As we pave our way through a pandemic-riddled economy, the real estate sector is progressing towards recovery via innovation, technology & investment trends after the past two turbulent years due to the novel Coronavirus. The Indian real estate sector took a big beating during the two lockdowns but managed to make a quick recovery through diminished property prices, slashed stamp duty, lower interest rates, and revised RR rates.
Here are Top 5 Indian Residential Housing Trends to watch out for in 2022-
An upward slope-
According to Anarock Property Consultants, new supply and sales in the residential real estate market “may surpass 2019 levels” by 2022. Bigger and organized developers will continue to dominate and take greater market share from smaller and unorganized businesses. The majority of the demand will continue to be driven by the mid-and high-end housing sectors as well. Similarly, a report by Knight Frank India, stated that the residential segment will expand by 5% in capital value by 2022 as prospective homebuyers’ preferences for larger homes, better amenities, and attractive pricing will keep them interested in closing the deal.
Increased NRI interest
In the Indian real estate market, NRIs, particularly those from the Gulf and the United States, are seen as high-potential clients. Over the past two years, NRIs have been enticed to buy property in India by developer offers and the suspension of the RERA deadline as part of the Atmanirbhar Bharat package. A much higher number of NRIs are now looking for luxury residences for personal use rather than an investment.
Evolution of technology & Proptech
Before the pandemic rocked the global business environment, the Proptech market had progressed beyond facilitating online property search to provide consumers with end-to-end solutions. The real estate industry has reached a tipping point in terms of maximizing the usage of cutting-edge technologies. Moving forward, Digital launches, 3D property viewing, virtual property exhibits, and virtual reality-based design projects will continue to be an integral part of the home buying process.
Affordable sector to be at the forefront
The affordable sector was recognized as a leading buyer preference in 2021. It accounted for more than half of all the housing demand in top markets. As a result, developers have an opportunity to focus on cost optimization in the current year, despite rising input prices, by deploying technology and adding innovation to their services.
Rise of multifunctional homes
Builders have been able to aggressively market multifunctional homes due to pandemic-related limitations and the continuation of hybrid work practices. People now want to live, exercise, and enjoy life in fresh new ways. Projects offering multiple amenities, nearby healthcare infrastructure, and recreational spaces are in demand by prospective homebuyers.
The concept of property ownership has acquired a lot of traction since COVID-19. This has aided the formation of good consumer sentiment toward residential real estate. Based on positive sentiment factors, low home loan interest rates, extended housing subsidy deadlines, and favorable housing policies, India’s housing industry is slated to witness a significant rise this year.