Buoyancy in real estate sector to stay fluid in 2023
The property market has witnessed an upswing in demand and price followed by the launch of fresh inventory in the market. The trend of market consolidation has led to an increased market share of organized branded players at key locations.
Historically, owning a Home as a secured asset has prevailed with a strong conviction in the consumer's belief index. Homeownership has undeniably emerged as a safe bet asset in the unprecedented volatile times by the virtue of stability and security. The growth velocity of the residential market has been notable since the outbreak of the Covid pandemic, disrupting the way of living.
The property market has witnessed an upswing in demand and price followed by the launch of fresh inventory in the market. The trend of market consolidation has led to an increased market share of organized branded players at key locations. The acceleration in digital adoption has resulted in a paradigm shift in customer’s consumption behaviour, patterns, and preferences.
The hybrid nature of living has propelled a quantum of housing sales in the primary as well as secondary residential markets. The housing market encompasses a wide range of customer segments varying from first-time homebuyers to aspirational buyers for home upgradation to HNI’s desiring for luxury properties.
The system reboot after RERA, Covid, GST bodes well for the sector on account of enhanced transparency, trust, accountability, financial discipline, and customer-centricity. This phenomenon is the captivating domestic as well as global investors bandwagon to co-invest in the branded residential portfolios. Rapid urbanization, infrastructure development led last mile connectivity followed by the decentralization of commercial hubs have unclogged a gamut of peripheral markets for the developers.
Customer heterogeneity has played a significant role in bolstering demand across affordable, mid and luxury property segments across top residential markets. The advantage of premium discounts, higher FSI, and relaxation of developmental regulatory norms in the metro-urbane locations have augured well for clusters, Slum Rehabilitation and redevelopment residential projects.
The suburban micro markets offer large tracts of open land to cater to the increased housing demand and affordability quotient. The residential market is observing an amalgamation of micro and macro players to curate new development models like JV, JDA, DM, and PDC. These innovative business models will help strong players to foray into newer micro markets and expand their footprints across geographies, further serving the discerning homebuyers with competitive products and services.
Home buying trends like eco-friendly, community living, balcony apartments, home automation, and an assemblage of modern-day amenities have been domineering in the residential market post-pandemic. The multi-functional layouts that compel privacy and comfort level have nudged developers to redesign the homes in accordance with the skewed interest of the explicit homebuyers. The average property prices in major Indian cities rose around 5 to 7% in contrast to the global trends where realty prices are contracting. The upward price anomaly in the Indian residential market is driven by underpinned homeownership sentiments, safe bet investment with steady long-term gains, tax benefits and a safe nest in times of polycrisis.
NRI buyers took the plunge to rebalance their investment portfolio by buying homes in their native land with add on benefits of currency depreciation, festive launches, deal sweeteners and accommodative stance of the developers in the present market dynamics.
The bull run for the Indian residential market will continue in FY 23 on the back of sustainable demand, cater to Housing for All objectives of the Government and robust growth of aspirational home seekers. The increased disposable income, better job opportunities, pay hikes, accumulated savings, comparatively low-interest rate, availability of long-term home loans against 80% of mortgaged property value and India’s invincible economic resiliency are the crucial demand denominators.
Real Estate & Construction sectors are economic growth vectors with huge rippling effects on job creation, the performance of 270 allied industries and investment capital. The higher growth frequency of real estate will lead to a strong GDP growth of India. It is estimated that Indian Real estate will morph into a $1 trillion market with nearly 15% GDP contribution by 2030.
The prime objective to sustain the fastest-growing economy under the global recessionary thunderstorms and mature into an Atmanirbhar Bharat will be an honored milestone. The future of Indian residential real estate is optimistically compelling with a home being a perennial appreciating asset creating generational wealth.
Back to All Thane Real Estate News
To Get More Information About Properties in Thane City Or Call us On 9930011453 or Email us On email@example.com