Environmental Factors Drive Paradigm Shift in Indian Real Estate Market

COVID-19 The pandemic has triggered a profound reassessment of priorities among Indian home buyers. The focus of homebuyers has evolved from what used to be location, proximity to workplaces and standard amenities to environmental quality. This shift has been particularly pronounced in major cities, where pollution levels have reached alarming heights, raising serious health concerns. Against this backdrop, the demand for homes that are able to escape the quagmire of urban pollution has risen significantly.

In recent years, real estate prices, especially for homes priced below Rs 10 million in urban areas, have remained relatively stagnant. However, the modern Indian customer is becoming more discerning, prioritizing projects that include green spaces and healthy amenities. Healthy home lifestyles are gradually replacing the glamour of urban living that used to be characterized by luxury.

This preference for healthy living goes beyond mere aesthetics and personal preferences. Homebuyers are now actively evaluating the environmental impact of their real estate choices. This shift is reflected in the emergence of two prominent real estate markets, Karjat and Goa, which exemplify the growing importance of environmental factors.

Environmental Factors Drive Paradigm Shift in Indian Real Estate Market

Karjat has seen a surge in real estate development due to its proximity to Mumbai, its strategic location, and its ever-improving roads, which have strengthened its connectivity to Mumbai. With the growing demand for a healthier and cleaner environment, the region has also seen a significant increase in the inflow of projects. As a result, real estate prices have risen by 20 to 30 percent.

Similarly, Goa has seen a significant rise in real estate prices, largely due to people relocating here from North India, especially Delhi. The alarming air quality in the National Capital Region (NCR) has prompted many people to move to places like Goa. As a result, house prices in Goa have risen by 400% compared to the last three years, while prices of apartments have increased by 200%.

These trends show that home buyers want to prioritize their health and embrace a non-urban lifestyle. They are looking for homes with cleaner air, better social infrastructure and healthier environments.

This shift in real estate preferences is not limited to specific groups or neighborhoods. The demand for healthy lifestyles has permeated all demographics, changing the dynamics of the real estate market. Developers are responding to changing consumer demands by incorporating modern conveniences and open spaces in their projects.

As Indian real estate undergoes this transformation, traditional values and real estate valuation methods are being reassessed. Changing consumer tastes are pushing up the prices of real estate located in areas that are healthier, more environmentally friendly and promote a modern lifestyle.

Increasing pollution levels have catalyzed this shift, resulting in a dramatic change in the real estate landscape. Unlike in the past, homebuyers are not only attracted to urban residential areas with easy access to public transportation, they are also looking for a haven away from the threat of environmental risks. This shift is not just a fashion trend, but a socio-economic shift towards a better life, cleaner air and better lifestyles, ushering in a new era of real estate in India.

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