The first half of FY23 was a highly upbeat period for the residential market in the top 7 cities, allying fears that housing sales could be impacted by rising property prices and interest rates. The numbers show that Diwali came early for developers, with homes worth INR 1.56 lakh Crore sold across the top 7 cities in H1 FY23.
As per the CII-ANAROCK Consumer Sentiment Survey - H1 2022, demand for 3BHKs has outstripped that of 2BHKs for the first time. At least 44% of respondents preferred 3BHKs, followed by 38% favouring 2BHKs. In the survey's H1 2021 edition, 46% preferred 2BHKs, and 40% voted for 3BHKs. T
Plots have become a hot ticket for property investors on the post-pandemic marketplace. Undoubtedly, well-chosen land offers higher returns on investment when compared to apartments. Average plots prices across India's major cities, and especially in NCR, rose considerably over the last two-and-half years.
Reviewing the overall performance of the Indian residential real estate market in 2021 shows a definite upswing. Between Jan - Sep 2021, 1.63 lakh units of new residential supply were added across the top 7 Indian cities - 27% higher than 2020 full year supply - and 1.45 lakh units were sold - 5% higher than in the whole of 2020.
Improving consumer confidence and a resilient long-term retail growth story translates into higher shopping spending, which reflects in the mall space scheduled for deployment in 2021. As per ANAROCK research, approx. 4.5 Mn sq. ft. of new supply is planned for 2021.
The previous desire to live in city centres - closer to workspaces, children’s school, etc. - has reduced markedly with the advent of WFH and e-schooling options in the post-pandemic world.