Residential real estate emerging as a preferred asset class


The Indian residential property sector has once again proven to be a bright spot by contributing to the country’s overall GDP, thereby making the economy more vibrant and optimistic. According to NITI Aayog, India’s real estate market is projected to reach $1 trillion by 2030 and account for 13% of his GDP by 2025, demonstrating spectacular trends for the sector. .

Furthermore, in its latest quarterly report, Knight Frank found that 78,627 homes in India will be destroyed in the January-March 2022 quarter, despite the third wave of COVID-19 wreaking havoc across the country. It said the unit was sold. The report further states that units priced above INR 100 crore account for a quarter of sales.In 2022, India’s residential It broke all previous records, bringing good news to the real estate market.

In the first quarter of 2022, demand for large homes increased as people sought spacious homes to complement their multifunctional lifestyles. After the pandemic lockdown, buyers realized the importance of having dedicated work and study spaces, including leisure nooks. Investing in additional rooms, chic interiors, balconies, gyms, state-of-the-art kitchenettes and smart his devices is becoming a modern lifestyle statement. This trend is expected to grow significantly over the remainder of the year. In addition, mid-range affordable housing is expected to be in high demand from homebuyers, placing it at the forefront of project launches. In addition, the luxury and ultra-luxury segments are also expected to see increased customer interest.

Also Read: Mortgage Balance Transfers: When Should I Choose?

The trend of integrated living will also take hold in the residential sector as more buyers are attracted to projects with nearby social infrastructure such as shopping areas, restaurants, multiplexes, schools, universities, office buildings, clinics and parks. I guess. This trend is accelerating as home buyers seek a safer and more peaceful life.

Additionally, 2022 is proving to be a great year for NRIs to buy homes due to the synergy of low mortgage rates, excellent offers, affordability and the recent depreciation of the rupee. Demand for plotted developments and floors has steadily increased in recent quarters for a variety of reasons, including capital appreciation, increased awareness of the need for open space, and a preference for privacy. As demand grows, we are seeing more organized developers enter the planned development sector.

Residential real estate has not only become a favorite choice of investors, but also the backbone of the country’s economic recovery and prosperity. The Indian residential property sector is increasingly embracing new concepts and innovative solutions to meet the needs of millennial homebuyers who are keen to own a home. In addition, government incentives for homebuyers and stringent rules and regulations have resulted in a booming residential real estate market, with first-time homebuyers entering the market.

Considering the current scenario, the Indian residential property sector is undergoing a much-needed stable growth phase that will have a direct impact on economic growth, better market opportunities and increased investment. increase.

(Ashiok Singh Jaunaplia, MD and CEO, SS Group)





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *