The real estate sector in India is set to add around 5 capitals in value in the residential segment in 2022. Some projections suggest that sales momentum will likely increase in 2022 as prospective homebuyers will continue to favor larger homes, better amenities, and attractive prices that will keep them interested in closing deals. As office work picks up again, the recovery in the commercial sector and the flight trend in quality should keep rents stable until 2022.
In addition, the luxury housing market is poised to reach new heights in the coming year. The Indian government has launched several initiatives to incentivize property purchases. The announcements in the Union Budget 2022-2023 will help create a prosperous atmosphere in the real estate sector.
The government continues to prioritize the affordable housing segment while simultaneously exploring ways to strengthen existing financing systems to provide liquidity to stalled real estate projects. In the first week of December, the Government of India extended the deadline for delivering Pucca homes to all families in rural India to 2024.
The Cabinet ruled that the flagship rural program, Pradhan Mantri Awas YojanaGramin, will receive INR 2.17,000 additional central and state funding to build 2.95 million homes.
The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) has announced that it will keep the repo rate and reverse repo rate unchanged for the 10th consecutive year. With the start of the year, MPC made it clear that it is geared for growth. Maintaining interest helps increase consumer affordability and current demand trends.
NITI Aayog expects the Indian real estate sector to reach a market size of US$1 trillion by 2030 and account for 13 percent of India's GDP by 2025. As the third-largest sector generating economic growth, the real estate industry is expected to continue its upward trend in 2022.
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