The real estate market is changing with every dawn. The last few years were a tough phase for every field and it also affected the real estate sector. As we have accepted this new normal phase in life by adjusting to several existing factors, real estate has also changed by taking this into account and the Indian real estate market has witnessed growth in 2022.
Here are the most significant real estate trends in 2022
Digital House Hunting
With the advancement in the field of technology, everything is made easier and this has effects on the real estate sector also. 3D modeling and virtual reality have innovated the real estate market. This is influencing the real estate market to a great extent and has become one of the critical components in the industry.
As this new trend is helping many people who cannot have direct access to the property site especially the NRI and this technological advancement is very convenient for both buyers and developers equally. With this, the buyers do not have to visit each and every property before finalizing the best for them. Within the comfort of their residence or else where they could shortlist the better options available.
Increase in Price of Residential Properties in Major Cities
Residential properties are in demand everywhere in this post-pandemic situation. Thus, the property price has also increased. Today, buyers are willing to buy a home of their own and secure their future. This is especially in the case of big cities where you can find all the main airports, multi-specialty hospitals, enterprises, reputed educational institutions, and research centers. Prestige Sanctuary is an upcoming property developed by prestige constructions in Whitefield and offers premium apartments and villas.
The decline in Mortgage Rates
The mortgage rate has declined, which will benefit home buyers. Homebuyers with good credit scores can get favorable mortgage rates. Lower mortgage rate has helped to incentivize the property market for prospective homebuyers keeping the market afloat.
Migration from Cities to Suburbs
Today, people are willing to relocate from developed cities to the outskirts. The congestion and daily hassles in the inner part of the city are the major reasons for this transition. The new home buyers are looking for suburbs with open spaces and a green environment. People are changing their mindset toward sustainable living conditions and the outskirts are providing that. This will continue in the coming years also and we can expect a considerable change in the suburbs of every big city.
The decline in the Rental Property Market
With people migrating to small towns and buying their own homes, the rental market is facing some significant issues. People are willing to settle in their hometowns and are investing in their own homes. The work-from-home culture has changed the views of the people and they are willing to settle away from the busy cities, thus the rental income comes to decline.
Sustainable Residential Constructions
Many builders are opting for sustainable construction for their projects. With climate change and increased congestion in developed urban cities, developers are focusing on environment-friendly and sustainable constructions.
The government had made important contributions to this sector and this had developed a boost in investment in real estate. Many rules, frameworks, and bodies have been introduced by the government in order to have a clear and transparent property purchasing experience. RERA (Real Estate Regulatory Authority) is the major program. The federal, as well as state government, has established several programs to enhance the proper transactions in the real estate market. The government is also looking forward to completing delayed and blocked projects. Apart from this, they are providing affordable housing options through various schemes.