The real estate industry in India suffered a crash thanks to the COVID pandemic that plunged the world into panic. The second wave had a particularly negative impact on the sector, resulting in a dip in real estate sales countrywide. However, the world economy seems to have stabilised since, as has the real estate market, which is seeing an upswing.
The industry has made quite a speedy recovery in spite of the pandemic and looming fears of an omicron outbreak. The Indian real estate market is gaining momentum and is now poised at the cusp of an exciting new future. More Indians are looking to invest in their own homes in 2022 and new buyers are constantly entering the market.
The pandemic drove home the importance of social distancing and gave rise to a sense of social anxiety in people. However, this world crisis also firmly planted the seed of the desire to own their own homes in many people. This is what is driving the real estate market today and is inducing more people to turn into home buyers.
Real estate development companies have been quick to recognise this need and are churning out more and more development projects. There is a wide range of developmental properties available for sale, suiting varying needs and budgets of potential home buyers. Equipped with the latest and most luxurious of amenities, these projects are set to entice more people into the market.
Home loan interest rates are significantly lower and this in turn is driving the buyer’s interest in investing in property. The Indian economy is expected to grow rapidly overall and the outlook for the current year is robust and healthy. All the above factors are making the dream of being a home owner more achievable and believable for most Indians.
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