May 21, 2023
Mr Rakesh Reddy, Director , Featured Article on 'Silicon India Real Estate'
In 2018–19, particularly in metropolises and tier-I cities, the real estate sector in India had a significant recovery. It was a year of consolidation and renewal. Consumer interest in the industry has been rekindled because of new regulatory regulations and a rationalized tax system. The market has been stabilized and is now set up for significant expansion thanks to resurgent consumer confidence.
The supply of housing increased significantly in the second half of 2018, with about 50,000 new units being introduced in Delhi, Mumbai, Chennai, Bengaluru, Pune, Kolkata, and Hyderabad. Affordable housing has grown significantly in popularity, among other sorts. Homebuyers can select from a variety of projects that are readily available at reasonable prices thanks to the growth in inventory. The desire for affordable projects has also been encouraged by the expanding job market and the rapidly rising consumer demand.
Home purchasers now have more options because of the rising number of housing units. The most common configurations, according to trends, are one-bedroom flats in Mumbai and two-bedroom apartments in the majority of other major cities, including Delhi, Bengaluru, Pune, and Hyderabad. The main driver of the continued appeal of smaller flats in Mumbai is affordability.
Another explanation for this is that smaller apartment sizes sell more quickly than larger ones because there is a shortage of one-bedroom units in Mumbai. The same theory holds true for two BHK setups in other places where real estate costs are lower. The majority of homebuyers in Hyderabad intend to live with their families, so two- and three-bedroom apartments are preferred over other layouts, with two-bedroom apartments being the most popular. Consumers also want properties they invest in to be environmentally friendly. Additionally, because they are surrounded by lush, green surroundings, gated communities provide security, property maintenance, and eco-friendliness.
Our Director Mr. Rakesh Reddy has elaborated on this further in a candid conversation he had with Silicon India Real Estate journal. To get a clearer idea of the subject and the situation, click on the link below.
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