Developers unanimous about growth in the residential segment to peak in 2023
According to a recent ANAROCK analysis, leading real estate players in Gurugram are optimistic that growth in the Indian residential category would peak in 2023. Consumer sentiment recovery, accelerated digitization, and developer initiatives will all play critical roles in determining the growth trajectory. The survey forecasts that house sales will exceed 3 lakh units in 2023, while new launches will climb by 2.62 lakh units.
“As a result of the pandemic, people are spending the majority of their time indoors, which has fueled demand for spacious homes equipped with cutting-edge conveniences for a superior experience. The rise in sales toward the end of 2020 demonstrates the premium segment's endurance, as the sophistication requirements for elite homebuyers stay constant.
Residential sales are increasing as a result of the vaccine rollout. Supported by governmental initiatives and increased awareness of the importance of housing, the residential market is expected to accelerate its development trajectory in the coming months "M3Pankaj M's Bansal.
The expansion of the vaccination campaign and forecasts for economic stability bode well for a rapid recovery of the residential sector by the end of this year.
“The cessation of COVID-19 cases and the resurgence of economic activity have reignited hope for a speedy recovery. The pandemic has reaffirmed the importance of homeownership, which is likely to increase as a result of low mortgage rates, supportive legislation, and real estate industry measures. The impending Christmas season, which is considered fortunate for purchasing a new home, is also likely to boost sales significantly. In general, we anticipate strong residential demand for the remainder of the year,” Ashish Sarin, Alpha Corp.'s CEO.
In general, residential real estate will do better in 2021 than it did in 2020. Despite this, sales are projected to be lower than they were in 2019 - the most recent peak year. This is because the second wave derailed the sector between April and June, although temporarily.
Demand is projected to continue buoyant in the future, owing to stable loan rates, increased hiring in the labour sector, and various government programmes aimed at mitigating the pandemic's impact on real estate.
NCR is estimated to account for 18% of revenues and 15% of new product introductions. NCR has become a sought-after real estate hub due to a mix of factors including strategic connections, the rapid pace of infrastructure development, and employment possibilities. COVID-19 reiterated the critical nature of owning big homes surrounded by verdant flora in order to live in peace with Nature. Subsequently, the outskirts of cities such as New Gurgaon have developed a reputation as real estate magnets. Sales of residential units in the National Capital Region climbed by 24% year on year to 9,016 units during the first six months of 2021, according to a recent PropTiger study.
"Residential demand has increased as a result of the collapse of the second coronavirus outbreak. We anticipate that this momentum will continue to build as economic activity picks up and confidence improves, paving the way for growth by the end of the year. Developer initiatives and supportive governmental measures bode well for residential demand to stay robust for the next 2-3 years. In the future, location, facilities, and a superior living experience will all play a significant role in a customer's decision to purchase a home "Ashok Kapur, Chairman of Krisumi Corporation, stated.
"COVID-19, on the other hand, has proven to be a watershed moment for the sector, reiterating the importance of homeownership above rental properties. Work-from-home opportunities have emerged as a prominent undercurrent impacting homebuyers' tastes. It has usually resulted in a reworking of existing housing configurations to make room for a dedicated workstation. Anticipating this trend, we at Krisumi established a new asset class, 2BHK Plus Personal workplace, in our flagship property, Krisumi Waterfall Residences, Gurugram, in January 2021. These apartments are ideal for Indians who work from home for global firms or as expats "he continued.
The Haryana government has launched a variety of programmes aimed at boosting the sector's growth. Additionally, proposed large-scale projects such as the Delhi Mumbai Industrial Corridor (DMIC), the Regional Rapid Transit System (RRTS), and industrial sub-cities along the Kundli Manesar Palwal (KMP) Expressway will accelerate regional real estate growth and have a multiplier effect on the regional economy.
“Bounded on one side by Delhi, the national capital, and on the other by Manesar, Gurugram's strategic location has established it as a residential centre. It is connected to well-known monuments such as the Indira Gandhi International Airport and the New Delhi Railway Station. It has also seen significant infrastructure improvements, and currently houses prominent corporations, retail areas, entertainment, and recreation alternatives. Future investments such as the ISBT and the Gurgaon-Faridabad metro train link would boost connectivity and stimulate regional real estate growth "Rahul Singla, Mapsko Group's Director, concludes.