Future of real estate market in India in 2023
Live MintThe residential real estate market in India had astounding progress in 2022, setting new sales records of 68% YoY, further demonstrating the industry's prominence as one of India's fastest-growing industries. Real estate market in 2022 Hari Movva, Senior Vice President, SILA said despite the faltering economy we are currently experiencing, the real estate sector lived up to its best in 2022 - According to an industry report, the top 7 prime residential markets in India recorded the highest sales during the first half of the financial year 2022-23 as compared to the last 10 years. The real estate sector is going to continue on its journey of long term growth as we see a continuous rise in GDP per capita, larger disposable incomes, growing urbanization and most of all a larger focus of the world on us as the next big economy.” “India’s strong growth potential shall lead to high demand in offices and commercial space in Tier 1 and Tier 2 cities. With the last push of 35 basis points in December 2022, which was subsequently passed on to end users in total, retail consumers began to feel the heat as their EMIs on current loans began to rise.” Mr. PL Narayana, CEO & Founder, Nesca Homes said “The Union Budget 2023–24 is remarkable in many ways, especially in terms of the real estate sector.