Plotted developments in Southern India were popular this year
India’s real estate sector is looking up as 2022 is expected to end on a good note. Resilient economic activity and strong consumer sentiment for home ownership drove sales for housing units to a record high, reported the Financial Express.
The industry surpassed pre-pandemic sales within the first nine months of 2022 with sales for the top eight Indian property markets reaching more than 2.3 lakh units. The results seen in the first three quarters of 2022 suggest that this year will set multiyear highs for the industry.
According to Pradeep Aggarwal, founder and chairman at Signature Global, “The residential sector has witnessed good sales, and launches have also shown signs of an uptick during 2022. Private equity investment has also increased significantly in 2022.”
Meanwhile, Outlook India pointed out several trends that shaped the country’s housing sector this year.
Plotted developments in Southern India were popular this year. Saransh Trehan, managing director at Trehan Group, mentioned that the most preferred option for homebuyers were bigger homes, independent floors, and plots.
Moreover, since more companies started urging their employees to return to office, the demand for rental housing increased significantly, even surpassing pre-pandemic levels.
Compared with pre-pandemic levels, rental prices rose 20 to 25 percent on average, with some popular societies seeing increases exceeding 30 percent.
A poll conducted by Reuters indicates that house prices in the country will continue to grow within the next few years, also highlighting that it will remain as a contributor to India’s economy moving forward.
Over the next three years, India’s average house prices are expected to rise by five percent annually, following a seven percent increase in 2022.
“The growth trajectory is definitely poised towards the upside, but expectations of rising interest rates, which may act as a momentary disruptor to demand, may see developers easing up on price increases in 2023,” said Rohan Sharma, senior director at JLL Research.
The Property Report editors wrote this article. For more information, email: [email protected].
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