The real estate sector in India has weathered several bouts of pain in the past few years. It started with the demonetisation, then the advent of RERA, and finally the onset of COVID.
However, the uncertainty from Covid-19-induced lockdowns and the subdued market sentiment is now beginning to ease.
Let’s look at some of the trends that will transform the Indian real estate sector in 2022.
Distance won’t count
Remote working is here to stay. Even after COVID-19 loosens its grip, employers will still enforce some version of work from home for their employees. As a result, commuting convenience will take a back seat during homebuying decisions. Homebuyers would no longer feel the pressure to buy a house near their workplace, and therefore, can explore options at peripheral locations for better affordability.
All in all, the “walk to work” culture will surely lose its charm in the coming years, as prospective homebuyers will see sense in moving to affordable locations.
Preference for bigger, better homes
Having spent a reasonable amount of time living and working indoors, homebuyers have realised the importance of bigger homes. Consequently, the demand for slightly larger homes, with multifunctional places like reading nooks, workspace, and activity space, has increased dramatically.
With increased time spent at home, buyers will indeed look for well-designed apartments with more breathing room.
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Lower interest rates will boost demands
The central bank has brought down home loan interest rates at historic lows, firm on reviving the residential demand. Moreover, RBI has assured the audience that the interest rates will remain low for the foreseeable future.
Besides, with the lockdown reinforcing the importance of homeownership, many people who were previously comfortable paying rent are now looking to buy homes.
The reduced interest rates on home loans, combined with changing buyer sentiment, have indeed achieved the desired effect – skyrocketing real estate demand.
The rising popularity of ready-to-move-in properties
Ready-to-move-in properties have gained much traction these past few years, as homebuyers have grown less fond of waiting endlessly for the possession date. Moreover, there are also instances where many projects have failed during the construction stage, leading to massive losses and fuelling buyer distrust.
To avoid this, many builders have adopted the business model of building first and selling later. This model equally suits homebuyers, as they now pay for buying, thereby avoiding any fraud in terms of quality, price escalation, or space. The best part? Consumers save around 12% GST when they buy a ready property with a completion certificate.
With such advantages, the real estate 2022 market is sure to witness a massive influx of ready-to-move-in homes.
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With low interest rates, changing buyer sentiments, and rising supply and demand, things look promising for the real estate sector moving into 2022.
This positive growth also makes it a great time to invest in a house. And Tata Capital is here by your side to make your homebuying dream a reality. Opt for our home loan today and enjoy attractive interest rates, a seamless application process, and easy eligibility.
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