Residential real estate emerging as a preferred asset class
Despite the challenges posed by the Omicron variant, the year 2022 brought good news for India’s residential real estate market, breaking all prior records.
India’s residential real estate sector is increasingly embracing new concepts and innovative solutions to meet the needs of Millennial home buyers who are enthusiastic about homeownership.
As per NITI Aayog, India’s real estate market will reach $1 trillion by 2030 and account for 13% of its GDP by 2025, which illustrates the magnanimous streak of the sector.
Additionally, in its latest quarterly report, Knight Frank stated that 78,627 residential units were sold in India in the January-March 2022 quarter, despite the third wave of COVID-19 creating havoc across the country. The report further states that units priced above Rs 1 crore accounted for a quarter of sales. Despite the challenges posed by the Omicron variant, the year 2022 brought good news for India’s residential real estate market, breaking all prior records.
The first financial quarter of 2022 witnessed a growing demand for large homes as people sought spacious homes that could complement their multi-functional lifestyle. After the pandemic-induced lockdown, buyers have realized the importance of having a dedicated work and study space, including a leisure corner. Investing in extra rooms, chic interiors, balconies, gyms, modern kitchenettes, and smart devices is becoming a proclamation for their modern lifestyle. This trend is expected to grow substantially for the rest of the year. Additionally, budget homes in the medium-price category are expected to experience increased demand from homebuyers, placing them at the forefront of project launches. What’s more, luxury and ultra-luxury segments are also expected to witness increasing customer interest.
Source: Financial Express (https://bit.ly/3REhBM5)