Pandemic ignited the home-buying frenzy due to changing work dynamics, reduced Repo Rates by RBI, and reduced stamp duty and registration fee. In addition, young buyers pursue their first home due to new opportunities and historically low home loan interest. According to a survey, it has been predicted that the Real estate sector will witness a whirlwind growth in 2022. The market will be fast-paced and competitive, as builders and developers will ramp up production. Suburbs regions will continue to attract oversized attention as these regions offer lower prices per square feet to new home buyers. In addition, natural calamities, pandemics, shifting of workplace made people own a home rather than renting a space. Also, various incentives implemented by the Government prompted interested in the prospective buyers.
An uptick in the sale of luxury residential properties:
In 2021, the sale of luxury residential properties took center stage in the property market. By 2022, the same trend will continue as the pandemic-related curbs, a hybrid working model pushing the demand for multi-functional homes. In addition, favorable interest rates are expected to uptick the sales of multi-functional homes.
Affordable housing scheme:
The Government’s affordable housing schemes will keep the real estate sector afloat in 2022. The Government has turned its attention to affordable housing as one in five people suffers from inadequate housing . Pandemic also played a significant role in fuelling the demand for affordable homes. Before the pandemic, a considerable chunk of the population lived in rented houses. Due to the pandemic curbs, the current hybrid work model inspired this vast chunk of people to buy a home of their own.
Pradhan Mantri Awas Yojana:
Better known as PMAY, launched in 2015, it aims to provide affordable housing for the urban poor. Under this scheme home loans are subsidized to those applying for home loans. Affordable Rental Housing Complexes (ARHC), a part of PMAY- U catering to migrants living in urban areas, and PMAY-G will cover rural areas schemes , will further keep the real estate sector afloat in 2022.
The residential market will remain the frontrunner:
Residential property sales will gain momentum due to continued buyers’ preferences for bigger homes, better amenities, and attractive pricing. Developers like Urban Space Creators, are launching projects that fulfill the needs and requirements of millennial buyers. The developers’ latest addition is Urban Skyline Phase 2 in Ravet. Crowned as the tallest residential tower in Pune, the project has 40 floors and 70 plus modern amenities. With an awe-inspiring height, the project offers a stunning view of the city along with comforts, conveniences, and connectivity.
If you think this is the right time to buy a property considering lower home loans, reduced stamp duty, and registration fee, then explore homes in Ravet. Check out this premium project Urban Skyline which aims to edge ahead with state-of-the-art amenities and luxury features. The project is well-connected to major city landmarks through major arterial roads. Mumbai- Pune Expressway is close to this project, giving the privilege of smooth commuting to other districts of the city and neighboring states.