Consumer Buying Habits For Q1 & Q2 FY 2022-23
Consumer Buying Habits : Consumer spending patterns have revitalise the real estate industry and demonstrated their faith in it.
Currently, real estate firms make up around 7-8% of India’s GDP, which is anticipated to grow by 3-4% by 2025. Analysts and research anticipate that the sector would soon be worth USD 1 trillion as the country works to become a USD 5 trillion economy. One of the major economic sectors in India that has a significant influence on employment is real estate. The real estate industry has unquestionably been influence by technological improvements, shifting market conditions, and post-COVID property purchasing behaviour. To keep the market moving, the largest real estate businesses in India must work together with their channel partners and buyers of properties. The industry has gained speed and shown a gradual comeback after defeating the epidemic that had momentarily changed these networks and disrupted their operation.
The V-shape rebound in the previous two quarters is evidence of consumers’ trust in real estate investment and their optimism regarding the success of India’s leading real estate developers.
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Consumer Buying Habits : Q1 and Q2 sector performance for FY 2022–23
Compared to 216,762 units in 2010, home sales in Mumbai, Delhi, Bangalore, Kolkata, Ahmedabad, Hyderabad, and Pune reached a decade high of 215,000 units in 2022. According to media sources, commercial real estate, retail, hotel, and luxury housing all had comparable growth in 2022, with real estate housing increasing 68% year over year. The demand upswing, which was fuele by an expanding population, rising average income rates, fast urbanisation, better liquidity, and expansion in all other sectors, showed how the Indian market is immune to instability. India has developed into a desirable real estate investment location as a result of its rapid expansion. The demand for 2 and 3 BHK homes and flats is increasing faster than before.
Greater local and foreign investments are flooding into this industry as a result of rising demand. The government is providing support through real estate tax abatements at the municipal and state levels in order to improve the performance of the industry as a whole. People are given the ability to invest in real estate homes through programmes like “Pradhan Mantri Awas Yojana – Housing For All.” Tax reductions and greater building aid, such as the “Suraksha Housing Scheme,” are advantageous to developers and property owners. The Indian real estate market anticipates expansion and is on track to create new records in the years to come.
Purchase patterns of consumers have revitalised the industry
Post-pandemic compulsive buying
The epidemic has altered India’s residential real estate market, and there is a huge demand for flats that are ready to move into. For a safe future, COVID-led challenges encouraged individuals to invest in reliable assets, such as real estate. According to the patterns seen throughout the epidemic, some middle-class families with solid finances bought second houses. Particularly 2 and 3-bedroom flats in Mumbai, Pune, and Bangalore. The general recession in the economy offered lucrative investment opportunities in the current real estate market trends.
Hybrid workplace: Increasing demand for houses that are ready to move into
As a result of the hybrid workplace culture, professionals are spending more time at home. As a result, those who struggled with cramped living conditions bought luxury apartments and ready-to-move-in residences in Mumbai, Pune. Chennai, Hyderabad, and Bangalore. NRIs have made investments in Indian real estate after returning home, thinking about the substantial potential returns.
Real estate market driven by technology
While developments in artificial intelligence (AI). Augmented reality (AR). And virtual reality (VR) are improving customer experience, advanced digital technology is crucial to financial transactions. Property tours, management, and overall consumer experience. These technologies have been implemented by the biggest builders in India. Fine-tuning ordinary company procedures and facilitating online property searches, purchases, and customer brand engagements.
Additionally, during the past two quarters, demand for smart homes has grown. House automation made it simple to monitor and manage aspects of the house. Including the lighting, climate, entertainment systems, and appliances. This improved security, access control, and proactive alarm systems. In the past two quarters, investors have been drawn to newly built houses thanks to the greater usage of 21st-century technologies.
Consumer Buying Habits: Demand for green real estate
However, over the past few years, homebuyers in India have developed to favour sustainable green property developments over the typical well-located and well constructed residences they once preferred. The leading real estate developers are being encourage to pursue net-zero projects as a result of increased environmental awareness among consumers and the willingness of owners and investors to make significant investments in green real estate. A McKinsey analysis states that the real estate market is responsible for between 39 and 40 percent of all worldwide emissions. Building materials manufacturing accounts for around 11% of these emissions. The Indian government has long promoted environmentally friendly real estate developments. But it is only recently that customers have started to show environmental and sustainability concern.
Consumer Buying Habits : Improved community standards
Better safety standards, linked living, balanced lifestyles, and meaningful social connections all contribute to higher community standards. The previous several years have seen a change in community norms. In a peaceful setting, people like to coexist. Customers are seeking for homes with lots of room and amenities, such balconies and gardens. As well as ones that are close to roads, hospitals, schools, and airports due to their ever-changing tastes. These homes are in great demand and provide consumers a sense of security.
The Indian real estate market is anticipated to have tremendous growth over the next two quarters because to an increase in consumer demand and a generally upbeat climate. Luxury housing and ready-to-move-in property sectors are anticipated to be at the forefront of the growing demand for real estate.
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