The COVID-19 pandemic brought the world to a halt and had a negative impact on the Indian real estate industry. After months of a slump, 2021 began to signal that the sector was slowly showing definite signs of a resurgence. The pandemic brought many first-time home investors into the residential market by throwing attention on the need to own residences.
The real estate industry began picking up in the last quarter of 2020, and this has continued through into 2022. The sector is today seeing rapid growth and development with an increasing demand, especially for luxury residential real estate options. The Indian residential real estate sector is today expected to see a significant overall growth of 5% in capital value.
The residential real estate market in the country is booming, particularly in the growing centers of Bangalore, Pune, and Hyderabad. Large numbers of job opportunities are available in these rapidly developing locations, resulting in a large influx of working professionals. These increasing populations of financially stable residents are now investing in residential real estate, which has successfully boosted the market.
The RERA act has been instrumental in bringing greater transparency and higher accountability into the sector, in turn boosting sales. The Union Budget 2022-2023 also announced several government initiatives and far-reaching policies which will help the market thrive and grow. There is now a focus by the government on affordable housing solutions in the country and strengthening of financial systems.
With steadily rising incomes, there is a prevailing trend in the residential real estate market to invest in luxury properties. Home investors are today on the lookout for spacious and sophisticated residential options with world-class amenities available in the projects. There are also increasing numbers of investors looking to invest in premium plotted developments and villas in exclusive gated communities.
Tata Carnatica prelaunch residential township at Devanahalli, North Bangalore.