The coronavirus pandemic struck society as a surprise. While this resulted in an unavoidable and unprecedented slowdown in site visits, it also resulted in the human population suddenly realizing the value of the home. People realized that their home was their first and best defense against the vagaries of the outside world when the entire world went into lockdown mode. People began working from home, children began studying from home, and everyone realized they now had new expectations and demands from their home.
One thing is undeniably clear. The demand for housing is increasing and growing rapidly. According to the most recent CBRE report, India Market Monitor, continued attractive mortgage terms and government incentives are propelling housing sales tremendously. Housing sales increased 46 per cent quarter on quarter to 50,000 units in the third quarter of 2021, and 86 per cent year on year. As a result, despite the challenges and upheaval caused by the pandemic, the residential sector has demonstrated great resilience and will continue to soar in the coming fiscal year. As residential prices are expected to rise in the near future, this robust and recovering demand trend will ensure a noticeable return on investment.
The Pradhan Mantri Awas Yojana (PMAY), the Indian government’s flagship mission, will be completed in 2022. As a result, the remainder of this fiscal year will be devoted to the implementation of affordable housing schemes and the provision of low-cost housing. Loans and other rebates will be provided to real estate developers who are involved in the provision of affordable housing. Furthermore, because the government is encouraging new housing technologies, which have significantly reduced the cost of housing units, the lower middle class to economically weaker section (EWS) of society will have more housing options.”
Some other predictions for 2022 can be:
Smart home technology and self-showings will become more popular, and investors will continue to embrace 3D virtual tours. We believe that 3D is just getting started in the single-family rental industry and that within the next five years, every property will have a 3D tour that can be used for both operations and marketing.
Property technology will transform the industry in such a way that various processes will make use of digital services. It will increase efficiencies, allowing professionals to focus solely on interpersonal aspects of the business. Finally, it is a relationship business, and while technology will advance to make transactions easier, it will never be able to replace personal connections. Pay attention to those high-quality connections.
Residents and tenants expect the same high-quality customer service from the places they work and live that they get from delivery apps and other online platforms, and operators who meet those expectations will stand out. Multifamily and commercial real estate are becoming more customer-centric, with technology such as tenant experience platforms becoming the norm.
In the coming year, Indian Real estate will emerge as a strong pillar in supporting India’s dream of becoming a trillion economy, owing to its significant contribution to the Indian economy. Massive infrastructure investment through Public-Private Partnership (PPP) will undoubtedly help the country double its economic potential. If positive sentiments remain high in the coming months, the sector will emerge as the next big thing in India’s economic growth.
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