According to a report, almost half of homebuyers anticipate housing prices to rise.According to a study released on Monday, real estate is India's favoured asset class, with over half of clients anticipating price increases and improving the economy.
According to a poll conducted by real estate companies, 47% of respondents prefer to invest in real estate. As many as 21% of respondents choose to invest in the stock market, 16% in fixed deposits, and 15% in gold. It was discovered that 48% of respondents expect real estate prices to grow.
"Following the second wave of the Covid-19 epidemic, India's residential sector experienced a substantial increase in demand. Rising financing rates, rising input costs, and robust demand have resulted in an increase in home prices, "a chief executive officer said
According to the expert, housing demand will continue to be high in the coming quarter due to strong consumer mood and the seasonal uptick in the festival season.
According to the poll, homebuyers are cautious yet hopeful about the economic outlook. Seventy-three per cent of those polled believe the economy will continue to expand. While global worries have tempered the outlook, economic optimism remains significantly higher than the 2020 low.
Since 2020, the income outlook has hit an all-time high of 65%. According to the research, strong services activity, an optimistic hiring picture, and a steady unemployment rate have boosted consumer confidence in their future earnings in Delhi NCR, Ahmedabad, Mumbai, Pune, Hyderabad, Bangalore, Chennai, and Kolkata.
"Despite mounting fears about rising interest rates, home markets in India remain buoyant." "The latest Consumer Sentiment Outlook (Jul-Dec 2022) reveals that real estate has remained a favourite asset class among potential purchasers," stated a president of the Real Estate Firm. People's ambition to buy a home and their need for financial security have boosted property purchases during the last two years.
This holiday season is expected to offer additional promotions geared toward first-time homebuyers. According to the expert, the real estate market is expected to have a record quarter, with people staying optimistic about the economy.
According to the study, despite increases in housing prices and interest rates, homebuyer sentiment will remain optimistic in 2022.
"As for the repo rate, while an increase was expected, it remains below pre-pandemic levels of 5-6 per cent." "Confidence in future earnings, along with the pandemic-induced importance of homeownership, will continue to boost residential purchases not just in the top metros, but also in Tier-II cities," said a research director at several real estate company.