The demand for luxurious residences that offer a unique living experience has been growing in the Indian market over the last few years. An increased number of high-net-worth individuals, rapid urbanisation, and rising incomes are just some of the factors contributing to that growth.
India’s residential market has witnessed recovery this fiscal on pent-up demand with increase in housing sales despite impediments like rising interest rates on home loans and appreciation in property prices.
The year 2022 has been a positive year as the sector posted a strong recovery across segments – housing, office leasing, and retail. Given the confidence built in 2022, one can expect an uptick in sales in the coming year and the growth of luxury homes will be positive in terms of quantity and quality.
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As work-from-home models subside, there is a shift in demand back into the cities, especially now that most offices have returned to normal operations, and homes nearby have become furthermore attractive to potential homebuyers who are looking to live near their workplaces.
Now, just sitting at home one can thoroughly go through the property with the help of VR/3D enabled site visits, clear all his queries through chatbox-assisted inquiries and even book a property and pay through digital transactions.
Housing sales are expected to remain strong during this current quarter and there will not be any major impact on demand from the fresh wave of the COVID-19 pandemic, according to industry experts. Real estate developers and consultants said there was a minor impact in the first two weeks and sales enquiries are strong.
Residential real estate has staged a dramatic bounce-back across the top seven property markets in India, despite the devastating second wave of Covid-19 that reversed consumer sentiment across sectors, hitting the economy.
According to the Knight Frank report titled ‘Real Estate Outlook 2022’, India’s realty sector is showing signs of healthy growth in 2022. With the steady performance and quick revival, the real estate sector regained the buyer’s and investor’s trust and further picked up the growth momentum.
Perhaps the most important high point of 2021 for the Indian residential real estate market was that the real estate business did not come to a standstill despite the second wave of the pandemic, and shown resilience to come back from the lows of the uncertainty.