The real estate sector has seen immense changes in the past two years for COVID-19. We are living in the era of online home buying and selling. In fact, lower interest rates and low stamp duty have also spiked the housing market and boosted the confidence of homebuyers. As per the market research conducted by the best builders in Chennai, volatility in the stock market has also proved to be a benefit to the real estate sector in India and attracted the attention of NRIs.
With the gradual percentage of the vaccinated population growing, the industry came back with improved launches that provided good returns. There has been a lot of positive change in the infrastructure of the Indian real estate sector. Rental returns have been on the rise and consumers have recognised the importance of owning a home.
As we move into a new financial year in 2022, let’s take a look at 5 housing trends that are to dominate the rest of the year:
1. The residential property market will continue to dominate the real estate sector
After carefully accessing the demand and supply of residential projects, the best builders of Chennai expect that there will be a momentum in 2022 for bigger homes with better amenities at attractive price points. In fact, trusted and reputed developers will see better growth in sales this year. With a greater preference for ready-to-move projects and soon to be ready projects, affordable housing segments will also remain in demand.
2. Foreign investments will dictate the market
FDI or foreign direct investments will provide important growth traction for the real estate sector. The residential market is most lucrative for NRIs for which India will prove to be an attractive investment destination.
3. A steady hike in property prices
Property prices had taken a hit in 2020 when 1.38 lakh housing units were sold. But this number showed great improvement as 1.45 units of residential properties were sold between January and September 2021. For example, the price of land for sale in OMR has increased significantly in the past two years. This hike will continue to grow steadily in 2022 and appreciate in the range of five to ten per cent, as predicted by the best builders in Chennai.
4. Increased demand in co-working spaces
When looking for plots on sale in OMR, homebuyers must keep in mind that co-working spaces are a part of future expansions. So lands will continue to be incorporated for residential projects, start-ups and firms. Warehouse transactions of e-commerce are predicted to increase to almost 36 per cent by 2023.
5. Government aid
The Indian real estate sector has always been a huge contributor to the country’s economic prosperity. Hence, experts believe that with newly formulated government policies, the industry will gain more stability and will become more organised. This will have a great impact on both residential and commercial projects in 2022. Tax benefits will also encourage public spending with lesser transaction cost.
While all kinds of residential projects are to increase in demand, we have understood that the real estate market in India is extremely resilient and shows signs of steady growth in 2022.
