The COVID pandemic has thrust the world into a state of panic, which resulted in a crash in the real estate market during the second wave. The industry, however, made a speedy recovery and has since gained momentum. Even with the omicron crisis looming, the market seems to be on an upswing and it seems that more buyers are entering the market.
Even with the fear of an increasing wave of omicron cases and an impending lockdown, the real estate industry today is not too fazed. Humans have adapted well to the situation and the populace is generally better prepared than when the first wave hit. This means that business will be conducted as usual, with a few necessary and important restrictions imposed.
The pandemic brought to the fore the need for social distancing and also awoke in a lot of buyers the need to own their homes. The work from home culture that resulted as a consequence of the pandemic also acted as a fillip to the real estate market in India. As a result of these, today, owning a home in 2022 seems to be a realistic target for most potential investors.
The Indian economy has a positive and healthy outlook for the current year and the real estate industry is capitalizing on this. The economy is expected to grow by 8 to 9% and this will in turn drive up the demand for larger homes. Another factor that is driving the upswing in the real estate market is lower home loan rates. These lower rates are making the dream of owning a home achievable for most Indians.
Humas are social beings and the pandemic made our need for socializing and living in communities extremely evident. This need is fuelling a demand for homes and a number of Indians are set to realize this dream in 2022.
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