With an ever-growing Indian economy, as it now stands at the prestigious fifth position in the world, surpassing various prestigious and more successful nations like the United Kingdom. Indian real estate sector has an ever more important role to play as it has been a robust and complex sector in the past financial years 2021 and 2022 and projects to be a robust sector in future. An ever growing and a strong economy, even with tumultuous global markets allow employers to increase salaries enough to help compensate for the rising interest rates. Therefore as long as the Indian economy continues to rise and the economy continues to see job growth and wage growth, even a risen interest rate in the budget 2023 cannot paralyze the Indian real estate market.
Some Industry Experts say that the India’s strong economic growth potential shall lead to continuously rise in demand in commercial space and office spaces as we may see more and more employees going back to offices spaces from their WFH in Tier 1 and Tier 2 cities. One of the major highlights in this sector is the co-working industry, as it has successfully adapted to changing work requirements. It projects to be facilitating productive work environments for the youth of the country. This exciting co-working sector in India is expected to cross 50 million sq ft by the end of the year 2023.
Housing almost the world’s largest population is no child’s play. Therefore the residential housing market is coming to shape the need of the hour to aid the country growing economy. Some of the trends in this sector in 2023 are as following:
A stipulated demand for Smart Homes: As we enter the epoch of the smart world all around us, there is a growing demand of smart homes especially in the tier 1 cities. The use of latest technology is expected to improve the habitat efficiency of real estates and make the living process more and more efficient and comfortable.
A sustained focus of Green Building Practices: In 2023, real estate in Tier 1 cities such as Bangalore, Mumbai, Thane and Pune will see a demand of environmentally friendly homes. This exciting trend is going to see builders and developers enthusiastic about green building methods in order to attract buyers.
High Rises in city centers: We are seeing a sustainable development of high rises in the populated city centers, thus making exciting city spaces in and around the major cities in India. Fortifying excellence through landmark projects, the real estate markets is making exciting avenues in the year 2023. The real estate market in India is thus robust and complex as it offers creative living solutions to its large population.
Consumer buoyancy – a prerequisite in any sector has been quite high and continues to be high in the Indian Real estate sector. This confidence exuded by the consumers in the sector along with favorable government initiatives are here to benefit all market participants – the developer, the home buyers, the tenants as well as the land owners.
