Wednesday, May 31st, 2023

Year Ender 2022: Bright returns to the property market, the price of houses increased by 20%, a good boom is expected next year as well.

Photo:India TV property market

Year Ender 2022: It has been a great year for real estate. After the Corona epidemic, the increased demand for houses intensified in 2022. Apart from the seven major cities of the country, the demand for homes in Tier II and III cities was good. Due to increase in demand for houses and decrease in supply, the prices were seen. In major cities, builders have revised the prices several times, due to which property prices have increased by up to 20% in many cities. If we look at the demand for houses, the demand for mid-size ie 3BHK and luxury houses has increased rapidly. After Corona, the emphasis was on buying large size houses. The highest demand was for flats ranging from 75 lakh to 1 crore. At the same time, there was a tremendous jump in the demand for houses priced at Rs 1 crore and above. With the end of work from home, the demand for office space came out again.

Demand for big size houses increased, further fast

Antriksh India CMD Rakesh Yadav told India TV Told that after Corona, the sentiment to buy one’s own house has increased a lot. Due to this, the demand for property has reached a multi-year high this year. However, due to the increase in the construction cost, the cost of the property also increased. Despite this, the home buyers insisted on buying bigger size flats. 3BHK has emerged as the first choice among home buyers over 2BHK. This trend will continue this year as well. Flats in good projects in Noida-Greater Noida are available at a price of Rs 6000 to 8000 per sq ft. Before the pandemic, it was available at Rs 4000 to 5000 per sq ft. Further increase in demand and price is expected next year. Interest rates on home loans have necessarily increased but there is no decrease in demand.

Residential and commercial demand will continue

Nayan Raheja, director, Raheja Developers, said that strong demand for homes across segments has boosted demand in the realty sector post the pandemic. The year saw foreign and NRI interest in the luxury category, while plots also saw tremendous traction with prices increasing. This trend in the realty market is expected to continue in the next year as well. At the same time, Ankit Kansal, Founder and Managing Director of 360 Realtor, said that in 2023 we are expecting a good boom in the real estate sector. In the long run, property prices will continue to rise. Families who already have homes can look at opting for a second home or a retirement villa. Apart from the boom in demand, India’s booming economy will also propel the sector towards an accelerated growth path. The demand for both residential and commercial will continue.

Realty sector on track due to demand

Ritu Ahlawat, CEO, InvestinPro Realtech, said that the real estate sector managed to recover completely from the impact of the pandemic and returned to the booming path this year. However, the pace of recovery was constrained by high interest rates, global slowdown and Ukraine-Russia conflict. These factors can affect the market next year as well. Responding to this, Harpal Singh Chawla, Director, SPAPE Group, said that there has been an increase in property prices in different cities. At some places the price increased more and at some places it was less, but the increase was seen everywhere. There has been a strong demand from the commercial segment, including real estate projects, especially SCO and mixed-use projects.

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