The year 2022 by far has been a significant year for the real Estate sector as housing Trends in India. As the unsold inventory has decreased marginally due to an increase in demand, lower loan rates and stable price trends. COVID-19 put the real estate sector at a significant standstill which only got worse with the second wave in Mid-2021. However, thankfully the Real estate trends in India continue to witness bright responses post the pandemic crisis.
Housing trends are likely to continue to flourish and the year 2022 will hopefully end on a positive note. The residential segment is set to witness around 5% capital value growth as the Housing Trends recover. Residential real estate trends are also making a huge comeback as high demand in buyers opting for bigger homes with better amenities is noticed. Meanwhile, as the work sector is slowly yet steadily moving back to work from the office, the commercial real estate trends are booming. Additionally, the luxury real estate market is touching new heights unlike ever before.
As the Government of India (GoI) proposes numerous initiatives like making affordable housing for its citizens- a reality, real estate trends are promising to continue an upward trajectory as we move in the next year and so in the next five years. Major announcements made in the Union budget 2022-2023 are indicative of helping the real estate sector thrive. Some of the notable initiatives that the GoI is working on to make housing affordable to all, especially those living in rural areas are Pradhan Mantri Awas Yojana (with a target of building 2.95 crore houses) and Pucca house provision (deadline of which is extended from December,2021 to 2024) to name a few.
REAL ESTATE TRENDS FOR NEXT YEARS
Anuj Puri, the chairman at ANAROCK property consultants, in one of his interviews, said that India’s housing market is a buyers’ market, and the pandemic has further taken the housing trends from a consumer preference market to more ready homes or near completion units being sold more now than ever before.
As per Reuters calculations based on the Reserve Bank of India’s housing price index, the average house prices rose only by 2.5% in the past year as compared to double-digit gains in every other property market. However, with the advent of 2022, the real estate sector is back on track and catching up with speed. According to property analysts’ prediction, the average prices of houses in India are expected to go up by 7% in the following years 2023 and 2024. And according to Niti Ayog who is the official public advisory to the center (New Delhi), the Indian real estate sector is expected to account for 13% of India’s GDP by end of 2025 and it is expected to reach a market size of 1trillion dollars by the year 2030.
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