The year 2022 saw a renewed activity for the sector with new launches, offline property exhibitions and seminars among others that buzzed the sector with its offerings. The year brought positive sentiments after the flexibility of the pandemic and refurbished the demand. 2022 augmented the dependence of internet and benefitted the real estate industry. The PropTech tools that were initiated to provide a wholesome selling, buying and customer engaging experiences, are now seen very actively penetrating in the real estate sector.
The year 2022 was also the year of consecutive rising repo rates by the Reserve Bank of India. The continuous rise of rates made the realty sector uncertain; however, the fueled demand for homes, quality supply of residential apartments and desire of owning a space dominated the Indian realty sector.
The expectations of the year 2023 have been cheerful and positive as the market is predicted to be optimistic with overall 8% to 9% growth due to job creation and economic growth. Developers are focusing on quality projects with importance to excellent designs and smart amenities. Apart from residential apartments, the encouragement is also seen for bungalows, villas, studio apartments, plotted developments and empty plots with amenities by branded and reputed developers. A very common trend being noticed is that top developers are putting in more focus on branded launches, strong positioning and consolidation in industry among others.
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There is a great expectation from the government on improving the infrastructure in the country owing to the implementation of mega projects such as Samruddhi Expressways, Mumbai Trans Harbour Link, Navi Mumbai International Airport, The Delhi-Mumbai Industrial Corridor, Dholera Smart city project, Gujarat International Financial Tech City in Gujarat, Narmada Valley Development Project, construction of railway stations, revamp of older railway stations, and inland waterways development projects among others. Apart from popular metros, the growth of Tier 2 and 3 cities and peripheral locations will also be a key highlight of the year 2023.
Being seen as a seller’s market in 2022, the gap of demand and supply will slowly reduce with good offerings coming along the way. Home buyers can rejoice as the Indian property market is experimenting with conducive growth while shedding the effects of COVID, geopolitical tensions and inflation by marching towards creating a balanced impact on the overall economy in 2023.
(By Ashish Narain Agarwal, Founder & CEO, PropertyPistol.com)