"Post the COVID-19 pandemic, the urge to own a house is higher than ever and thus, the residential segment has witnessed strong demand," said Divyesh Shah, associate director at CARE Ratings.
The Reserve Bank of India has raised interest rates by a total of 250 basis points since May last year as it tackles stubbornly high prices and isto add another 25 basis points, taking it to 6.75%, in April and then pause until the end of 2023. "India has always been an economy where home purchase is preferred over renting. The uncertainty around the pandemic further amplified the need for home ownership and security," said Abhinav Joshi, head of research at CBRE India.
A recent increase in unemployment also raises concerns about the sustainability of the current housing market trend.
Wow,from shitting to an apartment. Did'nt the romans give them that thousands of years ago. Impressive