The market’s trend At strategic places, organised, branded players now hold a larger market share as a result of the market consolidation tendency.
The consumer belief index has historically shown that having a house as a safe asset has persisted with a solid conviction. Due to its stability and security, owning a home has unquestionably become a secure investment in these historically tumultuous times. Since the start of the covid epidemic, which disrupted people’s way of life, the residential sector has experienced a noteworthy rise at a rapid rate.
Demand and price growth in the real estate market have been accompanied by the introduction of new inventory. The speed of digital adoption has caused a paradigm shift in consumers’ purchase patterns, tastes, and behaviour.
A significant amount of house sales in the major as well as second residential markets have been driven by the hybrid nature of living. The housing market includes a wide spectrum of client groups, including first-time homebuyers, buyers who aspire to upgrade their homes, and HNIs who want luxury real estate.
The system rebooting after RERA, Covid, and GST are positive for the section since it has improved openness, accountability, trust, financial responsibility, and customer focus. This phenomenon is enticing local and international investors to join the bandwagon and co-invest in branded residential portfolios. Rapid urbanisation, last-mile connection driven by infrastructure development, and the decentralisation of commercial centres have opened up a variety of ancillary industries for developers.
In top residential markets, customer heterogeneity has significantly boosted demand across the inexpensive, midrange, and premium housing sectors. For clusters, Slum Rehabilitation, and redevelopment residential projects, the advantages of premium discounts, greater FSI, and relaxed developmental regulatory criteria in metro-urbane areas have been promising.
In order to create new growth models like JV, DM, JDA, and PDC, the residential market is witnessing an integration of micro and macro actors. Strong players will be able to increase their geographic reach with the aid of these creative business models, providing discerning homebuyers with more competitive goods and services.
By purchasing homes in their home country with the added benefits of currency fluctuations, festival launches, deal sweeteners, and the accommodating position of the developers in the current market dynamics, NRI buyers took the risk to adjust their investment portfolio.
The real estate and construction industries are major drivers of economic growth, creating jobs and impacting the success of 270 related businesses as well as investment capital. Robust GDP expansion in India will result from the real estate sector’s increased growth frequency. By 2030, it is predicted that the Indian real estate market would grow to a $1 trillion industry, contributing close to 15% of the country’s GDP.
With a home being a constant asset that increases in value and passes down wealth from generation to generation, the prospect of the Indian residential property market is compellingly bright.
