PANDEMIC GAVE US MANY LEARNINGS
With the current ongoing Russia-Ukraine crisis, Indian real estate sector is facing the challenge of increasing cost of construction materials and cancellations in contracted supplies. In real estate, construction cost takes the major share in the total price of a housing unit. Any rise, therefore, has a detrimental impact on the selling price. With Indian Rupee being at its lowest, The NRI community will have a unique advantage of converting their hard-earned foreign income into lucrative residential options in India A major factor that has propelled HNIs to opt for bigger homes with better amenities is to upgrade lifestyle amid the pandemic.
The RBI’s back to back rate hikes signal that inflation has been reinstated as the primary focus, this might dampen the sentiment of home buyers as many banks have started increasing the interest rate. There is still pent-up demand & even after repo rate hike, affordability is still at a multi decade high.
“Bigger are Holistic homes” - A home experience is no more about the inner look and feel alone, but also how the project is planned, developed and maintained. Luxury home buyers are looking for projects by reputed developers, residences with private gardens, decks or balconies are being preferred.
“Strong Digital Game is a must” - Internet has become the easiest, fastest and most accessible platform of information for all. For real estate it means, virtual site visits, digital walkthroughs, and tech-enabled transactions.
These trends are expected to continue and the overall real estate sector outlook remains positive.
Tags : Dr. Mohit Ramsinghani CHIEF SALES OFFICER – LUXURY Indian real estate sector Russia-Ukraine crisis reputed developers residences with private gardens decks or balconies