The real estate market plummeted during Lockdown, but it quickly recovered as demand picked up. With the passing out of Omicron problem, the market in 2022 appears to be positive, with demand growing across all categories.
The Knight Frank India has predicted that there will be around 5% capital value growth in 2022. Many of the supply and demand-side issues that were under analysis during the previous decade have begun to exert upward pressure on housing prices, according to a new analysis. Residential sales momentum is likely to continue in 2022, as potential homebuyers’ desire for larger houses, greater facilities, and more appealing price will keep them interested in closing transactions.
The last two years were high-speed roller coaster for the buyers across the country. But 2022 will ease up a little on first-time buyers, says Annuj Goel, the MD of Goel Ganga Developments.
Some of the important aspects that will characterize Indian real estate in 2022 are:
- Healthy spaces and features will abound
To put it mildly, the previous two years have been eventful. According to Annuj Goel Ganga, intelligent health designs will be popular in houses by 2022, with some of them commanding a premium, such as spa-inspired bathrooms and meditation spaces. According to the real estate experts, natural light will be an emphasis, particularly in home offices and communal areas.
2. Prices may eventually begin to rise in the second half of 2022
In the past two years, real estate values were mainly constant. Finally, real estate values may begin to rise in the second half of the next calendar year. An increase in demand will support the market’s buoyancy.
Following a period of subdued demand, India’s housing industry appears to be on the rise. Over the last two years, there has been a tremendous amount of pent-up demand, resulting in a positive market flip. Lower interest rates on home loans will also benefit the sector.
Real estate is also benefiting from a positive economic outlook. The Indian economy is expected to develop at a rate of 8-9 percent, fueling demand for larger and larger homes in the major Indian market. There will be hike in prices with increase in demand.
The upward pressure on pricing will be fueled by a jump in the prices of raw materials such as cement, steel, bricks, energy, and so on.
- The emphasis will be on sustainable community-driven lifestyles
The present crisis has shown us the value of opposing perspectives. Maintaining hygiene and safety while leading a pleasant community-focused lifestyle will be important. People in India are beginning to see how vital and satisfying it is to live a socially meaningful, community-driven life.
The sense of belonging and commitment that comes from being a part of a community based on meaningful social contact may be quite powerful. It also provides a sense of calm and safety.
Humans have traditionally been sociable creatures, and this has been the foundation of civilizational growth and progress. The epidemic has emphasised the importance of leading a socially active lifestyle, states Annuj Goel Pune.
Developers are also seeing this and are now launching a slew of new initiatives aimed at fostering meaningful social connection and fostering a feeling of social communal lifestyle.
- Rise in housing demand: As the work-from-home or work-from-anywhere culture grows in popularity, the demand for a second house will skyrocket in the near future. Corporate, attorneys, internet entrepreneurs, creative professionals, consultants, and others will increasingly relocate to second residences and continue to operate from there. The increasing need for flexible work hours among Indians will be a significant growth multiplier.
- More smart homes: There will be more adoption of smart home technology as more investors will embrace 3D virtual tours. It is estimated that in upcoming 5 years every property will have a 3D tour for operations and marketing purposes. Most of the processes will use digital services. This will help professionals to focus on interpersonal aspect of the business.
- Retail Experiential: We’ve learned the value of e-commerce as a result of the lockout. Meanwhile, the shutdown has shown us that internet commerce will never entirely out manoeuvre physical trade. However, in 2022, there will be a greater emphasis on experiential retail. Highstreets, malls, and hypermarkets will develop new concepts and ideas to assist tourists in unwinding, relaxing, and entertaining themselves. Retail would be more than just a place to shop. It will also focus on providing visitors with an interesting experience.
- More customer service expectations: Residents and renters want the same high-quality customer service they get from delivery apps and other online platforms from the locations they work and live, and operators that meet those expectations will stand out. Multifamily and commercial real estate are gradually becoming customer-centric businesses, with technology such as tenant experience platforms becoming the standard, says Annuj Goel.
In 2022, there will be emphasis on above trends. It is predicted that it will change the entire perspective of the real estate. These trends will also provide ease and comfort than before. Invest in Goel Ganga developments developed by Annuj Goel Ganga for sustainable housing and comfort living.