Before finding out what’s stored in the future, have a quick overview of how the year passed by for the Indian real estate sector.
Indian Real Estate Sector in 2022
The 3Cs – Corona, concerns, & capital led people feel space in life, secure investments, and work-life balance. Interestingly, these three things perfectly align with property ownership. Hence the Indian real estate industry emerged as trustworthy partner. However, the sudden slowdown and a pause in life, made the property market in India emerged as Mr. Dependable. In fact, the real estate sector in India, witnessed turnaround from the gen-next. As, they often called property market a boring investment option. The middle-aged people felt the need for spacious home when technically families came under one roof.
Amid positive vibes & high sentiment of homeownership among people, the real estate sector in India delivered homes across segments. But, after witnessing life in crisis, it was understood that only business can bring monetary setup back in shape. And commercial property market is no less than a silver lining to the clouds. Thus, developers brought commercial properties & plans with direct and passive income, essential to earn livelihood. People highly appreciated the introduction of flexible payment plans, rental income, and smart return on investments on property investments.
The current trend will lure investors and will keep the trajectory upward for the real estate sector in India. Also, the flexible payment plans and assured lease will take investment figures at a new high.
Indian Real Estate Sector in 2023
As the year-ends, those who couldn’t find the right deal looks forward to 2023. Interestingly, like this year, the Indian real estate sector in 2023 will continue to boom. Despite the rumours of recession, fluctuating inflation, and decreasing value of rupees against dollars, the property ownership sentiments of people across India will keep up the momentum of property purchases. In short, then the dynamics of the Indian economy will change positively. 8-9% overall growth in the Indian realty sector is likely as employment and business opportunities will also grow. All these positive movements will result in a boom for the real estate sector in India. It will be a win-win situation for buyers, realtors, and the economy.
Also, the fast-paced infrastructural development that includes the construction of new highways, airports, metro projects and more will lay the foundation of seamless connectivity. These projects will bring smart living and workable surroundings on the map across India. Also, do not forget the major policy initiatives including ‘Housing for all’ the Pradhan Mantri Awas Yojana (PMAY) will keep attracting women to invest in the real estate sector.
After observing the realty market trend this year, experts feel that the need for retail space development and an increase in demand for office space pan India will keep growing by manifold in 2023. In context with the residential market, the home buying sentiment will remain strong all metro cities are likely to witness increase in the number of property registrations.
Conclusion
The positive apprehensions and investors’ inclination towards the real estate sector will boost to the Indian property market massively in the year 2023.
