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The real estate market in India is likely to witness a steady growth in the next few years. Even though the global realty market is undergoing some pressure, this will not be affecting the growth trajectory in India. The chances of a significant slowdown in the Indian market are pretty low in the coming years.
A study reveals that the realty market is currently one of the largest employment sectors in India. A growth in the real estate sector implies a consistent rise in the economy. In the next three years, home prices are expected to rise by 5% in India. Although threats of inflation loom around the real estate market, the forecast regarding the Indian market looks relatively safe. After the pandemic, the realty sector got a boost. However, with the banks curtailing home loan rates, the growth is likely to be steady.
Currently, the interest rate on home loans looks modest. When we look at the regional markets in real estate, it is visible that the markets in Delhi, Mumbai, Bengaluru, and Chennai look decent. In the next three years, there would be a rise of 5% to 6% as median. This is in close to the national average. Over the last couple of decades, the increment in house prices has been almost double. This has affected affordability of the buyers. Therefore, the government needs to come up with adequate regulations to keep homes affordable for the buyers.
The pandemic had also affected the jobs of many people, affecting their purchasing power. Now that the crisis is almost over, the realty market is trying to get back to its original health. However, the global slowdown in real estate would hardly have any kind of bearing on India. As the growth momentum continues, the key players of the realty markets look forward for more dynamic markets in the coming years.
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