People in India who live in New Delhi, which is in the city. The ultra-rich Indians and foreign investors still play a significant role in the growth of India’s real estate market. A report by a Real Estate Company says that about 29% of India’s ultra-high-net-worth individuals (UHNWIs) bought a home in 2021. The report also shows that the amount of money from outside the country into Indian real estate went up by more than three times in the last five years. This is a good sign.
Reuter’s recently did a poll, and it said that house prices would rise quickly in the next few months as the country recovers. People will always invest in their dream homes because of well-being, future security, comfort, and a better return on their money. In addition, pandemic-driven trends like the hybrid work model and home-schooling have led to a rise in the demand for more extensive customizations across tier 2, 3 cities.
An expert Director said, “There has been a big change in the way people look at tier-2 and tier-3 cities, places with many potential and aren’t as expensive as metros.” Smart homes, extra rooms, modern kitchens, safety features, dedicated study rooms, gyms, and balconies are now on the list of things buyers want when buying a home. Chandigarh has become one of the most popular places to buy a home because it has a lot of options, a green environment, and is cheap.
A CFO and Executive Director said that the residential real estate market is becoming the most popular investment choice for buyers and investors. This is because it has a lot of benefits and opportunities, like stability, future security, and guaranteed returns. This sector is now attracting homebuyers who want a secure future and hassle-free living. In tier 2 cities, there are many chances to build real estate. These places have better transportation, metro networks, and business and job opportunities today. Homebuyers are also moving to these new places because they are more affordable, have better infrastructure, lower loan rates, better connectivity, and more business and job opportunities. From now on, investing in real estate assets in new places will be very profitable for homebuyers and investors in these well-balanced markets for a promising future.
Companies have started to bring back their workers to the office as the fear of COVID fades. In 2022, the amount of office space that people will be moving into is expected to reach 45-47 million square feet, about 13% to 14% more than in 2021.
A Vice President for Customer Engagement and Distribution said, “The Grade ‘A’ office space has seen much healthy growth over the last few quarters.” Leasing activity is rising because more tech firms, BFSI, manufacturing, startups, and small businesses are looking for space. This will lead to more leasing.
When the cost of living increases, more and more businesses switch to flexible office space. These spaces have many advantages like shorter lease terms, less capital investment and fewer maintenance costs. Currently, there is much entrepreneurship going on in India. Infrastructure and technological changes have made it easier to start businesses. The country is now a global leader in this field. This growth has led to a chain reaction, and the demand for flexible office space is on the rise.
According to JLL, flexible workspaces now make up 3% of total office space. By 2023, this figure is expected to rise to 4.2% of the whole office space.
The sudden attention, experts say, is because people are getting more money. They’re changing their minds about substantial investments, and more high-net-worth people are moving into the property space.
Real estate in India has much room for growth. NITI Aayog experts say that the real estate market in India will be worth $1 trillion by 2030 and makeup 13% of India’s GDP by 2025.