Since the second quarter of 2021, the Indian real estate market has been growing steadily. Things were not so good during the covid outbreak, but the sector has since recovered, and growth appears to be promising, fueled by a large demand for inexpensive housing. People who have been saving or waiting for the appropriate time to buy a house are flocking to RTMI houses, taking advantage of lucrative government programmes such as stamp duty reductions along with historically low interest rates on housing loans from banks and NBFCs.
Now that we’ve accepted the idea that COVID or other pandemics can strike at any time and more and more individuals are eager to invest in real estate, and buyers are looking for homes with plenty of space and amenities. Community living is gaining popularity, and housing societies with diverse facilities and recreational amenities are becoming increasingly popular. Offices, co-working spaces, warehouses, and data centers, in addition to residential real estate, are propelling commercial real estate to new heights. Even during the lockdowns, the eCommerce business continued to thrive, and warehouses and data centers remained major real estate investments.
Indian Real Estate Market To Grow Rapidly in 2022
The real estate industry has not been slow to incorporate new technologies. Builders and organizations have done everything they can to keep up with the market’s expansion, whether it’s through virtual reality house tours, online payments, or beautiful websites. The date for providing affordable housing for all has been pushed back to 2024 in the Union budget 2022-23.
The government’s priority is on cheap housing, and the PMAY and PMAY Gramin programmes have assisted millions of individuals in receiving interest subsidies on their home loans, resulting in more affordable and accessible housing. Furthermore, the RBI’s decision to maintain the repo rate and reverse repo rate unchanged for the tenth time has given banks and NBFCs the confidence to keep their interest rates low.
Across the country, there has been a general pattern of reverse migration. People from metro cities are relocating to tier 2 and tier 3 cities in quest of a more tranquil and uncluttered lifestyle with less pollution and more vegetation. Residential real estate is gaining traction, particularly in tier-2 communities surrounding metro areas, which are becoming popular with investors and homebuyers.
Residential Real Estate In 2022
In 2022, residential real estate is predicted to grow at a 5% annual rate. Both residential and commercial real estate are expected to rise as individuals continue to seek larger homes with more amenities and offices prepared to launch. Furthermore, amid the market’s recession over the last two years, many under-construction projects’ sales have halted.
As a result, several projects that were still under development became RTMI as the construction was completed throughout these years. As a result, the confusion and scepticism surrounding RTMI apartments have diminished dramatically, as the majority of RTMI flats are new buildings with attractive discounts.
Prices are expected to climb once more, and this will be visible soon. It is the perfect time to make a real estate investment. Low mortgage interest rates, reduced stamp duties, and enticing offers from builders — everything is in buyers’ favor right now. This is the best time to invest in real estate in Jodhpur or buy a home for yourself if you’ve been waiting for the right opportunity.