2022 likely to be the year of residential real estate: Developers
Source: Financial Express (https://bit.ly/3QdKmzy)
Showing better performance in Q1 2022, the residential realty market is likely to do well this year, dominated by the millennial homebuyers.
Despite the pandemic, the residential real estate market is booming, with homes selling like hot cakes. The residential segment in top Indian cities has remained overly optimistic, making it a top investment choice. The demand for residential real estate in India’s top cities has risen in tandem with the COVID-19-induced pandemic, as the pandemic and successive lockdowns have caused a strong desire among people to own a house. Additionally, the pandemic has served as a reminder that one’s home is the safest place to be during difficult times.
According to Knight Frank’s latest market evaluation report, despite the third wave, quarterly sales in the first quarter of 2022 (January-March) surpassed 78,627 residential units. Mumbai recorded the largest volume in sales at 21,548 units in Q1 2022, while Delhi-NCR recorded the highest year-on-year (Y-o-Y) growth in the sales volume of new homes at 123 per cent. Bangalore, which ranked third in terms of residential sales volume, also posted an yearly growth of 34% in Q1 2022, with 13,663 new units sold. The report also concluded that all the leading real estate markets witnessed an increase in capital values for residential properties owing to the surging demand among homebuyers.
An Eventful Year Awaits the Residential Segment
Considering the positive outlook for the real estate sector, it appears reasonable to anticipate that India’s residential sector is set to perform exceptionally well in 2022. Home sales will gain traction this year due to the growing preference for larger homes, better amenities, and competitive pricing.