The Coronavirus brought a standstill to almost every business sector in India as the largest lockdown leading to migrant crisis has showed on televisions. One such sector that faced severe challenges was India’s real estate industry.
Caught off guard by the wrath of COVID-19, the real estate was able to pick up speed after second wave. Dr. Atul Goel, MD, Goel Ganga Group & President (Elect.), NAREDCO Pune said although the first two years had been tought, the largest vaccination campaign carried out in 2021 lend a special momentum that skyrocketed the real estate sector. The boost from vaccination drives led to “financial year 2022-23 being the turnaround year for the sector which will lead to a robust boom for the industry.”
Two Indian cities including Gurugram and Pune are recording hugely favourable housing sales thus reviving the commercial real estate.
Suren Goyal, Partner, RPS Group said that the pandemic has actually “been a blessing in disguise for the industry” due to the low cost of lending boosting the morale of developers who started finishing the pending projects, with buyers agreeing to depend on low EMIs for buying new houses.
Top cities in India that recorded major real estate sales include Gurugram, Greater Faridabad, Delhi, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad and Pune.
Goyal explained that the changing dynamics have actually favoured the real estate wherein even the millennials are adding to the demand. The new age generation that has mostly relocated from Tier II and Tier III cities to Tier I and metros, are currently working to have their own house, instead of renting one. This is directly adding to more interest for the area.
Anurag Goel, Director of Goel Ganga Developments, said that the new investors or the homebuyers demand spacious houses with “luxury and a large number of amenities, to showcase their lifestyle”
Goel thinks since the COVID-19 has forced people inside their homes, housing is emerging into the new “style statement” as home owners want everything lavish at home. This has propelled housing sales in Bengaluru, Hyderabad, and several more cities which was otherwise confined to Gurugram, Pune and northern India.
Experts estimate that low-interest rate is here to stay in the aftermath of the pandemic so home buyers can apply for higher amount loans in order to broaden their choices for buying bigger homes complemented by luxury and style. Considering an overall view of the industry, the future of the sector seems rather promising.
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