The Coronavirus had posed severe challenges in front of the entire real estate industry. Like a lot of many other sectors, the real estate industry caught off guard by the wrath of the pandemic but following the second wave it showed remarkable resilience.
Dr. Atul Goel, MD, Goel Ganga Group & President (Elect.), NAREDCO Pune said, “The new launches came to halt but the demand was higher. However, 2021 was a game-changer for the sectors. As the world & largest vaccination drive gained momentum, the confidence for the reality as a sector rose and the financial year 2022-23 is now seen as the turnaround year for the sector which will lead to a robust boom for the industry.”
He added, “As the world’s largest vaccination drive gained momentum, the confidence for the reality as a sector rose and financial year 2022-23 is now seen as the turnaround year for the sector which will lead to a robust boom for the industry.”
“For a long time, almost a decade, real estate was a speculated investment for many investors. However, the property market is back on the radar as the homebuyers are flocking for the shopping spree thanks to limited supply, ample liquidity and rock bottom interest rates. The pandemic has been a blessing in disguise for the industry as the low cost of lending has boosted the morale of developers to finish the pending projects, whereas the buyers have been able to hunch upon the low EMIs to buy new houses. Top cities in India including Gurugram, Greater Faridabad, Delhi, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad and Pune are poised for favorable housing sales, sowing the seed for the revival of commercial real estate as well,” said Suren Goyal, Partner, RPS Group
The pandemic has been a blessing in disguise for the industry as the low cost of lending has boosted the morale of developers to finish the pending projects, whereas the buyers have been able to hunch upon the low EMIs to buy new houses.
“The changing dynamics in favor of real estate, even amidst the unstable economy, could be credited to the changing consumer sentiments that underwent modification due to the uncertainties of rental accommodation. Even the millennials are adding to the demand. The new age generation, which relocated from Tier II and Tier III cities to Tier I and metros, is now in the favor of having their own house, instead of renting one. This is likewise now adding to more interest for the area. The new investors or the homebuyers demand spacious houses, with luxury and a large number of amenities, to showcase their lifestyle. Housing is now a style statement and the notorious pandemic instigated parties and gatherings at home only,” said Anurag Goel, Director of Goel Ganga Developments.
As per the experts, the low-interest rate is there to stay for a couple of years. Thus, the homebuyers can apply for higher amount loans, which broaden their choices to buy bigger homes complemented by enhanced amenities and better lifestyle. Considering the panoramic view of the industry, the future of the sector seems rather promising.
, NAREDCO Pune said, “The new launches came to halt but the demand was higher.){kind=link}