Amidst domestic demand, the expatriate Indian also gets the opportunity to be part of a vibrant and lucrative real estate market in India.
The vibrant Indian property market will continue to offer best-bargian deals to domestic as well as non-resident Indians (NRIs) throughout 2021, with the sector currently not only adapting to new market trends but also throwing multiple buying options with favourable government policies.
“The economy is recovering at a faster rate than was envisaged; property buying is happening across micro markets and through different segments,” said Dr Niranjan Hiranandani, president of the National Real Estate Development Council and the Associated Chambers of Commerce and Industry of India.
The trend of larger luxury apartments is gaining traction to accommodate new normal routine of work, study and wellness from home, while rental accommodators look out to be first-time home buyers in order to garner the best time to buy a home, he added.
“Amidst domestic demand, the expatriate Indian also gets the opportunity to be part of a vibrant and lucrative real estate market in India. The property market in all states will do well through 2021, given that real estate regulatory laws have been implemented across India, ensuring safety and transparency in property transactions. The trend so far suggests that the Indian economy has rebooted after the series of lockdowns and now under mission revival we should see healthy growth numbers across 2021,” Dr Hiranandani said.
“India is poised to be the next global hub and fastest-growing economy with a mission of self-reliance. Core industries and sectors have geared up in lieu of innovative policy reforms cushioning their spring-back and Covid-led pandemic opened the flood gates for new sunshine sectors too. Indian real estate continues to remain a predominant driver for employment after agriculture and has a multiplier effect on 269 allied industries. Therefore, revival of Indian real estate is imperative for GDP growth.”
The recovery from the setbacks caused by Covid-19 has been rather stellar for Indian real estate: There has been a surge in investments, both from domestic and NRI buyers, causing all prominent micro-markets to register strong sales across budget segments in third quarter of fiscal year 2020-21.
Shajai Jacob, CEO for the GCC at Anarock Property Consultants, said: “While developers definitely introduced several schemes and benefits for property buyers, much of the credit for this revival actually goes to the government which came through with proactive regulatory changes. Real estate has a multiplier effect on the Indian economy with several allied industries reflecting the changes in this sector. Recognising this, the government announced several initiatives to encourage investment in the sector.”
The NRI segment has contributed immensely to the resurgence in demand for real estate across the country. NRIs, just like the domestic home buyer, is making the most of the reduction in stamp duty charges, especially in the Mumbai Metropolitan Region.