Real estate has been one of the sectors impacted heavily by the pandemic, the consequent lockdowns and the economic downturn. However, new data published by Kerala Real Estate Regulatory Authority (K-RERA) shows that the sector is slowly getting an uptrend. Since April 2022, 95 projects were registered with K-RERA in the second and third quarters of 2022, compared to 50 projects year-on year. Over 80% of purchaser interest is in 5 BHK apartments; this is a sharp increase from 56% in February 2022 and this category appears to be the most active right now.
Other categories have seen a decrease in the number of unsold homes. Currently, 4BHK homes have a sales percentage of 51% and 3 BHK units stand at 52. The worst performers are villas and 1 BHK apartment, with sales of 20% and 36% respectively. There has been a rise in the number of new projects and drop in unsold units as per Kerala Real Estate Regulatory Authority (K-RERA). In terms of the bigger picture, Sethunath M, CEO of CREDAI Kochi, said that the real estate sector in India is growing at an estimated rate of about 22% per annum and that it continues to be the second-largest employment generating sector, contributing to 6-7% of the GDP.
Meanwhile, Kochi, Kozhikode and Kottayam continue to be the hotspots, where people are choosing to buy homes in Kerala. Over the recent years, digital technology has revolutionised the way customers approach the decision of buying a home. The real estate sector has embraced digital techniques in helping clients make informed decisions when it comes to buying homes.
Virtual home touring, 3D tours and drone videos are some of the technologies that help home buyers visualise the plot selection and even, seeing how their completed home will look, with interior finishes and more. Some real estate builders have begun using 3D tours and drone videos to help people see the space in 360 degree and to observe the dimensions of the interiors clearly in high resolution.
“Among home buyers in Kerala, the inclination now is towards homes with a balcony and a garden where they can spend some time peacefully, indoor and outdoor gyms for the health-conscious, a spacious and well-fitted kitchen, and an eco-friendly and pleasant atmosphere,” says Dr Najeeb Zackeria, MD of Abad Builders. “There is also a premium being placed on home safety and security, and the use of the latest in technology for this purpose.” Besides, there is a growing trend towards people preferring to live in suburban areas rather than in the middle of the city’s bustle, which works excellently for home buyers in Kochi, with apartments and homes in Edapally, Nettoor and Maradu.