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.
The previous 'gold standard' of Indian housing - the walk-to-work / short drive to work, by definition only in and around central corporate workplace hubs - may shed some its popularity for the middle class
Historically, the major demand driver for NRIs investing in Indian real estate was their eventual inevitable return to India. The general sentiment of a post-COVID-19 reverse exodus to India has thrown this driver into sharper relief.
Currently, the top 7 cities account for almost 70% of India's residential market, with the remaining 30% accounted for in Tier 2 & 3 cities. This ratio may well change in times to come. Cities like Lucknow, Indore, Chandigarh, Kochi, Coimbatore, Jaipur and Ahmedabad would be the main beneficiaries of the reverse migration of professionals who have lost their jobs in the metros or are likely to.
Today’s repo rate cut will further help banks to lower home loan interest rates, which may get several more fence-sitters onto the market.
Land is the basis of all economic activity in any country, and a sound land policy - updated to current requirements - is imperative for developing nations like India
Real estate is fundamentally a people business based on relationship-building - but as the proliferation of social media channels proves, there is more than one way for interactions to take place.
In a big move, the government has announced the one-year extension of the CLSS scheme up to March 2021. This will help push demand for affordable housing.
The government has extended the timeline for project completions and registration by 6 months and announced INR 30,000 crore special liquidity scheme for NBFCs/HFCs and MFIs
Wellness amenities such as yoga studios, meditation rooms, spas, gymnasiums, tennis courts and jogging tracks became the new rage among urban homebuyers.
