Having your own house is a dream for everyone. Majority of people living in the country make investments so that they can have their own houses. A leading Property consultant has come up with a piece of disappointing news for those who want to buy a house in 2022.
London-based leading commercial property consultancy Knight Frank in its recent report had said that the housing prices will go up by at least 5 percent in the next year. The firm even gave reasons which will make the housing price scale up by 5 percent in 2022.
Knight Frank took various aspects of what happened in India in the last decade like the demonetisation, Goods and Services Tax, and the novel Coronavirus which left a disastrous impact on the country before concluding that the prices will see growth. The firm also attributed the changes seen by the real estate industry in the last ten years to this.
There is no mistake in the report as the raw materials used in construction like Cement and Steel are getting costlier day by day making it out of the reach for the common man. As a result of this, the housing properties are getting costlier.
Having said that, the consultancy said despite the housing prices going up, people will not shy away from spending money on purchasing the properties. The buyers will go for luxury homes that offer better amenities, it said.
Adding further, the London headquartered company said that the Covid situation started to come under control and is encouraging the people to make investments and buy properties. As the real estate market is getting back to normal, the sector might reach its normal position soon, the firm said in the report.
As another interesting observation, the firm also predicted that the office spaces in the country will also get costlier next year. The reason for this is, the IT companies have recruited new employees this year, besides the existing employees who are currently working from home. If the total employee force starts to work from the office, then the offices should go for the bigger office space that would cost them a bomb, the firm added.
London-based leading commercial property consultancy Knight Frank in its recent report had said that the housing prices will go up by at least 5 percent in the next year. The firm even gave reasons which will make the housing price scale up by 5 percent in 2022.
Knight Frank took various aspects of what happened in India in the last decade like the demonetisation, Goods and Services Tax, and the novel Coronavirus which left a disastrous impact on the country before concluding that the prices will see growth. The firm also attributed the changes seen by the real estate industry in the last ten years to this.
There is no mistake in the report as the raw materials used in construction like Cement and Steel are getting costlier day by day making it out of the reach for the common man. As a result of this, the housing properties are getting costlier.
Having said that, the consultancy said despite the housing prices going up, people will not shy away from spending money on purchasing the properties. The buyers will go for luxury homes that offer better amenities, it said.
Adding further, the London headquartered company said that the Covid situation started to come under control and is encouraging the people to make investments and buy properties. As the real estate market is getting back to normal, the sector might reach its normal position soon, the firm said in the report.
As another interesting observation, the firm also predicted that the office spaces in the country will also get costlier next year. The reason for this is, the IT companies have recruited new employees this year, besides the existing employees who are currently working from home. If the total employee force starts to work from the office, then the offices should go for the bigger office space that would cost them a bomb, the firm added.