It would not be wrong to say the real estate industry is at an inflection point and could potentially see explosive growth.
Among all the segments, housing is showing tremendous demand.
There is a gradual rise in property prices as well.
Having said that, there have been changes within the buyer community during the period.
For instance, the lockdown in 2020 made potential home buyers revisit the importance of owning a home.
The renewed demand, supported by timely government measures, served as a catalyst for the sector’s revival and development.
There has been a growing consensus that the sector is now witnessing a steady recovery.
In the housing-oriented real estate sector absolutely.
We think that there is a huge, probably five to seven-year boom in the housing sector on the anvil again for the same reasons.
The domestic real estate market is showing signs of steady recovery with both residential and commercial property segments recording healthy growth in the July-September quarter.
According to real estate consultancy firms, housing sales had jumped over two-fold year-on-on during the July-September period at 62,800 units across seven major cities on better demand driven by low mortgage rates and hiring in the IT/ITeS sector.
On the question of sustainable recovery, it must be observed that the bounce back in residential real estate is seen across major cities in India.
With the pandemic-induced change in lifestyles, people are finding the need to upgrade their houses.
This home buying trend has been further supported by low home loan interest rates and an increase in household savings during the pandemic.
There are specifically positive sentiments among home buyers and developers for southern cities such as Chennai, Trivandrum, Bengaluru, and Hyderabad, indicative of an upward trend in demand in the coming months.
In certain ways, the global pandemic has come as a blessing in disguise for real estate, helping the industry establish its importance in the residential segment.
Especially the millennials, who were earlier in favor of the rented house, have started showing great interest in buying their own home.
There was a rise in spacious, independent options, where people could carry out all their daily activities smoothly.
When remote working culture got adopted unanimously, people were on the lookout for homes with extra room or space, which could either serve as an office or study.
Moreover, as mobility got restricted to the house, people started searching for homes that accommodated entertainment, exercise, and recreational area.
Likewise, with the havoc created by the pandemic, there arose a dire need to purchase homes within the premises of hygienic surroundings.
The rising demand for large houses instilled the faith in accommodation of own home.
As the notorious pandemic instigated major lifestyle changes that forced people to stay at home for a long time, it acutely changed the way the spaces within the house were utilized.
Thus Indian real estate market is showing signs of steady recovery with both residential and commercial property segments recording robust performance in the last months.
Real estate activity gained momentum during the quarter as the country began to cautiously return to normal economic tempo supported by aggressive vaccination drives And record-low home loan interest rates and sops offered by realty developers helped top Indian property markets move upward.
The direction of the Covid-19 pandemic going forward and its impact on the economy will have a strong influence on real estate recovery.
Price is increasing due to the construction material price has increased more than 30 % last year also a major labour shortage after covid time.
The future trend of interest rates in the economy along with fiscal measures adopted by State governments will truly dictate the sustainability of this growth trajectory
