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In this episode of the State of the Economy podcast, businessline’s Abhishek Law talks to Manoj Gaur, Chairman of Credai, about the current outlook of the real estate market. Gaur starts by observing a significant shift in buyer preferences post-COVID. He goes on to state that people now seek better homes with superior amenities, and view real estate not just as an investment, but as a crucial asset for living through challenging times. The podcast goes on to note the permanence of this change, evident in the increased demand for residential housing across India over the past year. The lockdown experience led individuals to value their homes more, prompting a surge in the residential real estate market.
As the discussion progresses, the attention turns to the future, specifically the last quarter of the fiscal year and the subsequent year. Gaur anticipates high demand due to limited inventories and challenges in launching new projects. He emphasises the scarcity of clear-title land suitable for quality projects, which may contribute to sustained demand in the coming months.
The conversation touches upon the topic of affordable housing, where Gaur points out the decline in demand for smaller apartments in metros due to increased construction and compliance costs. He suggests a revision of the definition of affordable housing to align with the economic realities of different cities.
The podcast concludes with insights into stalled projects, legal challenges, and potential solutions being explored by the government and local bodies, expressing hope that within one to two years, many of these issues will likely be addressed.
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(Host: Abhishek Law, Producer: Amitha Rajkumar and Anjana PV)
About the State of the Economy podcast
India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.
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