According to industry estimates, over 11 million homes are estimated to be vacant across the country and we believe that these flats would now come into the rental market and help reduce housing shortages.
Residential sales in Q2 2022 ( April-June) in the Rs 1.5 crore plus price tag increased by over 270% Year-on-Year (Y-o-Y). The two larger markets of Delhi NCR and Mumbai saw maximum sales in the quarter in this price bracket. Apartments priced above Rs 1.5 crore had a share of 15% in the quarterly sales in Q2 2022. The higher levels of residential sales in the premium category show increased demand for bigger homes and buyer confidence coming back to the market.
Prices for residential properties in South India, including Bangalore, have gone up by 8–10%, and they are likely to keep going up because of rising input costs and disruptions in global supply.
The prices of critical raw materials, including steel, cement, aluminium, and PVC, have risen sharply between 30% to 100% during the last year.
Realty developers have been having a tough time protecting their margins as rising fuel prices have added to their woes.
The real estate industry is one of the main growth drivers of the Indian economy and plays a vital role in the country's GDP growth. It is one of the most famous industries in the world. It has created millions of direct and indirect jobs and supports the development of the country. It consists of 4 sub-sectors: housing, commercial, retail, and hotel. The growth of this sector is very consistent with the growth of the corporate sector and the demand for office space and urban and semi-urban housing.
The Indian economy showed improvement between July and September, when economic activity resumed after the easing policy began. The recovery of manufacturing and construction activities and the gradual weakening of labor mobility helped rebuild the industry’s supply chain and promoted a nascent economic recovery.