a green future with housing projects which include water harvesting provisions. A rainwater harvesting system not only stores water for society as a whole but also saves on the energy used to transport water and requires minimal UV filtration treatment.
   
   

2. Solar Panels- We all know the importance of solar energy in our lives and this technology is now being implemented in the green building scheme by builders. This will reduce electricity bills, and a whole society's reliance on grid supply, which also saves energy costs! In addition to these cost-effective, environmentally friendly solutions, officials are in the process of declaring a 20 percent discount on property tax paid by developers and residents to encourage environmentally-friendly projects.

3. Rooftop Skywalk- Millennials have taken on a healthy lifestyle and prefer recreational amenities closer to their neighborhood. Mumbai is currently short of space, but that hasn't stopped developers of residential real estate from installing skywalks on the roof! Once again, the skywalk on the rooftop is another environmentally friendly initiative that encourages a common garden with plants and ample space for jogging, games, sports, and other recreational activities 10-20 feet above ground level!

4. Technology- Millennials enjoy the integration of technology into every part of their lives. For much of their everyday tasks, they 're used to use devices like hailing a taxi, ordering food, shopping, banking, etc. Developers adapted to this trend and smart homes were introduced. These smart homes provide homeowners with all the security, convenience, and comfort built into their lifestyle. With the tap of a button, smart homeowners can monitor all home equipment, pay energy bills, get society alerts, and lodge grievances.

5. Affordable Housing: Flexible Home Buying Schemes- The government is doing its best to promote homeownership because of the long-term benefits. The floating interest rate on home loans has fallen from 10.15% to 8.40%. A steep GST cut from 8% to 1% in March 2019 facilitates the purchase of the residential real estate. A 60 square meter unit in a metropolitan area and a 90 square meter apartment in a non-metropolitan area will now fall within the range of affordable housing.
   
   

6. Ramp Parking- We've seen this fancy home amenity in movies and it's now becoming reality. The addition of ramp parking enables a smart homeowner to order his / her car from a lift up to his / her apartment. This luxury amenity has attracted massive millennial focus at ventures.