HOUSING & INFRASTRUCTURE - Faster, Efficient, Construction All Around

Despite the second wave of corona virus severely denting the economy, construction activities picked up across housing, commercial and mega infrastructure projects. This trend is expected to dominate 2022 as well.

ASHISH SINHA

HOPE OF A BETTER TOMORROW never seems to leave those involved in the construction and real estate sector. That may perhaps explain why the industry thinks that 2021 was not “that bad” a year, be it housing, commercial real estate or mega infrastructure projects.

Data would suggest that the residential housing category indeed bounced back in 2021 with sales of 2.37 lakh units -- 65 per cent of this was in the affordable and mid-segment category. This amounted to almost 90 per cent of pre-Covid sales in a calendar year. Mumbai and Delhi regions accounted for nearly half the sales or 1.16 lakh units begging the question: what about sales in other metros, towns, statecapitals?

According to Anuj Puri, Chairman, ANAROCK Group, a leading property consultancy firm, Q4 2021 was by far the best quarter, with housing sales in the top seven cities attaining a new high of around 90,860 units. This was the highest quarterly sales performance since 2015, Puri said.

After more than 20-months of living and coping with the coronavirus, experts predict certain distinct changes in consumer behaviour with regard to housing, work and community. The “new normal” is expected to evolve with a ‘bigger the better’ mindset. Experts say that working near home may become the new fulcrum for home-buying decisions going forward. In 2022 and beyond, new innovations in design, planning and amenities deliverables would become a norm and a mandatory requirement rather than luxury because of the demanding modern homebuyers.