The COVID-19 pandemic and following lockdowns shocked the world and had an adverse effect on the Indian real estate industry. After months of experiencing a slump in sales, however, the market began to show definitive signs of resurgence in 2021. The pandemic brought people’s attention to the need to own their homes, which brought many first-time buyers to the market.
The industry began showing signs of picking up in the last quarter of 2020, which continued through the following year. Today, there is increasing demand for residential real estate, especially in the luxury segment, triggering rapid growth in the sector. In 2022, the residential real estate sector in India is expected to experience a 5% growth overall in capital value.
The real estate market nationwide has been experiencing a boom, particularly in growing cities such as Bangalore, Hyderabad, and Pune. With large numbers of extremely lucrative job opportunities available, these locations are seeing larger influxes of new residents moving in. These new migrant populations with well-paying and stable jobs are now investing in residential real estate, successfully boosting the sector.
The introduction of RERA has encouraged sales in residential real estate by bringing in an increase in transparency and accountability. The Union Budget 2022-2023 also had several far-reaching policies that were announced, designed to help the sector grow and thrive. The government is providing support with a continuing focus on affordable housing solutions and finding ways to strengthen financial systems.
With the incomes of investors rising, there is a trend today to look for luxurious, bigger homes with better amenities. Spacious and elegant apartments, as well as elite villas in well-planned and designed gated communities, are preferred by buyers today. These high-end apartments and elite villas provide copious amounts of space and privacy, also allowing for customization of the homes.
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