An increase in property prices by up to 30 percent is expected by a significant percentage of real estate builders and developers because of the sharp increase in the rates of building materials according to the survey conducted by realtors body CREDAI.
‘Real Estate Developers Sentiment Survey 2022’ was conducted by The Confederation of Real Estate Developers Association of India (CREDAI) from 30 December 2021 to 11 January 2022 and participating developer members in the survey were around 1322.
According to the report, about 60 percent of developers have predicted a rise in the price of real estate by 10 to 20 percent, and 25 percent of builders have predicted up to 10 percent hike in rates of real estate.
According to Harsh Vardhan Patodia- The CREDAI-National President, “With the onset of the new third wave of COVID-19, there is an expectation of more additional measures for preparedness and controlling any further impact of the virus, which will increase the focus of the developers on the digital marketing and transformation where around 39 percent of the real estate developers are doing 25 percent of sales through online which the experts think that it will increase substantially this year.
According to the report the developing community has top concerns for the input cost, and also the introduction of credit input on GST, streamlining, increasing the availability for funding, and faster approvals for projects.
The survey also finds out that apart from the major trends, there are major planning for new launches in 2022 among 92 percent of respondents.
“Ease of Doing Business” is desired by about 74 percent of developers surveyed and in 2022 around 55 percent of developers will adopt virtual reality in their business.
According to the survey report, In 2022 about 65 percent of real estate developers are willing to explore the new way of business models like the survey report, co-living, co-working, and business of 39 percent of respondents have an Online sales contribution of around 25 percent.
Whereas about 92 percent of the developers would prefer to launch residential or real estate projects in 2022.
The Confederation of Real Estate Developers Associations of India (CREDAI) is the apex body of private Real Estate developers in India. Established in 1999, CREDAI represents 13000+ Developers across 221 city chapters in 21 states.
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