Indian real estate saw spectacular growth in the 2nd half of the 2000s. The industry was booming to the extent that almost all global players were interested in investing. The global financial crisis affected all sectors of the world economy, including India real estate. Although the Indian economy continues to get a major boost, real estate, the residential department has never really recovered post the financial collapse.
Recent trends have given India a ray of hope to succeed in the area of real estate development. Co-living, one of the finest concepts that has emerged in the field of real estate is gaining popularity among Indian millennial. In recent times, this has been flourishing in India, in association with several affordable housing policies by the government and technology growth.
According to IBEF’s January report, the Indian real estate industry may have reached its peak market value of $1 trillion. There are several factors that can help the real estate industry in India grow running with the idea of co-living.
Co-living sector has embraced modern technological advancements with extreme fascination. People are enjoying the beauty of technology in offering people of same interest congregate together. Most of the real estate players are offering numerous features to customer, thanks to tech developments.
The latest Model Tenancy Law
In order to maintain an ideal ratio between supply and demand of housing, the government has done a commendable job in the form of Model Tenancy Law. This law is helping developers across the country offer an ideal co-living platform for those seeking to live in the company of like-minded people.
Making vacant inventories livable
A good chunk of housing units, probably more than a million lie vacant in various Tier I and Tier II cities of India due to various reasons. Co-living startups are making these spaces fit to live in, along with providing all sorts of facilities.
Indian real estate sector’s space problems are finally being addressed, thanks to the idea of co-living flourishing in the country, it seems.