Published date | 02 January, 2021

Better real estate market forecasted in India for 2021

Developers and buyers are forecasting a much better 2021 for the Indian realty sector owing to several Government measures and other factors propelling a recovery in the residential category. Experts have also called for more incentives for sustainable housing projects since they are mostly required currently in cities and other urban zones.

The Business Expectation Survey by the National Council for Applied Economic Research forecasted sentiment growth by 41% at the end of the period between July and September. This momentum should continue strongly, aiding growth of real estate in the residential category.

Kanika Gupta Shori, the Co-Founder and COO at Square Yards, has stated that in 2021, people will still think of realty as the safest and best possible investment while there will be more consolidation going in favor of the top realty players going forward. Digital and technological innovations will be absorbed more by real estate developers for boosting consumer experiences. She opined that Maharashtra and Karnataka should witness a boom owing to lower stamp duty and construction premiums.

Shori stated that with lower interest rates being extended in addition to stamp duty waivers and continuation of financial policies of the RBI, mid-range housing units priced between Rs. 8.5 and 15 million will find more buyers who seek more spacious and well-planned homes. There should be a price correction between 15-20% in markets with developers seeking to clear off surplus inventory, thereby opening up more options for NRIs for upgrading their family units in India. With the vaccine expected to come soon, there will be huge improvements in decision making procedures and overall business sentiments alike. The ready to move properties are key attractions for NRI buyers and there has been a 200%+ increase in inquiries in this regard. This demand has been observed throughout the luxury and affordable categories alike.

NRI buyers real estate market Kanika Gupta Shori Square Yards technological innovations RBI

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Square Yards is a technology-enabled, global real estate aggregator and India’s largest player for primary residential real estate. It’s subsidiary Square Capital is one of the largest marketplace for secured mortgages in India. Square Yards platform offers an integrated consumer experience & covers the full real-estate journey from search, discovery to research, transactions, home loans and post-sales service – fully integrating buyers to an extensive network of 500+ partner real estate developers, and 90+ banks & NBFCs. Square Yards is led by accomplished professionals, ex-bankers, and Ivy school alumni and is backed by the competence of more than 2500 employees in 30 cities and ten countries.