In a remarkable manner, the real estate industry is adapting to the new demands as it goes through a roller coaster ride.
If you want to buy new flats in Kolkata, this is the right time to do so. There have been lots of twists and turns, and the residential real estate industry is expected to witness more. With beneficial returns, the real estate industry still stays a personal favourite for investors.
The prediction of the numbers
Considering the year on year graph, the sale of houses increased from 71 % in 2021 alone. As per the statistics, it can be considered as a Ray of hope when it comes to buying 2 BHK flats in Kolkata.
According to the information from some property consultants, 76400 units were sold within the Mumbai metropolitan region and 40050 units happened to be sold within the national capital region. Therefore, we can presume that 2022 will bring a new ray of hope when it comes to the profit margins of the residential real estate industry.
Real estate market adopting changes
The residential real estate market has seen two new trends - urban exodus and urban shuffle. With the rise in the covid-19 pandemic the work culture started to encourage remote working, thereby giving people the freedom to work from anywhere.
People accepted the new normal and with families beginning to spend more time together, a desirable need for space was evident. Therefore people started looking for bigger 2 BHK flats in Kolkata as well as hygienic lifestyles. However, it was anticipated at a rising pace.
Demand for farm houses, second homes and villas spiked. The reason? Getting rid of the daily mundane routine and maintaining social distance created the necessity.
However, with situations becoming normalised, employees are said to return back to office. Therefore, the amount of space required previously happened to reduce, thereby pushing the idea of living in a luxurious space towards the urban. Presently, the tables are turned towards the commercial segments as they come back in business. In a parallel way, an upsurge in housing segments was also witnessed. Therefore, if you want to buy new flats in Kolkata, keep in mind that there is always a silver lining behind the dark cloud.
The talk of the real estate market?
There has been an acceleration when it comes to the trends supporting digitization and Suburban growth due to the covid-19 pandemic. In 2019, the housing resales fell short by 10%. However, by the last quarter of 2021, the top residential markets of the country achieved a new ecstasy of 90860 units.
In 2020, 99416 residential properties were marketed in India between January and June, with approximately a 27% rise in sales throughout the second wave of the pandemic. When you compare it to 2019, there was a 2% production by the end of 2021. However, the average residential property costs increased by 5%.
Being labelled as the year of resiliency, 2021 has seen a vibrant capital market, increased vaccination drive, a reduction in interest of home loan, market consolidation and liquidity infusion. These were the primary sources of pool for igniting residential property sales. Therefore, 2022 can be considered as a game changing year for 2BHK flats in Kolkata.
Repercussions due to Omicron
With the rise in the Omicron variant, a decrease in the site visits, based on the limitations imposed by the government is witnessed. However, a vibration can be felt within the digital enquiries as stated by the property brokers. There are no particular limitations on the construction work anymore. And, the future home buyers can decide freely.
What now?
According to the gross domestic Product report of India, the industry of real estate is one of the prime contributors. Moreover, the residential real estate industry demands maintaining stable communication, thereby bridging the gap through the digital adoptions.
Implementing augmented reality, 3D tour programs, virtual reality and artificial intelligence need to play a critical role. The rise in residential real estate in the top cities like Kolkata, Bangalore and Mumbai is not diffusing within India's tier 2 and tier 3 cities. Thus, we can expect the real estate industry to reach 1 trillion dollars by 2030. Let's keep our hopes high!
