What Can Potential Home Buyers Expect From the Real Estate Market in 2023?

The Real Estate Market of India has been outperforming all other forms of investments for decades. Despite the occurrence of various black swan events starting from the initial years of the 2000s to the recent COVID crisis, the market has withstood it all. Sources claim the story will progress and only strengthen in the coming years.

Especially with the recent increase in home loan interest rates, it is expected that the market might get sluggish for a while, but the stats tell otherwise. Speaking in detail about the situation and the prospects of the Real Estate Market in 2023, our Director, Mr. Rakesh Reddy, is seen saying, “India’s Real Estate Sector is experiencing a significant transformation in response to shifting demographics, evolving lifestyles, and prevailing economic factors. Noteworthy trends include the increasing demand for more spacious homes, eco-friendly amenities, and smart home technologies. Despite the expected rise in interest rates this year, the appetite to purchase homes instead of renting is consistently increasing, especially among millennials.”

He added, “Owning a home is viewed as a strong value proposition characterized by capital appreciation and long-term security. It is also anticipated that housing prices will increase throughout the year due to the growing demand and limited supply. These developments are poised to influence the real estate landscape in 2023 heavily. Housing preferences are leaning heavily towards spacious independent homes and larger apartments that can accommodate a home office. The desire for larger home configurations has led more people to consider purchasing homes in suburban areas, as well as in tier 2 and tier 3 cities. To accommodate the increased migration to the suburbs and satellite towns, municipalities are investing heavily in infrastructure facilities and connectivity across cities, which will further bolster the overall Real Estate Market.”

To get a clearer picture of what he thinks of the year 2023 for India’s Real Estate market, click the link below and read his quote published in the popular Property House Magazine.