Despite the volatility, looming global recession, and rising interest rates, the Indian real estate sector has seen a spike in demand for homes that suggests there is a genuine desire for housing. This trend is anticipated to continue in 2023. The concept of home ownership, which gained popularity in the post-COVID-19 environment, has just recently experienced an uptick in sales across the nation in 2022, particularly in Mumbai, which set sales records. Given that the government has also stepped in and taken efforts to promote and boost the growth in the sector, we have every reason to anticipate that real estate will perform solidly and robustly in the coming year.
Real estate’s resurgence as the top option for long-term investment profits was one of 2022’s biggest game-changers; this portends exciting times for investors in 2023.
The hybrid work structure which supplanted the remote working model in 2022 will totally shift in 2023 with the full-fledged return to the pre-pandemic structure of work from office (WFO). Since major corporations are looking to expand their operations in the near future, CRE (commercial real estate), which has been on the rise over the past year, is predicted to dominate.
“The total Indian economy is projected to grow by 8–9% in 2023, with increased job creation anticipated as well as a rebound from the recent stock market downturn. These are all indicators that can only be interpreted as good. Aside from speculating, we are certain that the government has been developing and implementing big policy initiatives like “Housing for all” and the Pradhan Mantri Awas Yojana as well as infrastructural mega-projects like motorways, new airports, metros, etc. All of these would ultimately lead to a rise in housing demand as more individuals will enter the housing market, which is crucial for the health of the real estate industry.”