The real estate market of 2022 is ready to see a positive light. With vaccinations in place and fewer infection rates, the market is experiencing a substantial rebound. This year’s real estate index rose by 75% and became the 2nd best performing sector.
Apart from the above facts, with increased work from home (WFH) scenario and online classes, the need for extra space at home hiked incessantly. With bigger space comes better amenities and an improved lifestyle.
The government has also prioritised affordable housing. There has been very little change in the repo rate giving leverage to lower interest rates.
Some other plausible reasons why the market is going to be favourable for real estate in 2022 are:
Lower Interest Rates
The FY 2022-23 is experiencing lower interest rates concerning home loans. The rates has gone as low as 6.65%. It is the best opportunity to invest in your dream home now. Emami Aastha and Emami Business Bay are two upcoming projects to invest your money in. Price of these properties are on the rise and are lucrative options promising high returns in future.
Reduced Stamp Duties
The stamp duties in many states have gone down considerably due to continued pandemic situations. Earlier, the stamp duty rate in the urban part of Kolkata was 6%. These rates have decreased to 4%, substantial for homebuyers with the economic slowdown. Good time to encash on this low rates.
Favourable demographics
Real estate projection for Kolkata market predict that acquisitions in Joka and Saltlake will see positive growth. Many new projects are coming up in these regions, and they will soon be a real estate hub.
Work from home/online classes
With the pandemic, one issue commonly faced was the lack of space. It made people rethink on their home space. And yes, there are better options that provide more space for your child’s online classes and your work from home. When the economic factors are at their best, it is wise to put your money into the best properties.
If you’re looking to purchase a new residency in the current situation, connect with our experts. They’ll guide you through all the requirements.
