Boom and bloom: real estate sees many changes

Over the past decade, emergence of new residential markets on the outskirts of big cities has been one of the most significant changes in the domestic real estate sector. Evolution of new housing formats such as townships, high-rises, green buildings, and customized dwelling solutions, in the form of luxury, branded and smart homes, retirement homes, are a few other key trends that the residential segment has witnessed. Apart from this, developers are turning into formal corporate outfits and deploying modern construction technology, in the form of pre-fabricated, pre-cast and monolithic structures. But only time will tell if these trends will help better living solutions to evolve, and whether evolution of smart cities will further redefine India’s real estate landscape. Soaring real estate prices and fast-depleting vacant lands triggered several companies to relocate to peripheral locations, within large and mid-sized cities. This created huge residential demand and attracted developers to markets such as Hinjewadi in Pune, Hebbal and Whitefield in Bengaluru and Hitech City in Hyderabad.

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