They expect the trend to continue in the coming year and add that current sector volumes are almost at pre-Covid levels.
Mathew Kurianeranat, Vice President of ICRA, stated that the factors supporting strong recovery in demand will continue to be in place in the short to medium-term.These include increasing preference for owning homes over renting and higher demand for bigger homes with more amenities as well as improved affordability.
The demand trends will continue to be strong into 2022, with new projects being launched by developers to satisfy the need.
Pranav Dholakia, IIFL Finance’s Head for Real Estate Business said that the real estate market has experienced an increase over the past few months, largely due to the rise in economic activity after the second wave.
A favorable environment has been created by the large pent-up demand of quality homes and better affordability thanks to low interest rates.
The sector is facing major challenges due to an increase in construction material input costs.
In the past one year, the Nifty Realty index rose 77 per cent to 507 points.Index value typically provides an indication about the market sentiment.
“Real estate demand is improving since the start of the opening of the economy and the festive season supported by factors like lower interest rates, tax relaxation for first time buyers under ‘PMAY’ (Pradhan Mantri Awas Yojana ) and stamp duty cut,” Choice Broking Research Analyst Ankit Pareek said.
“We are positive on the real estate sector and expect demand to improve in coming years with the government’s focus on Infrastructure development.”
(Animesh Deb can be contacted at [email protected])
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