Source: News18 ( http://bit.ly/3XvpXbO )

After witnessing a complete standstill during the coronavirus-induced lockdown and a sharp slowdown thereafter, the real estate sector saw a rebound in sales this year. The year 2022 has been a positive year as the sector posted a strong recovery across segments — housing, office leasing, and retail, among others. Experts said the pent-up demand of the past two years and the strong need to own residential properties in the wake of the pandemic were the two major demand drivers behind the strong revival.

According to data shared by real estate portal Magicbricks, the overall real estate demand jumped 6.7 per cent year-on-year in the first quarter of the year 2022 (Q1). The second quarter (Q2) witnessed a surge of Rs 27.7 per cent, while the growth in the third quarter (Q3) was 2.9 per cent.

The supply was also up by 4.7 per cent y-o-y in the first quarter of 2022, 16.2 per cent in the second quarter, and 6.6 per cent in the third quarter ended September, according to the Magicbricks data.

Lincoln Bennet Rodrigues, chairman and founder of The Bennet and Bernard Company, which is known for luxury-themed homes in Goa, said, “The overall performance of the luxury real estate market in 2022 has witnessed a sustained rise that has led to a sizable jump in sales. A change in lifestyle is driving demand for premium properties.”

Rodrigues added that 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. NRs, HNIs and investors are once again recognising the advantages of real estate investment, particularly at a time when cautious investment is still the general consensus.