Prime factors that will direct the Residential Sector in 2022
By Arun Mn, Founder and Managing Director, CASAGRAND
The Real estate sector as a whole is positive about the coming year. The year 2021 has delivered a slew of unexpected changes. While every other business has suffered losses and obstacles as a result of the ongoing COVID-19 pandemic, the real estate market has seen a new high in property purchases. The demand for large homes has also increased during the period as people have started looking for spacious projects that accommodates their multifunctional needs. This trend is expected to continue this 2022. Budget homes that fall between the average prices category of 45 to 70 lakhs, are expected to witness an increased demand from homebuyers which in turn is sure to boost more number of project launches in the particular segment. Segments like luxury and ultra-luxury are also expected to witness renewed buyer interest. Few other trends that are sure to rule the residential market in 2022 include,
Integrated Living on the rise
The concept of integrated living is fast catching up in the residential sector as homebuyers have started preferring projects with modern amenities which includes shopping malls with multiplexes, schools, hospitals, leisure clubs, office blocks and parks. This has picked pace very fast as homebuyers are now looking to lead are more peaceful lie which is self-sufficient and secured. While township living takes care of all social, civic and recreational needs of a residents and are equipped with multi-layer security systems the demand of township living is increasingly positives and is sure to continue this 2022 as well.
Micro markets – emerging realty hotspot
The year 2022 is also sure to witness real estate developers making significant investments in the suburban regions. Micro-markets have seen a continuous influx of migrants from outside the city, owing to factors such as the establishment of IT Special Economic Zones nearby and the presence of reputed educational institutions and other major essentials. These suburbs have good access to the rest of the city and have become a favorite alternative for homeowners due to improved connection choices for commuters. The availability of homes at a much affordable price compared to that of the metros, still easily accessible to all major facilities, has made micro markets a sought after location for real estate.
Increasing Interest from NRI Homebuyers
The real estate industry in India is going through a remarkable phase of transition and revival. In the last few months, the interests from NRI home buyers has increased like never before. Owning a home here gives NRIs a sense of safety and continuance to fall back on in times of trouble. This also gives them an option to move back to the country upon retirement or to explore new business opportunities in the region. The combination of the lowest home loan rate, falling rate of Indian rupee, great offers and deals, availability of houses and never before seen pricing is sure to make 2022 an ideal time for NRIs to invest in real estate
Wellness Homes becoming need of the hour
Wellness housing communities primarily incorporate some of the essential characteristics which in turn, generates massive influence on human health and progress. With health and hygiene taking center stage, the demand for exclusive amenities that promotes healthy lifestyle has witnessed a multifold increase. Starting from walking trails, clean and green environment to pollution-free air and neighbourhood, innovative features and amenities like dedicated spaces for meditation, reflexology pathways, unique wellness features, organic and herb gardens, yoga courts, oxygen infused club houses, chlorine free gyms, and vitamin-C showers that promote health and wellness have become homebuyer’s favourite. A spacy lawn to walk and exercise, a well-designed sport arena apart from a protected gated community gives a holistic feel of a modern and healthy community connected with nature, all seeming to be a delightful cocktail of preferences among wellness theme focused homebuyers. This rising trend is sure to result an increased demand for wellness homes in the forthcoming years.
Real Estate as an Investment option
The tangible aspect of home as a long term investment tool has emerged stronger than ever. The year 2021 witnessed a surge in secondary home buying as people started realizing the benefits of investing in real estate, and considering real estate to be one of the safe and secured investment option. Considering that the real estate market is not as volatile as the any other investment markets, and has higher returns making it the ‘star’ of investors’, the year 2022 is sure to witness a multifold increase in real estate investments.
Other Trends
Changing lifestyle has led to the rise of the Individual Villa segment in India, where homebuyers have started preferring independent homes rather than apartments. The need for low-density living has increased now more than ever that has led to this new trend. The demand for plotted developments has also been witnessing a steady rise during the recent quarters as potential home owners are now preferring at staying in individual homes than apartment communities owing to various factors like capital appreciation, growing demand for open spaces, etc. This increasing demand is set to enable more organised developers to enter the plotted development space.
