Trends in Real estate 2022
The real estate market saw a fantastic 2021. Rising knowledge about the need for more space, health, sustainability, future stability, and solid investments has increased housing demand. The residential sector was quick to implement technological solutions to keep businesses running and was more equipped this time to withstand pandemic-led shocks. Real estate regulations and market consolidation, favorable government policies, customer- friendly taxation regimes, low-interest rates, reliable investments, digitization, and, most importantly, purchasers recognition of real estate assets as a safe future boosted consumer confidence and market optimism.
According to ANAROCK, 1.63 lakh apartments of new housing supply were built in the top seven Indian cities between January and September 2021, a 27 percent increase over the previous year. Here are some of the real estate trends for 2022 that can have a robust impact on the market–
• Residential sector on the rise:
Residential property prices are projected to increase again after an extended period of decreasing and then stabilizing. In 2022, we could see 5% increase in price for residential property category in the country. Residential sales momentum is projected to continue in 2022, as potential homebuyers desire for larger houses, greater facilities, and competitive pricing make them eager to close transactions. As per a report by ANAROCK, the unsold housing inventory across top 7 cities has gone down to 32 months from 55 months. The Mumbai MMR that recorded highest sales in terms of units sold, saw the inventory overhang sink below 30 months for the first time since 2015. It now has second-lowest inventory overhang after Bengaluru.
• Consumers are looking for better homes:
Buyers home buying preferences have shifted dramatically. They are now looking for better homes - larger units with extra room, dedicated work space, lavish decks, larger windows, etc. There is demand for better homes by reputed developers in integrated developments that offer amenities for leisure & well-being, open spaces, well-developed social infrastructures such as retail, school, cafés, and other modern amenities that offer convenience. This ensure that they have a better life.
• Increase of homebuyers in big cities:
The sale of residential properties in Mumbai and Delhi increased in 2021. According to real estate analysts, the trend is anticipated to continue in 2022. Urban areas will witness multiple launches to cater to the growing demand for homes. Overall demand for 2 BHK flats in Mumbai and 3 BHK flats in Mumbai, Pune, Delhi, and Hyderabad is expected to increase soon.
• Government steps to support the real estate:
Real estate is one the key revenue generator for the government; it is also one of the largest employment generating sectors. The government also identifies housing as its major goal, under its Pradhan Mantri Awas Yojana (PMAY) project it plans to provide 20 million affordable houses. To achieve this, government has announced slew of incentives. Overall, in order to boost the real estate sector, the government has provided several relaxations in terms of reducing loan rates, taxation, etc.
• Interest from NRIs to invest in real estate:
According to the real estate market trends, a far greater number of NRIs are now looking for homes for personal use rather than investment, reversing a previous trend. As more NRI property buyers return to India, premium homes will be in higher demand. NRIs are concerned about their health in the aftermath of the outbreak, and projects that address this issue will gain momentum in the near future.
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