The New Year bought new hopes for Indian real estate. As the realty market in India is assumed to witness upward movement in the sale of residential units.
The recent data report shows that last year, 215, 666 residential properties were sold. However, this figure stood at 1,28, 064 units in 2021. This sale was recorded in the top seven Indian cities.
The recently released report by JLL India states, “Sale momentum is likely to sustain in 2023 on the expectations of moderating inflation supporting a reversal in repo rate hikes”.
“Moreover, likely measures from stakeholders, such as longer loan tenures and attractive pricing deals will keep buyers’ affordability levels within comfort”, the report stated.
Samantak Das, chief economist, and head, research & REIS, India, JLL said, “While affordability is likely to be dented, job stability and economic growth will continue to provide the necessary impetus to home buying activity.”
This report was prepared after evaluating the home buying trend in Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune. Also, the number of apartments purchased during the year 2022 was taken into consideration.
The residential vertical of Indian real estate will continue to grow in 2023.
Siva Krishnan, MD, and head, of residential services, India, JLL said, “The high sales volumes in the second half of 2022 show that sales were still robust despite the recent challenges underlining the strength of the residential market in India and the increasing importance of home ownership post-pandemic. The Indian residential market is expected to sustain its growth momentum in 2023 while dealing with the challenges of global headwinds and higher interest rates.”
Last year, Mumbai witnessed massive property registrations. The financial capital of India had a strong home-buying sentiment in 2022. The city dominated the Indian property market as a whole despite an increase in cement prices and continuous increasing the interest rate on loans.
