1. Virtual Tours of Properties Using AR And VR

Virtual tours and virtual reality are the most current technology breakthroughs in real estate (or VR). 51% of people buy houses they find online, thus integrating VR into this is an easy next step. Using VR might help real estate brokers save time, especially for rural homes. This technology may be utilized to inspect homes in foreign countries or remote, rural areas. VR provides for more interactive online contact because clients may remark on any location of the property. In 2023, virtual reality might be a significant changer in the real estate industry!

2. Requirement for End-to-End Managed Properties Will Rise

With changing times, property seekers are continuously looking for avenues that provide the benefits of both property management and fuss-free solutions including maintenance, privacy and security, hospitality, and rental accommodation. With the increased demand for end-to-end managed projects, real estate developers must focus on being more people-focused in their designs, since this adds value by building healthy, resilient, and egalitarian communities. The prime reason for the rise of this demand is the uplifted lifestyle and hectic schedules of the millennial generation. People choose and are willing to pay for the convenience of property management.

3. The Demand for Sustainable Architecture Will Increase

According to a UN SDGs study, India's real estate focus in the next years would be a net zero approach. Modern architects today place equal emphasis on design and space, and sustainability is no longer considered a trend, but rather a deliberate demand among homeowners. Architects and builders are now using eco-friendly construction materials such as bamboo and repurposed wood in the real estate industry. Similarly, the usage of green materials will eventually have a positive influence on the creation of an environment that promotes a greener way of life.

4. Connectivity in Tier-II and Tier-III Cities will Improve

In 2023, a significant share of investors searching for the property will relocate to Tier 2 and Tier 3 cities. Government initiatives such as the Smart Cities Mission and AMRUT have aided these cities in becoming new economic centers. Because of growing economic activity and job opportunities, we anticipate that Tier 2 cities will develop into outstanding residential markets. In addition to government initiatives, numerous cities are home to Indian and worldwide MNCs or are well-connected to metropolises. The government's measures to improve public transportation will enhance demand for efficient real estate. Furthermore, the government is focusing on intra-city network developments.

5. Fractional Ownership Will Become A Popular Means of Investment

Coming to real estate investments in 2023, fractional ownership and co-investing in a property will be on a rise. This is because more and more people would like to invest in real estate without buying the entire property. This method of fractional ownership will democratize the real estate investment strategy in India making it easier for everyone to diversify their portfolio. MyProp is working in the same direction to help real estate investors get the best fractional ownership deal and properties. Contact MyProp to know more!

On An Ending Note

2023 looks like a bright year for the real estate sector in India. We are hopeful that the real estate industry will continue to rise with the support of technology and aim toward sustainable cities for tomorrow!