CHANDIGARH: The Coronavirus has definitely taught everyone to live and function as per the new normal. Mindsets of consumers are rapidly changing, and this trend is quite apparent in the residential segment. People living in rental accommodations, have started looking for properties that fit their budgets, and are well-maintained in terms of hygiene and cleanliness. These months of lockdown have been difficult for the tenants staying and working in their confined spaces, they have utilised this time in exploring properties on digital platforms, taken virtual tours in place of site visits to get a real-time experience.
The Indian real estate market has always been a topic of keen interest for investors, homebuyers, and industry observers alike. In recent years, the sector has undergone significant changes due to various economic, regulatory, and market factors. As of 2023, the real estate landscape in India continues to evolve, with distinct price trends and market dynamics across different regions. In this article, we will delve into the current price trends in the Indian real estate market, offering valuable insights for those considering property investments or purchases.
The Mumbai real estate market has been one of India's most vibrant and dynamic, with numerous factors driving its growth over the years. With the ongoing economic recovery and rising demand for residential and commercial properties, trends in Mumbai real estate are expected to continue their growth trajectory in 2023.
The annual trends suggest a continued preference for larger homes, with Q1 2023 witnessing a five per cent increase from the previous year, from approximately 1,170 sqft in Q1 2022 to approximately 1,225 sqft in Q1 2023.
The Indian real estate market is one of the fastest-growing sectors of the economy and is a key driver of economic growth in the country. The market has been growing rapidly over the past few years, driven by factors such as increasing urbanization, rising incomes, and a growing middle class.
The real estate market is diverse and comprises of various segments such as residential, commercial, retail, and industrial properties. The market is highly fragmented, with a large number of small and medium-sized developers operating in different parts of the country. The real estate sector in India has witnessed significant regulatory reforms in recent years, including the introduction of the Real Estate (Regulation and Development) Act, 2016 (RERA) and the Goods and Services Tax (GST). These reforms have helped to bring transparency and accountability to the sector and have improved consumer confidence. The blog takes you through the current real estate trends in the Indian market
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.
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.
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
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.