Today, I guess is the right time to talk about the Year-end Trends in Real Estate. The author of this article is L C Mittal, who is the Director of the Motia Group.
Year-end Trends in Real Estate
The year 2022 can be termed as a good year for the real estate sector after the pandemic had caused a slowdown which lasted for about two years. Despite consistent repo rate hikes, the housing demand remained buoyant. The insurgence of NRI investment in the real estate sector, luxury homes and holiday homes emerging as top-performing assets and Tier 2 cities rising as realty behemoths; every facet contributed to the further blooming of the real estate sector. Real estate has witnessed massive growth in this financial year. However, some establishments remain the choice of buyers and set the trend in the sector.
Projects like shopping centers in the commercial segment and apartments in the residential segment have witnessed tremendous popularity due to their utility and affordability. Shopping centers, often classified as high-street retail shops, are a common development preferred by investors. As global brands are entering the country with an aim of establishing their market and brand positioning among local customers. Nowadays, retail stores have been laced with advanced pieces of equipment, making space for accessorizing the area and improving its visibility. Well-planned retail spaces also give a better shopping experience to visitors with ample space to explore various options and choose the best out of them.
Commercial real estate has also entered the luxury segment, offering world-class features such as landscape green areas and pathways that allow visitors to have a peaceful walk across the shopping arcade along with wi-fi services across the establishment for better access to the web portals of the stores. Spaces for meetings and conferences are also provided for a good business meeting in the commercial space. Also, these establishments are laced with facilities that make it convenient for visitors of every age group along with lifts for comfortable movement across the floors and a huge waiting area for those who wish to have a discussion before exploring the sections.
On the other hand, apartments have always been the preference of buyers in both the affordable and luxury segments. Affordable apartments are the first choice of buyers from the economy section as it offers ample facilities and accommodation within budget. The same is backed by support in the form of guidelines and policies by both RERA and RBI. Affordable apartments were earlier available as buildings at any location but the concept has undergone development over the past few years and is now being developed in gated communities.
Apartments and secure, gated communities are a lot more than just a property that offers a secure investment for the future. Facilities like surveillance, parking, kids’ play area and round-the-clock water and electricity supply, etc., are just a part of all the services that come along with this buying. Renowned establishments also offer access to lavish sections like clubhouses, gyms, shopping arcades, etc. Simultaneously, luxury housing has also become quite popular as buyers apart from celebrities and businessmen are also showing an incline toward the segment due to its attractive amenities.
Luxury apartments might include independent floors that offer absolute privacy and access to the most comfortable and luxurious life that one wishes to lead. Along with this, they also offer intercom facilities and emergency services such as alarms in case of calamities. Recently, housing projects have also been delivering significant returns as they are prominently located and have great connectivity to modes of transport. As per recent trends, most buyers have shown a massive interest in 2BHKs and 3BHKs due to their economic efficiency and promising returns.
For example, though the increasing demand for real estate projects has been witnessed throughout the country, regions in, around and directly connected to Delhi-NCR are the major preference of investors. In this regard, Tricity has been the major attractions. Infrastructural facelifts, like the importance given to the construction of airports and roads, have significantly increased the real estate prospects of the region. Most of the recent developments have taken place at prominent locations that are quickly connected to highways, expressways and Chandigarh Airport.
Investors and buyers have been coming to the region, buying projects to utilise as their first dream address as well as a passive source of income that brings fruitful returns on investment. Projects offering the most significant returns are developed on Chandigarh-Ambala Highway, Airport Road, Panchkula, Zirakpur, Chandigarh-Kurali Highway, etc. It is not a matter of surprise that most commercial and residential housing developments and offerings share close proximity to such corridors.