The COVID-19 pandemic caught the world unawares, bringing it to a standstill, taking a toll on economies across the world. In India, the GDP for the financial year 2021 went down by 7.4%, the hardest fall in the recent past. Excluding the sectors of online retail and agriculture, every part of the country’s economy was adversely affected by the pandemic.
From the third quarter of 2020, the easing up of the COVID pandemic has resulted in the economy slowly reviving. The residential real estate market has been seeing an upswing, and there has been a slew of new developments launched. The number of launches has significantly increased in number, and there are new development projects being launched across the country.
The work-from-home culture that is prevalent today has also sparked an interest in many first-time homebuyers to own their residences. Existing home investors are looking to upgrade to larger, luxurious homes, which has further boosted the residential real estate sector. The current scenario of increasing development and higher sales has made investing in real estate a profitable decision in 2022.
This is the right time for investment, and there are plenty of choices available as all developers are launching projects. Developers are offering discounts, and early bird offers that home investors can avail of, which will result in substantial savings. These offers that are available at the prelaunch phases of residential development projects are extremely lucrative for savvy home investors.
Another incentive to invest in the residential real estate market in India in 2022 is the reduction in stamp duty. This, coupled with low home loan interest rates, is making the prospect of owning a home a reality for many. The residential real estate sector in India is thriving, and with favorable conditions, this is the best time to invest.
The Prestige City new launch township at Sarjapur Road, East Bangalore.