Views of Mr.Rajan Bandelkar, President, National Real Estate Development Council (NAREDCO) on real estate year analysis

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New Delhi, December 29, 2022: The Indian real estate market has seen a rebound and displayed a lot of resilience post-pandemic. This upward trend is anticipated to continue in the years to come. By 2023, it is predicted that India’s real estate market will be worth Rs. 13,00,000 crore.

In the past, factors such as inflation, rising mortgage rates, and a shortage of building supplies had an impact on the housing market. However, it is anticipated that this sector would have a significant recovery. In the post-pandemic era, residential sales have already increased by 51%. The concept of home ownership, which gained popularity in the post-COVID-19 environment, has just recently experienced an uptick in sales across the country in 2022.

In the upcoming year, real estate growth in development hubs like Tier 2 and Tier 3 cities will be encouraging as it will witness enormous socioeconomic progress. Many prospective purchasers are already considering these locations as alternatives to the congested and polluted metropolitan areas. Cities in Tiers 2 and 3 are quickly establishing themselves as real estate hotspots where a strong housing market supports the overall infrastructure expansion. In FY 23, these cities will compete with metro areas and offer a variety of residential and commercial opportunities. Further, given the existence of sensitivity in other financial assets, real estate seems to be a wise investment for investors. Despite recent market fluctuations and disruption, long-term investors still view the market as a safe bet. For 2023, it is projected that the growth will be beneficial in terms of both quantity and quality. This is certainly not to imply that there are no challenges for development in the real estate industry; on the contrary, a number of variables, such as increasing mortgage interest rates, inflation, and a lack of building supplies, could actually make it harder for the industry to expand.

Corporate Comm India (CCI Newswire)