The pandemic plunged the world as a whole into a crisis and this affected the real estate industry adversely. However, as things began to stabilize and the number of cases began to taper out, the real estate industry began showing signs of a revival. The pandemic and subsequent lockdowns brought to the fore the need for owning residences and this fuelled an upswing in the real estate market of India.
The vaccination drives in the country have fuelled the growth of the real market industry as fears of COVID are beginning to recede. The latest trend of online home buying has come to stay with a number of investors opting for this option to avoid unnecessary contact. Lower stamp duties and home loan interest rates have further boosted the real estate industry. This has resulted in increased demand and increased confidence in the buyers. Transparency offered by RERA is another factor that has boosted the Indian real estate market.
The real estate market in India in 2022 is an optimistic, bullish market. There has been an upward swing in real estate prices, but the demand is also increasing steadily. This has been a trend over the past decade and is only expected to continue as home buyers’ look for bigger homes and better amenities. Attractive pricing initiatives are being offered by the real estate developers, ensuring the buyers’ interest.
The year 2021 saw a good surge in the sales of mid segment units that were priced between rupees 40 to 80 lakh and also in the sales of high-end units that were priced between rupees 80 lakh and 1.5 crore. Around 65% of the sales between January and September 2021 were in these two categories. This trend seems poised to continue over the year 2022 and the real estate market is on an upswing.
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