India has seen a steep jump in demand for larger houses in the wake of the pandemic. In a homebound work and study culture, there was a natural propensity to own larger housing spaces. Many people who lived in 1 or 2 BHK moved to bigger houses. Affordable property prices at the time and numerous attractive schemes and discounts further accelerated the trend.
However, as the market spiraled, property prices in many prominent regions also grew enormously. This has resulted in a balancing act with sizable growth in the demand for mid-sized homes.
Meanwhile, 2024 is seeing a gradual shift towards living smart, and sleek. Homebuyers are looking out for striking the right balance between comfort and efficiency. Technology is playing a pivotal role in enhancing the level of comfort, conserving energy and resources, nurturing social cohesiveness, and enforcing better security features for the residents.
Integrated systems
Powered by the Internet of Things (IoT), lightings, heating, thermostats, entertainment systems, doorbells, etc. will be cohesively integrated in one system, giving residents a truly smart living experience that can be easily managed with their voice or smartphones.
The concept of integrated system can be extended to numerous devices such as lights, dryers, washers, smoke detectors, coffee makers, etc., rendering an altogether different lifestyle.
Sustainable amenities
The importance of creating sustainable, inclusive, and resilient neighbourhood communities will further pick up. It won’t just be limited to an economic point of view but also embrace the environmental perspective.
Many homebuyers are now willing to pay a premium to invest in green buildings. Globally, construction activities contribute to 30-32% of greenhouse emissions. In this regard, the contribution of construction industry in India is low at 22%. Nevertheless, there is a pressing need to adopt sustainable practices that can reduce carbon footprint and preserve natural resources. This will popularise a slew of sustainable practices such as enhanced ventilation, leveraging sunlight, rainwater harvesting, sensors to reduce losses, solar panels for heating water, waste decomposition, recycling, etc.
There will also be a thrust on amenities and facilities that can nurture meaningful interaction between the residents and enhance a sense of cohesiveness. This will fuel the demand for green and open spaces, cafes, meditation centres, co-working zones, daycares, and other amenities that bolster a sense of community.
The writer is Director, RPS Group.
