Market Trends of India Condominium and Apartments Industry
This section covers the major market trends shaping the India Condominium & Apartments Market according to our research experts:
Increase in Per Capita Income
- The pandemic had a positive impact on residential property. Investors and homebuyers alike concentrated on spending money on acquiring a home or improving their living quarters. Interest in luxury real estate unexpectedly peaked across all groups.
- However, the market for luxury homes was not the same before the pandemic. It has experienced many ups and downs throughout the last ten years. In actuality, 2019 wasn't a fantastic year for real estate in general. There was an increase in inventory, skyrocketing prices, and unpredictability among important stakeholders in prime marketplaces like Mumbai and Delhi. Projects that were in limbo, lawsuits against developers, and irate buyers were all on the rise.
- The need for homes with cutting-edge facilities increased dramatically as a result of people being cooped up in their homes for extended periods under the new normal post COVID-19 pandemic. Those who already had a home decided to enhance their present living conditions. As customers try to build activity-driven venues like a study room or an exercise space within their homes, there is now a need for additional rooms as houses are increasingly becoming the only place for all activities. A positive view of the price of luxury real estate can be inferred from the fact that consumers are strongly contemplating a good investment opportunity when purchasing luxury real estate. Additionally, homes with decks or balconies are popular since they provide much-needed fresh air.
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Increase in Population is boosting the market
- The value of the Indian real estate sector is expected to reach INR 13,00,000 crore (USD 1,570 billion) by 2023. This increase is being driven by an increasingly urban population, growing incomes, and deepening urbanization.
- For several reasons, every investor desires to invest in real estate. It is an asset that is first and foremost unaffected by stock market volatility. It frequently provides a reliable source of revenue, which is number two. Thirdly, there is a chance that its value would rise over time, which might lead to capital gains. Finally, real estate might offer chances to grow wealth and tax advantages. The following factors are likely to significantly impact the real estate market in 2023 and drive it forward: India's population is predicted to grow to 1.5 billion people by 2023. Following the recent period of rapid growth, analysts anticipate that India's economy will continue to expand in 2023. As a result, it will be more appealing as a place for investment to both domestic and foreign investors. By 2023, it is expected that there will be 1.5 billion people living in India. As a result, there will be a rise in demand for housing and other real estate-related services.
