The expert explains these factors led to a substantial rise in the real estate market.

“2022-23 will be a good year for the Indian property market.”

It’s said that every night sets the stage for a new day. The last few years have been very hard for the whole economy. However, the real estate market saw a lot of demand for housing, and even though construction costs have gone up, the market has been doing well. Experts have been able to figure out what caused the real estate market in India to rebound so quickly.

Encouraging sales numbers and new products to come out

Indian real estate markets have shown strength. They have been able to stay where they are even when they have been facing the outcome of the pandemic. While the housing market was strong all the way through, commercial real estate was more stable in late 2021. A record number of homes were sold in the country’s top eight cities, with sales up 51% from last year. A consultancy firm said that the number of new homes built in India in 2021 rose by 58 per cent to 232,382. It was a mixed bag for the commercial office market. Even though the rent volume was 38.1 million m2, it is still the same level as in 2020, which shows that there is still a lot of room for leasing in the market, says an expert.

The prices are low.

Prices for homes are expected to rise over time because there is a lot of ready-to-move inventory. Potential homebuyers waiting for the pandemic to end are now interested in investing in the real estate market. Because prices are still reasonable, and developers give significant discounts to people willing to buy. There is also a lot of demand because the Indian government is still trying to get more people to purchase low-cost real estate. There will be many people looking to buy real estate in India in 2022-23, which will lead to many sales.

Buoyant commercial and office space

“The coronavirus pandemic had kept India Inc. inside their homes, and the office space sector took a big hit.” Companies have started working again from their offices as the Coronavirus has faded, and businesses have begun returning to their offices. This means that the recovery of commercial real estate is encouraging and helping to make a full recovery possible. This is based on the most recent data from the real estate consulting firm Cushman and Weikfield. By 2022, the net office absorption rate is expected to rise by 30 to 35 per cent and reach 29 to 31 million square feet (MSF). In 2022 alone, the new supply could reach 45-46 million gallons. This is because of the return of office work. These are excellent signs that the real estate market is getting better and better all over India.

In this case, the government is also putting considerable effort.

“The Indian government is rethinking its commitment to the “Housing for All” goal, even though it had many problems during the pandemic.” Recently, the government pushed the Pradhan mantra Awas Yojana (Gramin) to 2024. This shows that they still believe in it. It also helps that the exchequer has been paying more attention to the Tier II and Tier III cities, which has made the real estate developers more confident about starting new projects in these cities. Thousands more people will be looking for homes. Experts say that with the Credit Linked Subsidy Scheme, homebuyers from the poorer parts of the country find it easier to buy a home. They say this will help the real estate market recover quickly in 2022-23.

“The rising demand for housing, the reopening of offices, and government support for the affordable housing segment are all working together to help the real estate market in India recover.” An expert said: “India’s real estate market will grow again in 2022-23.”