Real Estate dynamics changing from 2021 to 2022
During the aftermath of the pandemic in 2021, residential real estate experienced a meteoric rebound. Families in India have once again realized how important it is to own their own homes. Stamp duty cuts and falling interest rates contributed to the demand for owned homes. Home has become more valuable than ever before due to the pandemic, and people are now pickier about where they live. Property prices have been increasing at a compound annual rate of 1-2 percent since 2014, which is somewhat slower than inflation and slower than income growth. Property values have remained stable, while incomes have grown by 8% to 10% each year. In 2000, the average house price was roughly six times a buyer's salary. Approximately four times an individual's annual salary will be needed to purchase a home in 2021. All cities have experienced an increase in affordability between 2011 and 2020. A sharp drop in financing costs - from around 8.9% in 2019 to below 7% now, the average home loan ra...