New Delhi/Chennai, Jan 3 After facing a body blow due to pandemic, the real estate sector seems to have come out of the woods lately and the growth momentum in the realty space is expected to continue in 2022.
Among various segments, residential space saw a huge uptick in 2021.
"The year 2021 was a watershed moment for India's real estate sector. Even when the going was tough, the sector not only remained resilient but also emerged stronger than expected," said Ramesh Nair, CEO, India and Managing Director, Market Development, Asia at Colliers, a global real estate consultancy.
The consultancy expects 2022 to be even better for the realty sector, even if it is marred by the new Covid-19 variant - Omicron.
"We have now learned to live with uncertainty. Gross absorption in 2022 should be about 15-20 per cent higher than this year as occupier confidence is back in the market," Nair said.
The residential segment has witnessed green shoots of recovery and is expected to gain further momentum in 2022.
"The residential segment is expected to reach pre-Covid quarterly sales volumes in 2022 and given the strong momentum may also match the pre-demonetization quarterly sales in the latter half of 2022," said Samantak Das, Chief Economist and Head of Research and REIS
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