The real estate sector emerged as the most desired investment choice in 2021. Despite being a challenging year in which lives and livelihood were at stake, economic growth tumbled and job losses were rampant across sectors, the real estate sector witnessed a strong rebound thereby making positive headway for the coming year.
Mohit Goel, MD, Omaxe Ltd. in an authored article is confident of the positive sentiments emanating from the various segments of the real estate sector, the changing consumer preferences, and the hotspots to reiterate how the real estate sector will be a strong pillar to support the $5 trillion economy dream.
“The real estate sector, on its part, has been agile to the changes creeping in. Ably aided by technology, it revamped its approach and aligned its visions and operations with evolving trends and customer preferences. The pandemic setbacks couldn’t deter the spirit of the sector for very long and the promising recovery was witnessed through the improved market and consumer sentiments,” Mr. Mohit Goel said in an article in The Financial Express.
Mr. Mohit Goel, writing further, said, “Large-scale infrastructure boost, low tax rates, latest trends, and policy push from the government helped in driving the next wave of realty growth in the country. The pandemic-infused trends coupled with low-interest rates, affordability, and other favorable factors harnessed the positive sentiments in these markets.”
Besides the state capital and metro cities, tier 2 & 3 cities emerged as strong growth drivers of the real estate sector.
“Undoubtedly, these markets will continue to lead the sector’s growth in the coming year and beyond. The emotional sentiment of homebuyers of owning a home in their hometown also propelled these cities into prominence. Also, the intra-city movement of families into organized group housing complexes was a big driver of home sales in these cities. Bigger residential spaces and plenty of open and green spaces were the hallmarks of development in these cities,” Mr. Mohit Goel wrote further.
On the new asset class emerging in the commercial segment, Mr. Mohit Goel said: “Hi-street and multipurpose commercial properties finding favor with investors and consumers. Developers are strengthening their portfolios as more and more investors and retailers are hugely investing in this commercial asset class.”
Huge investment through Public-Private Partnership (PPP) in infrastructure will certainly help the country double its economic potential.
“The mixed-use development of urban India like modern multi-level car parking with multiple benefits is likely to facelift the infra landscapes in the cities. The segment is another emerging asset class likely to be in the center stage in the coming year.” Mr. Goel added.
The resilience of the realty sector from the last two waves of the pandemic makes one hopeful that the sector will tide over the latest Omicron variant threatening the world now. “If the positive sentiments continue to soar in the coming period, the sector will become the next big thing in India’s economic growth,” he concluded.