Despite reports of growing housing sales and new launches, the zest of real estate developers seems missing this time. So, how will this Diwali pan out for them?
A strong revival in the country’s economic growth in the current fiscal, historical low interest rates on home loans and lucrative festive offers by developers will be the major drivers of housing demand.
New Delhi NCR, India NewsVoir Launched in 2018, SAYA Gold Avenue attained completion and was put up for possession, making it one of the few residential projects to be ready for timely delivery, amidst the pandemic. Undeterred by the pandemic, SAYA Homes, a prominent developer in Delhi - NCR region, has commenced delivery of its 44 storeyed project named SAYA Gold Avenue in Indirapuram.
India’s real estate sector has registered a strong resilience against the pandemic which hit the economy last year. Despite setbacks, the sector realigned very quickly to the new normal with digital interventions and was back in recovery mode soon. The pandemic’s second wave has altered the atmosphere for real estate buyers and investors in the country, and there is now a greater demand for own homes keeping in mind the factors of health, hygiene and safety. The macroeconomic recovery has also shown a significant pick-up inducing a positive trend in the last few months in the real estate sector. The appetite for residential property in the mid-income segment is growing, with people looking to buy homes sooner than they had anticipated given the current scenario with the pandemic. Developers have analysed the trend of a healthy lifestyle and have shifted their interests towards developing projects that fulfil the changing needs of new-age buyers in a post-Covid world. In the context of this change in mood, it is important to grasp the new trends in the real estate sector.
The option of virtual site visits was initially reserved for NRI customers but now is the new normal for the entire customer base. VR technology such as Oculus Rift devices allowed customers to experience the township, key highlights, and amenities on offer.
As the 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.
While property prices have grown at a CAGR of 1-6% across the high-end segment and around 2–7% across the mid-segment since 2010, the per capita GDP grew at a CAGR of 4.0% between 2010 and 2020. Pune led sales activity with an approximately 26% share, followed by Mumbai (19%). It was closely followed by Hyderabad and Delhi-NCR with 18% and 17% shares, respectively.
The pandemic has further elevated the significance of owning a home instead of living in rented properties. Amid work from home, people increasingly prefer spacious homes with a distinct workspace.
To the uninitiated, these statistics are key markers that hint at a strong, optimistic, and growth-driven future for the Indian real estate sector. Let’s take a closer look at how they intersect
Experts in the country’s real estate sector are rubbing their hands with glee as the once-suffering residential property market in India is coming back to life in style and taking real estate stocks up with them.
Real estate may face more pain than last year, when the government and the central bank had stepped in for support, but residential property prices may rise as the stress reduces supply, and demand in small cities may increase because of remote working
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In 2021, the southern cities such as Bengaluru and Hyderabad are placed comfortably to lead the path to recovery; emerging asset classes, such as student housing, co-living and senior housing are expected to pick up and flexible workspaces may make a strong comeback.
It is during this period that gated work campuses gained popularity among corporates, for whom innovative building designs and structures became the key to growth in a fast-developing and highly competitive world.
Many consumers haven’t paid their bills since the lockdown, complaining they were overcharged. If consumers from the rest of the state are included, then 1.35 crore consumers of MSEDCL have bill arrears to the tune of Rs 5,003 crore.
Some 40,000 apartments across Amrapali’s housing projects remain incomplete due to financial mismanagement. About a quarter of these homebuyers want to sell their yet-to-be-ready apartments but had not been able to do so as there was no clarity on rules.
The state government has reduced the property registration fee for flats costing less than Rs 20 lakh from 5 per cent to 3 per cent. The BS Yediyurappa cabinet, which met on Thursday, took the decision to drive demand in the affordable housing sector.
The Bombay HC has rapped a developer who has gone to celebrate Diwali in Mahabaleshwar while residents of a Santacruz housing society which is to be redeveloped by him have been awaiting transit rent for six months.
