With the onset of the festivities, the real estate sector is infused with buoyancy and expects a further boost to the growth graph. According to a report by CBRE, Q2 of 2022 has been remarkable for India’s real estate sector, with the residential segment registering record high sales and the commercial sector maintaining the growth momentum. The market sentiments in the real estate sector are already upbeat, and the festive quarter ahead will augment the sector’s growth.
Considered an auspicious time to make a big-ticket investment, the festive season holds key significance amongst new home buyers or property investors. The momentum for residential sales in 2022 remains strong as prospective homebuyers seek larger homes with modern amenities. According to an industry report, residential unit sales in India reached a nine-year high of 158,705 units in the first half of the calendar year 2022 across the top eight cities.
Likewise, the commercial segment also witnessed robust traction further setting the positive sentiments in the market. A report by CBRE reveals that India’s commercial segment has flourished with solid leasing activity growth in Q2 of 2022. The report further states that office supply additions reached 26.1 million sq ft in H1 2022, up by 26% over last year, with deals smaller than 50,000 sq ft comprising almost 84%. Furthermore, office and retail leasing saw a triple-digit increase Y-o-Y in H1 2022, according to CBRE. As commercial leasing is expected to reach new growth numbers, owing to amplified investment activity and the brand’s expansion plans, the realty sector is optimistic for a healthy growth quarter ahead.
Over the years, Delhi-NCR has evolved as the ideal destination for real estate investments. This region is home to several MNCs and Fortune 500 companies. In addition, its solid infrastructure, top-notch amenities, and multi-cultural atmosphere are significant draws for investors and buyers. Moreover, increasing demand for real estate properties adds value to the region.
For instance, Gurgaon is the real-estate hub of Delhi-NCR. Growing commercial activities, improved infrastructure, excellent connectivity, and enhanced job opportunities are the major factors that have helped Gurugram and its micro markets emerge as a hotbed of real estate development. The presence of numerous industrial hubs in Neemrana, Manesar, Sohna Road, Bawal, and Udyog Vihar near New Gurgaon has created a demand for commercial space in Gurugram. Moreover, the growing demand for retail space has also led to healthy growth in Gurugram’s realty market.
A Promising Quarter Lies Ahead
The real estate market is currently in an optimistic state with enhanced and strengthened confidence amongst buyers and investors. The festive season augurs well to further push the sector’s growth. The thriving real estate market is stimulating India’s economic growth and given the current upbeat market conditions, real estate players believe the upcoming festive quarter will bring further cheer to the market.
