2022 predicted to be a great year for real estate market

The real estate industry in the country has been growing even after being affected by the pandemic. The second half of 2021 has seen an increase in the demand by consumers. ‘The China Evergrande Group Crisis’ has acted as a catalyst to the situation. More investors are looking for other options and considering it safe to invest in the real estate market. It is said that timing is everything in the real estate market and experts suggest that this is the best time to invest in real estate for personal use.

According to Colliers, one of the leading diversified professional services and investment management firms, there has been an investment of $500 million in the year 2021 which is a 26 per cent rise from 2020 in alternate assets that includes data centres, senior living, student housing and co-living. Reports suggest that India will be the third-largest consumer economy by the year 2030.

“The real estate business in India is witnessing significant transformation with a flight to high quality, technology, governance, and customer service. New business avenues such as data warehousing, shared spaces (be it office or residential), and Proptech is emerging with these changes”,  said Piyush Gupta, MD, Capital Markets and Investment Services, Colliers.

The Indian banks have an eye on the home loan market share in the year 2022. They have been providing the consumers with low-interest rates and policies that have increased the buyer’s ability to own a house. Data by RBI shows that loans worth 2.11 lakh crore were distributed between April and October in the year 2021, 14 per cent higher than the previous year.

The real estate sector is also expecting revolutionary schemes from the 2022 budget. Experts hint that the GST on raw materials used for constructing will be reduced, which in turn will lower the cost of properties. “The upcoming Budget is expected to be an enabler in sustaining the sector’s recovery and inducing growth through reduced GST (on construction materials and property purchases), easy availability of finance,” said Sudhir Pai, CEO, Magicbricks.

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