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With evolving consumer preferences, changing lifestyles, and demographic shifts, the Indian residential real estate sector has witnessed an amazing transformation in the last year. The sector is abuzz with excitement due to the recent positive changes in the economy.
JLL has stated that the residential segment in the top Indian cities is likely to witness controlled new launches in 2023. An astounding 247,000 new residential units were launched in 2022, which is the second-highest number of launches in a decade after the 281,000 units in 2010. The sector has undergone a rapid change over the last year which has redefined the Indian real estate sector.
Post the pandemic there has been a change in people’s attitude towards home ownership, as individuals are now prioritising the acquisition of a home over renting. This change is attributed to the social distancing measures and isolation protocols which were implemented during the phased lockdowns and have led people to recognise the benefits of having a spacious residence with separate areas for work, study, and leisure. The demand for spacious and luxurious homes with all amenities has resulted in an increased demand for residential property.
Home buyers have started looking for homes with ample space and flexibility due to changing circumstances, such as remote working and home schooling. The need for dedicated spaces has become more pressing as people have started spending more time at home. The demand for premium and luxury residential developments with sophisticated amenities like a clubhouse, gymnasium, swimming pool, etc. has attracted homebuyers who want the best. A recent survey by India Sotheby’s International Realty has found that more luxury residential realty landscape has undergone a significant transformation in recent times. There has been a shift in consumer habits, which are driven by evolving demographics, greater technology adoption, and increasing income levels which have become the key catalyst for the transformation. Millennials are becoming more interested in buying luxury homes due to higher incomes. There has also been a significant increase in NRI investments in 2022, particularly in high-value luxury properties, given the declining value of the country’s currency against the US dollar. There has been an increase of 33% in NRI investments in real estate in India, with most of the demand originating from five countries–the United Kingdom, the United States, the United Arab Emirates, Australia, and Singapore.
Driven by the changing consumer preferences, lifestyles, and demographic shifts, residential real estate in India is witnessing a remarkable transformation. As the country’s economy continues to grow, the real estate sector’s growth potential will remain robust with plenty of opportunities for investment.
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