Friday, December 30, 2022

2022 - The Year Of Residential Real Estate Boom According To The Sattva Group

The real estate sector performed exceptionally well in 2022, a momentum it carried forward from 2021. The residential sector in particular has done phenomenally well with developers registering good sales figures throughout the year,  including SATTVA Group. To further establish this fact, one of the top performing Indian cities, Bangalore, witnessed a steady upsurge in demand,  in many parts of the city, particularly North Bangalore. One of our recent ventures, Sattva Aeropolis met with tremendous success,  when we opened bookings in the first phase at the start of 2022. Talking about the industry at large, “Robust” would summarize the residential real estate in the past year. Despite climbing prices and loan rates, there has been a consistent demand for mid-range and premium housing in major cities. The numbers are optimistic enough in the face of a relatively steady economy: With nearly 4 lakh tier-1 units expected to be sold before the year ends, supply and absorption are rising, while the inventory overhang reduces substantially.  As ready-to-occupy inventory has expanded for most players, there is also a growing demand among active home seekers,  looking for an additional space of 100-150 sq. ft  for  workspaces in residences.

To our delight, the Bengaluru market stayed competitive the whole of 2022; unsold inventory has fallen amidst buyers lining up for houses in the central and inner parts of the city. In Hyderabad, buyers jostled for a limited number of ready units, but we expect further activity to offset the pressure on the market. The third quarter has seen nearly 17,000 new launches, and we predict similar headwinds to uplift the region in the months ahead. Taking into account the aforementioned factors, we foresee steady demand prevailing alongside resilient supply,  as we step into 2023. The post-pandemic period and increase in rental rates have also elevated home ownership beyond its aspirational definition, with more people seeking long-term investments.” – Mr. Bijay Agarwal, MD, Sattva Group

About Sattva Group

With 3 decades of expertise, the Sattva Group has grown into one of the most trusted builders in the country today. Headquartered in Bengaluru, India, it is also a well-known name in Hyderabad, Kolkata, Pune, Coimbatore, and Goa. The Group will soon be expanding its presence in Mumbai. With 66 million sq.ft spaces completed, 28 million sq.ft under construction, and 39 million sq.ft in the planning stage, the Group is one of the most premium builders in India today. The Group’s cutting-edge marquee projects in Hyderabad include Knowledge City, Knowledge Capital, Knowledge Park, and Image Towers (Innovation in Animation, Multimedia, Gaming, and Entertainment), a PPP-based model with the Telangana State Government. By further expanding into various verticals such as co-working, co-living, education, hotels, facilities management, and warehousing, the Group today stands tall as a frontrunner, shaping India’s growth story. The Group’s unwavering adherence to quality has given it the “trusted” tag among builders in the country, renowned for its “A Stable” CRISIL rating for over a decade. 

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