The real estate sector has witnessed a massive growth in FY 2021-22, with a significant increase in residential and commercial real estate investments. A report released by Indian Real Estate Industry suggests the real estate sector will contribute a significant 13% to Indias GDP by 2025. The market size is expected to grow by Rs. 65000 crores by 2040. The real estate sector has also seen remarkable post-pandemic growth, as it brought a lot of fence-sitters to the market to take the final call. According to a recent report, between January and March 2021, Noida accounted for 55 percent of net absorption, followed by Gurugram at 38 percent.
Many metropolitan cities, including Gurgaon, Noida, Ghaziabad, etc. have witnessed a 96% increase in housing sales and an increase of 24% in new projects and launches. FY 2021-22 saw a 129% increase in housing sales in Gurugram and a 116% increase in housing sales in Noida. Delhi witnessed a 100% increase, Ghaziabad stood at 84% and Greater Noida stood at 58% increase in residential sales.According to several developers, the growth in sales is increasing and will soon climb up the pre-pandemic levels.
Navdeep Sardana, CMD, Elite Landbase, says, “This is the most crucial time for the real estate sector. Real estate developers have witnessed a significant increase in revenues in the last year, and are expecting the same trend to continue in 2022. The next one or two years will see many new launches, deliveries, and further infrastructural expansions. Customers are looking for the right kind of properties to invest in, and the developers are open to offering their customers both time and support. There is a positive outlook in the real estate sector despite the previous ups and downs due to the COVID-19 pandemic.”
Delhi NCR stands at the third position after Bengaluru and Pune, with more NRIs and HNIs wanting to invest in luxury properties in the NCR. Around 31% of the HNIs want to invest in luxury residential real estate. The region has seen exponential growth in the high-rise properties by well-known and trusted real estate organizations, which makes NCR, one of the highest on demand locations.
One of the most trusted real estate brands, Raheja Developers, says that the next few years will be the most eventful for the real estate industry. “Premium properties, especially 4BHK and large houses are in huge demand in the NCR region. This has made 2021 a favorable year for the real estate sector. Real estate developers are also keen to launch more projects and get done with the under-construction ones because of the high demands. This will give a real boost to the real estate sector in the next one year,” adds Nayan Raheja of Raheja Developers.
Other NCR-based premium developments like ABA have a similar take on the real estate boom in FY22-23. Amit Modi, Director, ABA Group, President Elect, CREDAI Western UP says that real estate is reaching the pre-pandemic levels, “Many real estate agencies have started adapting to the online modes of transactions. Digital marketing and online registrations are key to increased sales momentum. This has increased the growth level of the real estate market in the Delhi NCR region, thereby increasing the sales and investments.”
Uddhav Poddar, MD, Bhumika Group, “Despite COVID-19 thwarting the growth prospects of real estate projects in initial times, the realty projects are booming in Tier 1 and Tier 2 cities. It has seen immense growth in FY 2021-22 and will continue rising and reclaim its pre-pandemic position. The resurgence of real estate has also prompted investors and developers to initiate more projects in Tier 1 and Tier 2 cities, paying heed to the demands of customers.”
The real estate companies are also giving prime importance to the latest trends that are catching up with the masses and becoming a tremendous source of money-spinners.
Sheeshram Yadav, Founder & MD, TimesPro Consulting says, “It has become important for real estate companies to follow latest trends related to housing policies and strategies in the real estate sector. With the real estate market returning to normalcy post the pandemic season, we are launching several new projects to keep up with the growing demand.”