India Condominium And Apartments Market - Growth, Trends, COVID-19 Impact, And Forecast (2023-2028)

The India Condominium and Apartments Market is anticipated to register a CAGR of over 4% during the forecast period. The market is driven by the demand for affordable housing. Furthermore, the market is driven by the demand for residential real estate.

Key Highlights

• In India, condos and apartments are similar in size, but they differ greatly in terms of ownership and management rights, amenities, and maintenance fees. Life is returning to the "normal" that predated the epidemic as the globe gradually learns to live with Covid. Businesses and economies around the world are impacted by these shifts. The real estate market in India fits the same description. The beginning of 2022 has been promising, with increased numbers in key cities for both sales and new launches. The real estate sector has mostly continued to be end-user-driven during the first quarter of 2022, which is strongly entrenched in high homeownership sentiment. In the US, condominiums are fairly prevalent. Although the idea of condominium ownership has been around for more than 50 years in India, it is less well-liked than the cooperative housing society model, which is prominent in Maharashtra.
• The Maharashtra Co-operative Societies Act of 1960 governs cooperative society regulations in Maharashtra. The Maharashtra Apartment Ownership Act, of 1970 created a substitute for this type of housing society by allowing for the creation of condominiums. These purchasers, who band together to create an association, are also known as apartment owners. The majority of individuals prefer condominiums because of how little maintenance they require. For the general upkeep of their condos, the occupants are required to pay a certain amount either annually or monthly. As a result, the occupants do not need to handle any maintenance difficulties on their own. They merely need to alert the authorities to resolve the problems. Some condos also have facilities for routine inspections, when any issues are fixed right away. The Indian economy has suffered greatly as a result of the COVID-19 pandemic. Almost all industries have been negatively impacted.
• One of the industries that endured the heat the entire time was real estate. The government's imposed lockdown caused construction activity to stop, which caused the building to work for future projects. Additionally, a considerable number of jobs were lost nationwide as a result of the economy's negative effects, which in turn reduced consumers' purchasing power. Real Estate is suffered as a result of that. Numerous millions of people have been infected with COVID-19, and the number of fatalities was significantly increased. As a result, numerous nations instituted a lockdown and a worldwide health emergency was declared. Significant barriers to trade in several areas were a result. The pandemic had a serious impact on the Indian situation. The country was experiencing an economic slump as the national GDP plunged to a record low.

India Condominium & Apartments Market Trends

Increase in Per Capita Income

• The pandemic had a positive impact on residential property. Investors and homebuyers alike concentrated on spending money on acquiring a home or improving their living quarters. Interest in luxury real estate unexpectedly peaked across all groups.
• However, the market for luxury homes was not the same before the pandemic. It has experienced many ups and downs throughout the last ten years. In actuality, 2019 wasn't a fantastic year for real estate in general. There was an increase in inventory, skyrocketing prices, and unpredictability among important stakeholders in prime marketplaces like Mumbai and Delhi. Projects that were in limbo, lawsuits against developers, and irate buyers were all on the rise.
• The need for homes with cutting-edge facilities increased dramatically as a result of people being cooped up in their homes for extended periods under the new normal post COVID-19 pandemic. Those who already had a home decided to enhance their present living conditions. As customers try to build activity-driven venues like a study room or an exercise space within their homes, there is now a need for additional rooms as houses are increasingly becoming the only place for all activities. A positive view of the price of luxury real estate can be inferred from the fact that consumers are strongly contemplating a good investment opportunity when purchasing luxury real estate. Additionally, homes with decks or balconies are popular since they provide much-needed fresh air.

Increase in Population is boosting the market

• The value of the Indian real estate sector is expected to reach INR 13,00,000 crore (USD 1,570 billion) by 2023. This increase is being driven by an increasingly urban population, growing incomes, and deepening urbanization.
• For several reasons, every investor desires to invest in real estate. It is an asset that is first and foremost unaffected by stock market volatility. It frequently provides a reliable source of revenue, which is number two. Thirdly, there is a chance that its value would rise over time, which might lead to capital gains. Finally, real estate might offer chances to grow wealth and tax advantages. The following factors are likely to significantly impact the real estate market in 2023 and drive it forward: India's population is predicted to grow to 1.5 billion people by 2023. Following the recent period of rapid growth, analysts anticipate that India's economy will continue to expand in 2023. As a result, it will be more appealing as a place for investment to both domestic and foreign investors. By 2023, it is expected that there will be 1.5 billion people living in India. As a result, there will be a rise in demand for housing and other real estate-related services.

India Condominium & Apartments Market Competitor Analysis

The India Condominium and Apartments Market is highly fragmented with global and local players operating in the market. Some of the major players include DLF Ltd., Prestige Real Estate Projects Limited, NBCC India Limited, India Bulls Real Estate Limited and Brigade Enterprise Limited. The infrastructure industry offers growth opportunities during the projection period despite the fragmented market.

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