Rising Demand for Houses in Outskirts & Tier II Cities
Abhijith R Priyan, CEO, buildAhome forecasts spike in residential plotted developments in FY 2022 With COVID cases easing down in India, we expect an increase in new projects launch which were kept on hold due to covid and other economic conditions across major cities in India. Bangalore being the IT hub will see growth next year which will attract residential and commercial sectors while the warehouse sector and land development has already seen increased demand & supply this year which will continue. The sudden demand for residential projects next year will directly benefit the real estate sector and sentiments of buyers. According to the recent reports, India is showing a remarkable recovery in the real estate market and is currently witnessing evolved buyers with customized demand to make their best investment. As connectivity via infrastructure projects increasing, we are seeing demand in customers opting to own house in outskirts and tier II cities. The cost of raw material like steel, cement etc., has gone up drastically that has affected the per square feet rate for construction. However, there are few beneficial measures like reduction in plan approval rates, housing loan rates and other benefits like registration/stamp duty fees to be still bought down to increase buyer sentiment. Next few years we expect government to introduce more beneficial measures to promote and develop the overall construction industry.
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