Real estate gets a boost in 2022 as consumer sentiment strengthens: Report

Apart from the residential sector, the commercial space also attracted investors and homebuyers. The weak rupee value has also prompted non-resident Indians (NRIs) to invest in India, the report said.

Among other things, India’s first proptech unicorn said in its report that many young owners or Millennials have become home owners, formerly known as the ‘Renting Generation’.

Commenting on the report, Saurabh Garg, NoBroker CBO and Co-Founder said, “2022 has been a promising year for the Indian real estate industry. Not only did we see interest in home ownership but also in buying larger homes and luxury Saw a trend. Homes. Consumer trends from our annual real estate report also indicated that plotted developments have once again become a desirable option for real estate investors as they offered better price appreciation and increased asset lifespan. are free from wear and tear. There has been an increase in the demand for gated communities and the average time taken to rent out a property has come down considerably.”

Read also: Equities, bonds, real estate, gold: Where are India’s rich putting their money?

“Lack of inventory and increase in rents have been the most visible trends as people return to working cities and rejoin offices. We believe rents will stabilize over the next few months and construction Activity is in full swing, it is expected that supply will match demand. 2022 has been a healthy year in terms of demand for both the rental and purchase sectors, and the momentum will continue well into 2023,” he added.

Trends in 2022:

1) Load-up Luxuries:

As per the report, 2022 is set to be one of the brightest years for Indian real estate in recent times. Key trends show that the luxury sector is over-indexed, as houses cost more 1 crore has taken a big jump.

2) Rent Inflation:

The other factor working for real estate was rent inflation, as rents have increased by 12 per cent in major cities.

3) NRI Interest:

Many NRIs have invested in homes with significantly higher ticket sizes. Considering the majority of the demand, NRIs chose India as a priority, apart from (USA, UK, UAE, Australia and Singapore).

4) Demand for land:

Increase in interest in plots is another trend that has emerged during the last one year.

5) Brokerage Free:

This must be one of the major reasons for the growth in the real estate sector, as these days people are looking for homes with minimal or no brokerage. NoBroker claims it’s saved 4,000 crore in 2022 in brokerage across Bangalore, Mumbai Chennai, Pune, Delhi-NCR and Hyderabad.

6) Ease of Moving:

One of the major trends among people looking to invest in real estate includes relocating as 68% of the tenants who participated in the poll mentioned that real estate websites have now made it easier to relocate homes. Have given.

Who were the buyers?

Looking at the demographics and statistics, people aged 25-49 years and above 50 years have invested the most i.e. 36 and 37 per cent in buying a home. In terms of profession, 53 percent of private sector employees bought a house in 2022.

Reason for buying a house:

a) expensive rent

b) high security of owning physical assets

c) Increase in the affordability of houses.

d) Pandemic protection

e) to get married.

Like:

As per the report, buyers from Mumbai, Pune and Delhi showed the highest interest towards society flats, while a majority of buyers from Bangalore, Chennai and Hyderabad preferred to buy an independent home.

Also, compared to cities like Bengaluru, Chennai, Delhi-NCR and Hyderabad, people in Pune and Mumbai showed 39 and 31 per cent interest in buying property in suburbs, respectively.

Main idea:

Among buyers, the major considerations include – budget, water supply, public transport connectivity, distance from workplace, apartment size, amenities and property price appreciation.

Top buyer localities of 2022:

A) Bengaluru: Whitefield, Electronic City, Krishnarajapura Sarjapur Road, Hennur-Kempegowda Airport Road

b) Chennai: Madipakkam, Perambur, Ambattur, OMR, Pallikaranai

c) Delhi-NCR: Golf Course Extn., Dwarka Expressway, Sector 150 Noida, Indirapuram, Dwarka

d) Hyderabad: Kukatpally, Miyapur, Kondapur, Gachibowli, Kokapet Narsinghi

e) Mumbai: Thane West, Kharghar, Panvel, Malad West, Dombivli

f) Pune: Wakad, Hinjewadi, Hadapsar, Kharadi, Baner

The graph on people’s sentiment towards buying a home in metros in 2022 shows a lift in the real estate sector. It promises a great restart for the sector, however, how long it will last will be an issue to be seen in 2023.