Despite the COVID-19 pandemic's recurring ups and downs, the Indian real estate market has proven mostly resilient. On the back of India's strong position as a global economic driver, as well as attractive growth prospects across areas such as office, I&L, residential, and alternative real estate, it is now exhibiting indications of resurgence.
The pandemic's second wave had a negative impact on the Indian economy and by implication on the real estate market too. Since then, we've come a long way. Leasing activity has increased in the last six months across all industries and segments and we expect this trend to continue through 2022. In fact, in terms of leasing and supply addition, the industry is likely to exceed pre-pandemic levels.
We at K Raheja Realty, anticipate the sector to benefit from the Government's sustained focus on infrastructure development and industrial growth in 2022, with logistics and manufacturing serving as focal points. As investors, developers, and occupiers incorporate health and wellness into their operations while improving energy efficiencies and lowering their carbon footprint, we expect ESG to transcend sectoral borders and become key to business objectives.
Raheja Residency | File
Mr. Sandeep Raheja, Chairman, K Raheja Realty strongly feels, with an upward graph towards the residential projects, the industry will also see a paradigm shift with introduction of newer priorities and plans with regards to Residential Real Estate.
K Raheja Realty has pioneered the growth of gated communities, understanding the requirements of the inhabitants of the city.
Open Spaces & Amenities
Buyers are not only looking for an amazing property; open spaces and facilities have become significant factors to consider before making a purchase. Additionally, the difficulty of engaging different demographics is also solved by amenities and open areas. While children enjoy the play areas, seniors can enjoy a stroll in the park. Swimming pools and gymnasiums are available for both children and adults to enjoy. A resort with amenities and open areas provides something for everyone.
Establishing Community Projects
Living in a community develops a sense of belonging while also providing superior living assistance. Residential projects give a complete view and that affirms these community values are seen as a bonus by homeowners who prioritize support, safety and security above all. Furthermore, being close to one's loved ones is a significant consideration.
Residential Projects with Proximity to Civic Amenities
People require rapid access to amenities within a short distance, therefore location is critical for developers. As a result, residential spaces near local retailers, entertainment, dry cleaners, restaurants and shopping areas will see a spike. If these amenities are close to their transportation lines, that's even better because people can get their daily necessities. Unless one plans on purchasing a vacation house or villa far from the general population, it is critical to ensure that numerous amenities are available adding to the value of the property.
Luxury Residential Projects
The digital revolution, which has recently swept the real estate industry, has had a significant impact on the rising luxury market. Luxury real estate developers target sophisticated, working and tech-savvy consumers in metropolitan areas. The increased desire of Generation Next for luxury residences has aided the market's progress, according to trends. Developers' latest digital tools, especially post-pandemic, have made it easier for millennial buyers to scout, choose and buy properties.
Green Real Estate
Green building is also becoming more popular, making it a lucrative market for developers to enter. Many Indian households are now willing to pay the additional expense in exchange for sustainable practices as environmental awareness grows. Green buildings also benefit the family's overall well-being and health by improving air quality and reducing the usage of hazardous materials. In a post-pandemic society, family health and well-being are at the top of everyone's priority list.
Despite the various problems the sector has encountered, demand and supply indicators have steadily increased in the last 12 months, demonstrating this positive sentiment. This upward trend, backed by strong figures, states the residential real estate market will experience exceptional growth with no signs of slackening buyer desire. By 2023, the segment's sales volumes may be within the scope to break all prior records in the sector, Mr. Sandeep Raheja further added.
(The writer is Chairman, K Raheja Realty)