As many as 58,290 homes were sold in the top 7 cities in Q1 2021 in comparison to 45,200 units in Q1 2020 - effectively breaching pre-COVID levels. MMR and Pune together accounted for 53% of housing sales in the quarter –
Author: Prashant Thakur
Fractional ownership platforms attract investors interested in not just building future income (in case of commercial or even residential properties) but also in accessing the property (resorts or vacation homes) personally for a specific period
The combination of GST exemption, reduced stamp duty and the lowest home loan interest rates in almost two decades are a strong argument now favouring ready-to-move-in homes.
India's residential real estate segment is witnessing a decisive return of serious enquiries, which are now at 50% of pre-COVID-19 levels in the top cities. Recovery is fastest in Bengaluru, where current enquiries have reached 70% of the January-February period, followed by Gurugram with nearly 65%.
In a market where tenants have the leeway to bargain, property owners need to go the extra mile to attract tenants at good rentals. This helps them to let out their property faster while also justifying higher rental asks.
As per ANAROCK research, average property prices in the top 7 cities in the last decade (2010-Q1 2020) saw a close to 38% jump. The average price of a home in the top 7 cities rose from approximately INR 4,063 per sq. ft. in 2010 to INR 5,599 per sq. ft. by Q1 2020.
COVID-19 Era – Wellness Real Estate in Focus
Wellness amenities such as yoga studios, meditation rooms, spas, gymnasiums, tennis courts and jogging tracks became the new rage among urban homebuyers.
Despite the lockdown across the country, digital sales have helped top developers resume at least 15-20% of their business.
Despite the relatively low rental yields, residential property investors increasingly prefer to earn a steady rental income over selling the property.
Cities like Mumbai have not woken up to climate change-induced dangers. Sea-facing or beach properties in the financial capital remain in high demand.