Real Estate News 2022
The demand for real estate in India is rising steadily in 2022, and this trend is anticipated to continue throughout the remainder of the year. The general market prognosis is positive for the real estate sector, from commercial spaces to the residential market.
The sector has maintained its stability and sustained growth in 2021 despite pandemic-related challenges. The first wave of Covid-19 in India temporarily brought the market to a stop. However, the market had started to gather up steam by the fourth quarter of 2020, mostly as a consequence of an increase in the price of residential spaces. Just as the industry was beginning to recover, the second wave of Covid-19 struck. The second wave’s effects were less pronounced and lasting than those of the first. Vaccination campaigns and declining infection rates gave the market cause for optimism.
The real estate index, which is the foremost performance sector index and has increased by 75% over the past year, has considerably outperformed the market index Nifty50. Supported by temporarily reduced stamp prices and historically low loan rates, the real estate market has not only recovered but is predicted to thrive in the upcoming year.
Luxury Housing Demand
In India, the residential real estate market is anticipated to see capital value growth of about 5% in 2022. According to some predictions, sales activity is anticipated to pick up in 2022 as buyers will continue to favor larger homes, better facilities, and more enticing pricing will keep them engaged in closing the transactions. The recovery in the business sector and the flight to quality trend are anticipated to maintain rents stable and climb in 2022 as activity resumes in offices. The market for luxury homes is also anticipated to reach new heights in the upcoming year.
Affordable Housing Initiative By the Government
The Government of India has launched a variety of measures to encourage the purchase of real estate. The Union Budget 2022-2023’s statements will contribute to the development of a robust real estate market. The affordable housing market remains a top priority for the government, which is also considering methods to make the current finance mechanisms stronger to inject cash into stalled real estate projects.
The Indian government extended the deadline for giving pucca dwellings to all rural Indian families till 2024 during the first week of December. To meet its goal of constructing 2.95 crore homes, the Cabinet determined that the main rural programme, Pradhan Mantri Awas Yojana-Gramin, will get INR 2.17 lakh crore in additional Central and State financing.
The real estate sector, which already ranks third in terms of its contribution to economic growth, is anticipated to keep growing in 2022.
Highest Home selling Rates
According to a property consultant’s report, home sales have been highest in the first three months of 2022 in the last seven years.
Real Estate News of Bangalore 2022
In just the first three quarters of 2021—from January to September—more than 77,000 residential units were sold, a 47 per cent rise over the same period in 2020, according to a report from the Bangalore Mirror Bureau. Additionally, a 38 per cent increase over the prior year was seen in the launch of 93,000 new extra units in 2021.
There will be growth in the residential market.
This year, the residential property segment’s capital value growth is predicted to be around 5% due to an increase in potential homebuyers.
People will still be on the lookout for larger homes with better facilities and more affordable prices. Another aspect is the increased demand to provide housing for the nation’s expanding urban population.
Increased material costs and a resurgence in buyer interest in residential real estate will probably result in further price increases for land. In the majority of urban and semi-rural areas, the value of land has increased by 50 to 150 per cent in the last 24 months, with increases in the residential, commercial, and agriculture sectors.
According to the Bangalore real estate market projection, mid-segment projects predominated in recent quarter launches, with almost 75% of NRIs choosing Bangalore as their top choice for a place to buy a home.