Gurugram, Bengaluru, Hyderabad among top cities for favourable housing sales: Experts
The Coronavirus had presented serious problems for the real estate business as a whole. The real estate industry, like many other industries, was caught off guard by the pandemic's wrath, but it exhibited extraordinary resiliency during the second wave. As the world's greatest vaccination drive gathered traction, trust in the reality as a sector grew, and the financial year 2022-23 is now considered as the sector's turnaround year, resulting in a healthy rise, he added.
The pandemic has turned out to be a blessing in disguise for the industry, as the low cost of borrowing has increased developer morale to complete pending projects, while purchasers have been able to rely on inexpensive EMIs to purchase new homes. Top Indian cities such as Gurugram and Pune are poised for strong house sales, laying the groundwork for a comeback in commercial real estate as well.
“For a long time, almost a decade, real estate was a speculated investment for many investors. However, the property market is back on the radar as the homebuyers are flocking for the shopping spree thanks to limited supply, ample liquidity and rock bottom interest rates. The pandemic has been a blessing in disguise for the industry as the low cost of lending has boosted the morale of developers to finish the pending projects, whereas the buyers have been able to hunch upon the low EMIs to buy new houses. Top cities in India including Gurugram, Greater Faridabad, Delhi, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad and Pune are poised for favourable housing sales, sowing the seed for the revival of commercial real estate as well," said Mr. Suren Goyal, Partner, RPS Group. The low-interest rate is expected to last for a few years, according to experts. As a result, home purchasers can ask for larger loans, allowing them to purchase larger homes with more facilities and a better lifestyle. In light of the industry's overall picture, the sector's future appears to be bright.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.