Admin

Real Estate Market on the Upward Trend!

28-3-2022

In the current market, the pandemic seems to have taken the back seat now and the businesses are riding on top speed, thanks to the rising demand in the property market. People want to invest and finding the right property has become an exercise people would love to do. The sudden uptick in the real estate market has been due to the rising prices of the construction materials and this prediction was foreseen by developers and they were expecting it. On the brighter side, the real estate developers are well-prepared for the challenge than before, unlike the challenges that the COVID-19 restrictions had posed. This article would talk about how the real estate market is making hay while the sun shines and what future challenges they might possibly face.

‘Digital’ is the Future Frontier

Many real estate developers these days are shifting their focus from offline business to online and transforming their operations likewise. CREDAI National President, Harsh Vardhan Patodia, quoted that nearly 39% of the real estate developers are doing 25% sales online which will probably increase substantially this year.

A recent survey titled – ‘Annual Real Estate Developers Sentiment Survey (AREDSS) 2022’, conducted by CREDAI National, showed that up to 72% of developers are focusing on online sales, as many as 74% of the developers want “Ease of Doing Business” and 55% of the developers are planning to adopt Virtual Reality in their business in 2022.

The Metro (Ex)Cess

Cities, where the Metro project is implemented such as Nagpur, Mumbai, Thane, Navi Mumbai, Pune, and Nashik, the property buyers in these regions, will have to pay 1% metro cess in addition to 5% stamp duty on sale, gift and mortgage documents executed from April 1, 2022.

Homebuyers, whose documents are executed by March 31 this year will not attract 1% metro cess in these cities as the government had provided relief in stamp duty from April 1, 2020, to March 31, 2022.

Expecting High (& Handsome) Tides

As mentioned earlier, due to the rising cost of construction materials, there will be a certain chance of prices riding the upward trend by almost 10% to 30% in home buying and almost 90% of the developers in Pune are hoping that the prices will go up this year.

While the pandemic divided the real estate fraternity into successful ones and unsuccessful ones, it also brought them together on a humane level. The fraternity showed indomitable resilience in times of crises and they stood together as one family. With the rising costs of steel, cement and other essential materials, construction cost has increased significantly and developers are in no position to absorb the consequences of the rising price. Therefore, the price rise is the only pragmatic solution.

The real estate developers will indeed have to face the heat (no pun intended) and the result will raise concerns of the real estate fraternity on controlling the input cost, introducing credit input on GST, growing readiness for funding, streamlining and faster approvals for projects.

AREDSS report also stated that nearly 96% of the real estate developers would prefer to launch residential projects in 2022 and about 72% of builders are willing to explore new business models such as co-working, co-living, etc. in 2022 with 38% of the developers having a bullish approach and 25% of the developers having a bearish approach.

The future of the real estate market in the industry holds strong with the demand of the customers upgrading from smaller to larger homes. The rise in the prices, in this context, however, seems justified. With the right kind of support from the state and central government, the real estate fraternity will surely meet and exceed customer expectations time and time again.

Source:

Looking for something else?

blog

Posted August, 2022 | By: Admin

Making this festive season great, with community building!

The Indian calendar is marked by a number of festivals and days of cultural importance, courtesy of its vast diversity and population

READ MORE
blog

Posted July, 2022 | By: Admin

Tips & tricks to maximise space in your home!

While living in cities has its perks, it often also means living in compact homes. One of the major killjoys of living in metros is the space...

READ MORE
blog

Posted July, 2022 | By: Admin

Experience Monsoons, the Forest Trails way!

With their arrival in the city, the monsoons have brought in a breath of fresh air. The chilly winds and drizzles have enveloped the city in a blanket of green.

READ MORE
blog

Posted June, 2022 | By: Admin

Athashri: A healthy environment for the elderly!

Picture this… you wake up to the chirping of birds, step out comfortably for a walk in the park. As you step out, you breathe in the fresh air

READ MORE
blog

Posted May, 2022 | By: Admin

An Avenue of Aspirations & Appreciations: Andheri West

Mumbai has always been exemplified as the “City of Dream” or Swapna Nagari. On the contrary, Mumbai is also known as “The City that Never Sleeps”.

READ MORE
blog

Posted May, 2022 | By: Admin

Summer vibes of Konkan: A vacation well spent in Ratnagiri

It’s summertime and the vacation vibes are on! With minimum or no restrictions, people are enjoying their summer

READ MORE
blog

Posted April, 2022 | By: Admin

Hope finds a new home

Hope – It is one of the greatest gifts that can heal any pain. Sometimes, when you feel like you are surrounded by powerlessness and absolute vulnerability

READ MORE
blog

Posted April, 2022 | By: Admin

Foundation Day: A Paranjape Schemes event, celebrated by all!

Most of the time, we have celebrated our birthdays, our anniversaries, or special festivals with our loved ones, be it our friends or family.

READ MORE
blog

Posted March, 2022 | By: Admin

Real Estate Market on the Upward Trend!

In the current market, the pandemic seems to have taken the back seat now and the businesses are riding on top speed,

READ MORE
blog

Posted March, 2022 | By: Admin

Golf Homes - Luxury Housing goes Pro!

Golf has probably been one of the most elite sports in India. The rich history of golf in India has been existing since the 19th century and ours was distinctively the

READ MORE