The status of India’s real estate market in 2022

The status of India's real estate market in 2022

Since almost ten years, the real estate market has been in decline, and the recent upheaval of demonetization made matters even worse. Nevertheless, COVID-19 brought about the real estate sector's resurgence; contrary to projections, demand for commercial space increased in 2021, but more importantly, the past few years have also seen changes in Gen Z's behaviour.

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The advantages of owning a home over renting one have suddenly become clear to the current generation of buyers. We are also seeing the creation of new asset classes like coworking spaces, student housing, ResiTels, etc. as a result of Gen Z's active participation into the real estate markets.

In addition, the developers provided enticing discounts and the choice of ready-to-move flats while the purchasers were being offered more affordable pricing, which helped the buyers get past their concerns about project delivery and the developers' track record.

Since the second half of 2021, the markets have been improving. According to a survey by the India Brand Equity Foundation, there are signs of a strong recovery in the real estate

Sector and the beginnings of an upward trajectory. The market is expected to reach its peak in 2030 with an estimated value of US$ 1000 billion (IBEF).

The entry of well-known brands, policy support offering rebates on interest payable, the record-low interest rates on housing finance, waivers in duties (in some states), alluring offers, and improved rental yields are just a few of the factors that have combined to make real estate a much more attractive investment option. The pandemic's lessons about health and financial security are also contributing to the rising demand for homes, particularly those with bigger green spaces. Since last year, Noida's land prices have increased by roughly 30% as a result of buyers who can afford their own private homes entering the market.

India is preparing to capitalize on its current global positioning by putting in place the necessary highway and logistics infrastructure & preparing for the emerging economic opportunities like data centres & warehousing in light of the ongoing Russia-Ukraine war and China's less-than-favorable positioning in the global scenario. India is right to keep investing in its infrastructure since doing so will assist the country attract more foreign direct investment, which will have a multiplier effect on the sector and the Indian economy as a whole. By 2025, the real estate need for data centres alone is predicted to rise by 15– 18 million square feet, according to a forecast by Savills India.

According to ICRA projections, Indian companies will invest US$48 billion through infrastructure & real estate investment trusts (REITs) in India in 2022, nearly doubling their current US$29 billion commitment. Successful real estate company Blackstone has made considerable investments in the Indian real estate market throughout the years (totaling Rs. 3.8 lakh crore, or US$ 50 billion), and it plans to make more investments totaling Rs. 1.7 lakh crore, or US$ 22 billion, by 2030.

All of this is taking place in India, and 2022 may be the year that investors look back on when they sit down to calculate their earnings at the end of this decade.

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