Soon after the lockdown was lifted, the Indin economy has been experiencing a ‘V-shape’ recovery, and everything has started to get back on track slowly and steadily. Even, the Indian real estate market is showing signs of great recovery where both residential and commercial property sections are healing from the Covid-19 effect. The pandemic came as a surprise to all of us. It brought everything to halt. From small to medium to large businesses, almost everything suffered the wrath of Covid-19.
Thankfully, things are getting better now. All thanks to the fast vaccination drive which allowed us to get vaccinated at a faster pace, so that, we could get back to live an almost normal life. The commercial office spaces were left abandoned when the ‘Work from Home’ policy was applied in almost every office and business, the renting and leasing saw a decline as people were more inclined towards saving more and spending less because no one knew when the lockdown will come to an end, all these things made the Indian real estate market slow in terms of economic growth. However, things are taking a sharp turn now and we are getting back on track. Also, read – Which is a Better Option? Real Estate? Or Stocks? Or Both?.
“The market seems to have factored in the very low likelihood of a complete lockdown as was seen last year due to the ample availability of the Covid vaccine. Comparatively lower residential prices, attractive interest rates, and higher household savings rates over the past year should support housing demand going forward. With the upcoming festive season, the market is gearing up for new project launches and consumers are likely to reciprocate,” said Shishir Baijal, CMD, Knight Frank India.
The top seven Indian property markets saw a jump of a record 124% in housing sales, as per the data collected by JLL, and the data collected by Knight Frank showed a rise of 92% in housing sales.
“Developers have already started launching optimally sized apartments to capture changing consumer preference across most of the cities. The Indian residential sector is expected to witness sustained growth in the coming quarters. Renewed buyer confidence has been instrumental in the recovery of the housing market in Q3 2021, which recorded a good volume of sales and launches compared to the same period last year and almost inching towards the pre-covid era,” said Siva Krishnan, head – residential, India, JLL. Also read – Commercial Real Estate in Post-COVID World.
Among the large metro cities, Chennai, Bengaluru, and National Capital Region (NCR) saw the highest recovery in terms of sales and purchase.
In terms of renting and purchasing, the real estate market is heading towards great stability. It is believed that, by the end of the fourth quarter of 2021, the market will see a higher transactions rate, as people are now more confident and are actively taking part in reviving the economy.