Residential sales in CY 20 have outperformed across multiple cities. Despite, being a pandemic-affected year, the demand for residential has increased as the lockdown re-established the importance of owning a house.
With banking rates moving to historical lows, mortgage rates too have reduced, leading to increased propensity for home ownership. Non-Resident Indians (NRIs) impacted by uncertainties globally too are renewing interest in buying properties in India.
With work from home becoming increasingly acceptable, travel to office may no longer be an everyday activity, increasing the focus on suburban markets that offer lower density environments and more spacious apartments at affordable rates. Preferences are moving towards larger homes in self-contained complexes with facilities like gym, green open spaces and access to daily necessities.
Focus on mid and affordable segments is expected to continue, with more than 80% of the new launches in 2020 remaining concentrated in the category.
