Real Estate Trends in 2023 in India: How to Choose the Best Builder for Real Estate Investment

 

Investing in real estate has long been considered one of the most reliable and lucrative forms of investment in India. With the ever-growing population, urbanization, and increasing disposable incomes, the demand for real estate properties in India is expected to continue to rise in 2023. However, with the plethora of options available in the market, it is crucial to choose the right builder for real estate investment to ensure a profitable venture. In this article, we will explore the real estate trends in 2023 in India and provide tips on how to choose the best builder for real estate investment.

Trend 1: Affordable Housing Affordable housing is expected to be a significant trend in the Indian real estate market in 2023. The government's focus on affordable housing schemes such as Pradhan Mantri Awas Yojana (PMAY) and the credit-linked subsidy scheme (CLSS) for homebuyers, coupled with increased affordability and demand from the middle-class population, is likely to drive the growth of affordable housing projects. Builders who cater to this segment and offer affordable yet quality homes with modern amenities are expected to witness high demand in 2023.

Trend 2: Technology-Driven Homes Technology-driven homes are also expected to gain traction in the Indian real estate market in 2023. With the increasing adoption of smart home technologies and the growing awareness about energy efficiency and sustainability, builders who incorporate advanced technologies such as home automation, Internet of Things (IoT) devices, and renewable energy solutions into their projects are likely to attract homebuyers. Buyers are becoming more discerning and are looking for homes that offer convenience, security, and energy efficiency, making technology-driven homes a significant trend in 2023.

Trend 3: Co-Working Spaces Co-working spaces are expected to continue to be popular in 2023, driven by the growing trend of remote work and entrepreneurship. Builders who integrate co-working spaces within their residential or commercial projects are likely to witness high demand. The availability of well-designed co-working spaces with modern amenities such as high-speed internet, meeting rooms, and recreational areas can be a significant selling point for real estate projects in 2023.

Trend 4: Sustainability and Green Buildings Sustainability and green buildings are expected to gain prominence in 2023 as more homebuyers and investors become environmentally conscious. Builders who adopt sustainable construction practices, use eco-friendly materials, and obtain green building certifications such as Leadership in Energy and Environmental Design (LEED) or Indian Green Building Council (IGBC) ratings are likely to attract environmentally conscious buyers. Green buildings are not only beneficial for the environment, but they also offer long-term cost savings through reduced energy consumption, water conservation, and improved indoor air quality.

Tips to Choose the Best Real Estate Builder for Real Estate Investment

Choosing the best builder for real estate investment in Delhi, or any other location, requires careful consideration of several factors. Mr. Ankit Aggarwal, Director, Devika Group shared some specific tips for choosing the best builder for real estate investment in Delhi:

1.            Reputation and Track Record: Look for builders with a strong reputation and a proven track record of delivering high-quality projects in Delhi. Research their past projects, their financial stability, and their customer reviews to gauge their reputation in the market. Check if they have won any awards or accolades for their projects. A builder with a solid reputation is more likely to deliver as per the promised specifications and timelines.

2.            Experience and Expertise: Consider the builder's experience and expertise in the real estate market in Delhi. Look for builders who have been in the industry for a considerable amount of time and have a successful track record of completing projects in Delhi. They should have the necessary expertise in dealing with local regulations, permits, and approvals, as well as knowledge about the specific dynamics of the real estate market in Delhi.

3.            Project Location and Connectivity: The location of the project is a crucial factor in real estate investment. Choose a builder whose projects are located in prime areas of Delhi that have good connectivity to major transportation hubs, business districts, schools, hospitals, and other amenities. A well-located property is more likely to appreciate in value over time and attract potential buyers or tenants.

4.            Project Quality and Amenities: Carefully assess the quality of construction and amenities offered by the builder. Visit their completed projects and inspect the quality of materials used, finishing, and overall construction standards. Look for builders who use reputed brands for construction materials, fittings, and fixtures. Additionally, check the amenities provided in the project, such as security features, recreational facilities, parking, and other conveniences, as these can add value to your investment.

5.            Legal and Financial Due Diligence: Ensure that the builder has obtained all the necessary approvals, permits, and licenses from the relevant authorities for their projects in Delhi. Verify the title of the land and check for any encumbrances, legal disputes, or pending litigations. Understand the payment plan, hidden costs, and financial obligations associated with the investment. Review the builder's financial stability and their ability to complete the project as per the agreed timelines.

6.            Customer Service and After-sales Support: Consider the builder's customer service and after-sales support. A builder who provides excellent customer service and after-sales support is likely to be more reliable and trustworthy. Check their responsiveness to queries, promptness in addressing issues, and willingness to resolve customer grievances. A builder who values customer satisfaction is likely to ensure a smooth and hassle-free experience for you as an investor.

7.            RERA Compliance: In Delhi, as well as in other parts of India, it is important to choose a builder who is registered under the Real Estate (Regulation and Development) Act, 2016 (RERA). RERA compliance ensures transparency and accountability in the real estate transactions, and it protects the interests of buyers/investors. Check if the builder's projects are RERA-compliant and if they have a good track record of adhering to RERA guidelines.

8.            Recommendations and References: Seek recommendations and references from trusted sources, such as friends, family, or real estate professionals who have dealt with the builder in the past. Their firsthand experiences and feedback can provide valuable insights into the builder's credibility, reliability, and overall performance.

In conclusion, choosing the best builder for real estate investment in Delhi requires careful research, due diligence, and consideration of various factors, including reputation, experience, project location, project quality, legal and financial compliance, customer service, and references. It's important to invest in a builder who has a proven track record of delivering high-quality projects on time, has good experience.