With a positive attitude and high aspirations, GenZ has greater access to opportunities, education facilities, cushy jobs, and higher incomes, creating a conducive environment to invest in homes.
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.
The Reserve Bank of India’s decision on Thursday to keep the repo rate of 6.50 per cent unchanged came as a huge relief to the real estate industry as well as home buyers paying back home loans.
Something’s coming over India’s real estate market. Especially in the high-end segment, change is in the offing, after nearly a decade of slow or stagnant growth. Among others, one of the most interesting trends to have popped up and is going strong is the demand for holiday homes.
Even after a rise in property prices and home loan rates, buyers from across segments are investing in real estate. Home loan demand was robust in 2022 and seems to have increased in the months following the rate hikes.
Experts said the surge in demand for luxury housing is an indication of people looking for a lifestyle that mirrors their achievements and ambitions, it is also coming close on the heels of a Budget 2023 provision that will be implemented from April 1.
A critical engine of growth and employment, with both forward and backward linkages, it is estimated that nearly 50% of India’s GDP is linked with the domestic real estate sector.
The commercial real estate market in India is expected to reach new heights in the coming years. The sector has been the focus of investors in the post-Covid era. The growth in the sector is contributing to the overall growth and also creating employment opportunities.
People want sustainable and smart homes, and we need technologically advanced and skilled interior designers to build them. Gadgets and gizmos have taken over the world, and no home today is complete without some form of interior technology.
Young Indians will continue to dominate the homebuying segment for the foreseeable future as they seem to be more financially prudent than previous generations.