The pandemic had a disrupting effect on the economics of nearly all countries across the globe. India was no different. India became one of the nations worst hit by the pandemic. But just like how the nation overcame all the previous hurdles thrown its way, India slowly started emerging out of it with unsurpassable strength and vigour.
The economists have been engaged in a deep study concerning the economic future of the country and the facets that need to be ticked so as to restructure the nation’s economy. The major output of the study can be traced out as the pinpointing of real estate as an emerging economic pillar for the country in 2022. Real estate is believed to create wonders in regard to economic growth and uplift the nation.
Future of Real State and Its Influence on the Economy of India in 2022
Real estate over the years has transformed itself into a buyer-centric market, creating endless opportunities and making itself capable of reshaping the economy of the country. Even though the past couple of years were marred by the pandemic obstructing growth and progress, the rise of 2022 surely gives hope. With the constant and ever-increasing resonance of sustainability, the importance of investments for the future have together increased the market for housing and real estate.
People have become more conscious about housing and are constantly on the lookout for properties that are fully furnished and ready to move in. The millennials are no different. With prospects of jobs and higher education, they are also making their move from their hometowns to cities increasing the demand for housing.
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Other conducive factors such as low home loan interest rates, affordable property prices etc have also triggered the growth in people purchasing land and houses in a considerable way. It is to be noted that this trend is not common just with the affluent class in the society but even the fence-sitters are considering the purchase of property for their own.
The interests have changed massively among the home buyers. If people preferred fewer amenities and chose a house within their budget, they now prefer bigger spaces with expansive views and more and more facilities opening doors to tremendous growth opportunities for real estate to grow and blossom. This is the reason how real estate transformed into a buyer-centric market despite a large number of people losing jobs in the past years.
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Owning a home has become a necessity among people of different sections. People are also starting to prefer customization so that the space looks exactly how they want it to be.
While purchasing a house, people are largely looking at established builders with an excellent track record with quality projects. They are also on the lookout for more facilities like fitness and entertainment area, balcony, office spaces and other amenities that would give them a taste of premium and indulgent living. They are no longer searching for just a house but rather an address they can equate to their identity.
Studying statistics, it can be easily concluded that the Tier-II and Tier-III cities made the most profit in terms of real estate thanks to contributing factors such as homeschooling, work from home, reverse migration etc. With prolonged lockdown, the cityscapes slowly started to dull the minds and people wanted to get back to their roots and own a place that gave them lush greenery and a spectacular view of nature. As it all can be found in Tier-II and TIer-III cities, the real state business spiked in an unprecedented way.
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As a result of this real estate took to find more opportunities in the non-urban areas and they proved to be a mine of profits. With the pandemic still raging and lockdowns being sporadic the reverse migration trend is here to stay. It would ideally mean that the non-urban areas are going to witness a massive growth in real estate business altering its economic status and becoming a huge economic pillar of the nation
According to industry reports, the real estate market is going to see a spike of 5% values in 2022. While the most gratifying digits to look at would be from the study of JLL which predicts that the investment in real estate is going to surpass the $5 billion which is the largest received by India during the real estate boom between 2017-2020. It gives immense prospects of hope to the nation as it can help rebound the economic status of India by becoming the economic pillar of the country in fact, it would be safe to say that the nation is headed towards becoming a 5-trillion dollar economy soon.
India once again is on its way to being an unparalleled example for the developing country with real estate being one of the major contributors to its mammoth success by becoming the economic piller for the country.
