The Top 4 Real Estate Innovations to look out for in 2012 The words innovation and real estate don’t often go hand in hand, unsurprisingly because this was traditionally a sector which preferred to rest on its laurels and follow traditional methods of marketing itself to the masses. However the last few years have seen a sea change in the thinking of most real estate companies. The industry has matured and has developed a more corporate image. The evolution has extended beyond construction practices to marketing and selling homes. As times change, so does the mindset and this has been seen with real estate companies making definite consumer oriented moves. Now that 2012 has finally arrived, real estate in India will see a number of innovations seeing more mainstream developments with virtual communities, flexi homes, serviced apartments and green homes being the buzzwords for 2012. Let’s shed some more light on these innovations. 1. Virtual Communities

It’s no secret that purchasing your first home is a daunting task. What with scouting for the right address, finding a home with your requirements, arranging for finance, paying brokerage etc packed into the tight schedule of your everyday life. That is why people are slowly realising the power of collective buying. Collective buying means people with similar needs in terms of property buying come together and , purchase a house with great group discounts. Seeing the need in the market a number of property portals have sprung up that offer a platform to buyers and sellers, where sellers list the available properties and once the deal manages to attract the minimum number of buyers, the properties are offered at discount rates. 2. Flexi Homes

Traditional homes were spaces purely designed by builders and architects. No user feedback was ever taken in designing the home. That’s why most buyers used to spend 15-25% of the value of the home on redecoration 2-3 months post possession. Today, the concept of flexi homes is taking the real estate world by storm. Flexi homes simply put are homes offered by developers where buyers can select their own layout, floors, kitchen and several other aspects of their abode. The basic structure is put in place by the builders but small modifications to layout and interiors can be made by the buyers. 3. Serviced Apartments

Another innovation that’s making the news these days is serviced apartments. Driven by demand from the corporate sector, particularly the IT & IT enabled service segments, leading real estate companies are offering medium to high end serviced apartments in the price range of 20-70 lakh. Serviced apartments are furnished residential units with accompanied housekeeping, concierge and maintenance services. These apartments offer 10-20% annual return on investment compared with 3-5% offered by residential apartments. In addition these properties can also be sold to realise the appreciation gains. The best part about serviced apartments are that companies offering them also provide maintenance, so your apartment always remains well cared for. 4. Green Homes

Environment consciousness today is at an all time high and therefore its not surprising that real estate in India is slowly becoming more eco friendly. Today most developers ensure their offerings are packed with plenty of open spaces. Most cities like Mumbai and Delhi have a serious dearth of public spaces due to the burgeoning population & developers have understood the benefits of providing landscaped gardens attached to the property as a marketing measure to increase sales. With better legislation this sector will no doubt flourish as there is huge demand for green homes in India. Innovation and real estate traditionally never went hand in hand, but in recent times the real estate industry in India has embraced innovation and is now truly on its way to becoming a more mature and growth driving industry.