With the COVID-19 epidemic, the housing market has seen a significant shift. The COVID attack has caused a significant shift in mindsets and people are now enthusiastic to purchase a Noida residential property. This is at least for urban areas. After three years of difficult times, India's realty market expects that 2022-2023 will be a year of recovery. Covid-19 has been deemed the new normal and 2022 is expected to be less explosive than previous years.
This shift in trend is believed as being influenced by a variety of factors. We witnessed an enormous loss of wealth in diverse investment categories including equity, and gold mutual funds, at the beginning of this epidemic. Only real estate was durable and sturdy enough to withstand the hurricane. As evident by the trends in the major cities, a combination of these elements has led to the growth of housing demand. Although 2020 was a complete failure due to buyers' and developers not having a clear understanding of how to deal with the financial crisis and the housing market came up with strategies to avoid disaster and open the way to the possibility of a new growth direction. Focus on sale The Noida markets have had the highest portion of the market in terms of sales and launches in the past three years. The vast economy of these cities along with the presence of many prominent as well as listed builders, and Noida's distinction in the forefront of the states in the world to take on an effective Real Estate Regulatory Authority (RERA) which has boosted confidence in buyers. The government's decision to cut stamp duty helped in the revival of strong demand for homes. Even after benefits were eliminated in the last seven months, the effect of these changes in policy could remain evident in the steady growth of purchases in the housing market. In the time period 2019 and 2021 between 2019 and 2021, the north zone was responsible for the majority of new launches as well as 47 percent of the sales in the top seven cities in India. The developers are taking care to inject supply to ensure a steady demand-supply balance. The north zone's share of launches has dropped by 51 percent from the year 2019 to 42 percent by 2021. The share of sales has increased between 48 and 50 percent in the same timeframe, due to incentives offered by the government and the low mortgage rates throughout the nation. With the strong demand, the changing demographics, and the growing recognition of the need to invest in tangible property, prices in the home market are predicted to increase across the entire country. Prices are predicted to increase in a linear way as the demand increases when the pandemic is gone and the economy grows. In the next few years, it's evident that the market for residential real estate will grow. The pronounced V-shaped rise has been observed suggests that the upward trend is likely to continue until 2022-2023 and beyond. But now the interest rates increase, So, there is a possibility of a little slowdown. The prices are likely to increase in the future, however, they'll be doing so in a more rational manner.
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