India's real estate sector showing signs of healthy growth in 2022
The housing sector in India quickly adopted to digitalization and innovation and witnessed a demand shift with buyers looking for best-in-class amenities.
With the steady performance and quick revival, the real estate sector regained the buyer's and investor's trust and further picked up the growth momentum. Residential segment - As per the Anarock report, between Jan - Sep 2021, the residential sector saw a hike of 27% in new supply than the full-year supply in 2020, and the sales were also up by 5%.
The housing sector was quick to adopt digitalization and innovation and also witnessed a demand shift where offerings with best-in-class amenities became the most sought-after choice of buyers.
Talking about the trends and customer preferences, Mohit Jain, Managing Director, Krisumi Corporation told, "The work from home has emerged as the dominant undercurrent for shaping homebuyers' preferences. We expect buzzing home sales activity to persist, the city's periphery to maintain its top spot as the most in-demand region and flexible work options to continue to shape housing decisions in new ways in 2022."
Vivek Singhal, CEO, Smartworld Developers, said, "The pandemic has remodeled real estate patterns, with developers prioritizing individuality and customer-centricity as their top considerations. Innovation & digital transformation will drive the boom of this industry in the coming year. 2021 has propelled a preference for a new asset class of independent floors located in gated townships. We foresee this demand to further grow in the coming years."
"It has surprisingly been a great year for real estate, especially residential. After the pandemic, low-interest rates and rising demand for bigger homes have been a catalyst, and we experienced growth both in sales and prices," said Pankaj Bajaj, MD, Eldeco Group.
Rahul Singla, Director, Mapsko Group, said, "Housing demands are likely to reach the pre-COVID level in the next two to three quarters while rates may be increased by 5 percent during 2022. Albeit, the threats of the new variant are adequately contained with minimum disruption in the early part of the new year."
Commercial segment - As per the CBRE report, office leasing activity reached 13.5 million sq. ft. in Q3 2021 growing at about 140 percent q-o-q, showing healthy growth in commercial real estate. Industry experts share views on the growth pattern.
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