After facing a series of trauma and smiles, the real estate sector roars back to life and enters 2022 with abundant hopes. Though Covid 19 has shaken the real estate sector of the country, almost to the core, Hyderabad, the City of Pearls managed to stay afloat and also bounced back with force. It is now all set to enter 2022, with abundant hopes.
1. 2021- Period of Rapid Transformation
The real estate sector has now embarked on a long term uptick after facing the wildest two years of the pandemic. This turbulent period has given rise to some recent trends. Low stamp duty and interest rates in last quarters have boosted the sector and increased the confidence of homebuyers; otherwise, the pandemic has left no stone unturned with job losses and salary cuts and much more. The demand of spacious homes and homes with greenery around has increased. People have realized the importance of space, when they got to work from home. The recent volatility of the stock market as well as the currency benefit of the rupee-dollar rates boosted the confidence of NRI investors and they are now investing in real estate.
The vaccination drive has also supported the sector in reviving from the blow and boosted the confidence of the homebuyers. Good and improved infrastructure of the city of Hyderabad has urged the homebuyers to step out of the city and move towards the fringes where they can find spacious, well ventilated and affordable houses. Technology has played a major role in this transformation of this sector. This is an era of online home buying and selling. Developers now reach out to the consumers through technology and digital channels. The year 2022 appears to be a promising year.
2. Real Estate Seems Promising in Hyderabad
Residential purchases have been high in the last quarters and the growth prospect of real estate sector seems high in 2022. The city has witnessed heftiest number of launches in 2021 and the end of that year fared well. West Hyderabad is still the favorite of homebuyers and majority of operations are seen in this belt. Hyderabad is expected to be one among the others to dominate the sector in 2022 with an increase in the residential purchases complemented by low home loan interests. The last two quarters of 2021 has been a period of positive change for the sector and this strong momentum in the residential market is expected to continue in 2022. Realty sector, especially the residential sector enters 2022 with abundant hopes.
3. Tripura in the West
Inspite of the havoc created by the pandemic even in 2021, Hyderabad’s residential and office asset classes showed resilience and the west of Hyderabad had been driving the realty growth. People have tasted the cramped spaces during the pandemic and now desire to have bigger houses with open spaces and greenery. Hence the developers are now creating the dwellings as per the demand and need of the hour.
One such developer is Tripura Constructions a well known construction firm of Hyderabad realestate. To their credit, they have a number of completed ventures and some of them are ongoing, approved by RERA. Green Alpha of Tripura is an ongoing venture of Tripura Constructions. It is located at Tellapur, which is in the west of Hyderabad and is one of the fastest growing locales. Due to its close proximity to the ORR and IT hubs, it is gaining more traction. This area holds good infrastructure and is growing as a residential suburb. It is in this area that Tripura Constructions have their theme based venture ‘Green Alpha’ which is a vertical forest themed residential venture. These are vertical gardens with a dense green forest that keeps you close to nature and offers quality air in addition to ample amenities and open spaces. One enters with abundant hopes in the ventures of Tripura and gets absolutely satisfied with the comforts and luxuries offered here, in addition to quality construction and aesthetic and green atmosphere.
Tripura Galaxy another residential venture of Tripura, with 2 and 3 BHK apartments is also at Tellapur. Equipped with modern facilities and provided with well-ventilating spaces, these dwellings are a perfect abode to breathe in open spaces and avoid congested atmosphere. These ventures offer luxuries and comforts of life. Tripura Constructions has a good hold at Tellapur with two of its ongoing magnificent ventures there.
4. 2022- Enters with Abundant Hopes
People have realized the importance of owning a house. This is a new era of development enabled by digitalization and technology. Real estate has learnt to live with the pandemic and is coming up to the expectation of the lives of people, how they live, work and what are their requirements and their lifestyles. Homebuyers’ mindset has undergone a change. Simultaneously, real estate sector brought forth a bouquet of innovative offers and launches which are carefully designed and created as per the concerns of the homebuyers. Demand of the homebuyers is being catered to, by the developers. The year 2022 looks to be promising and the sector enters with abundant hopes. Under the current circumstances, real estate may witness increasing number of first time homebuyers.
A shift in buying trend is noticed in 2021 and the same is expected to continue in 2022. There is a significant rise in the demand for villas and spacious houses. More importance is given to gated communities and townships as they provide more comforts and luxuries. Moreover, the atmosphere is also green and a number of sports facilities are available in gated communities and townships. These types of ventures also provide a provisional store to fulfil the daily necessities. In situations like the pandemic, one can keep his immunity strong and also doesn’t have to go out for daily requirements. They get healthcare and daily necessities within walking distance. The year 2022 is expected to fulfil the hopes of homebuyers as the people have learnt to live with variants of corona. Moreover a major percentage of the mass is vaccinated, thus the spread of the virus will be very much controlled.
After reviewing the overall performance of the Indian residential real estate market in 2021, we can conclude that it has definitely shown an upswing. The Omicron variant has also slowed down its threat now. With favorable conditions for the homebuyers and support from the government in the form of low home loan interest rates, real estate is expected to bloom this year. In a nutshell we can say that 2022 enters with abundant hopes, for the developers as well as for the homebuyers.
– Written By Pallavi Krishna