2023 is likely to be a year of expansion and growth for the Indian market claim real estate experts driven primarily with the economy showing stability and a strong end-user residential demand.
he Indian real estate sector is pretty much mirroring the resilience shown by the Indian economy despite global headwinds. Real estate is expected to contribute a larger share of India’s GDP and expand its market size in the coming years.
Growth levelers are even, and momentum is only likely to ramp up in magnitude. While the global real estate industry has seen a slump and sales plummet, the Indian real estate sector serves as a fitting example of tiding over tumultuous times and show signs of growth consistency in the years to come as well.
The Indian real estate industry is currently thriving, despite headwinds faced by the global real estate market. Several factors are driving this success, including strong economic growth, favorable demographics, and an increase in foreign investment. Economic growth in India has been strong in recent years, averaging around seven per cent per year.
This has led to rising incomes and increased demand for housing, both from first-time buyers and those looking to upgrade their homes.
Favorable demographics are also playing a role, with a young population that is increasingly urbanizing and seeking better quality housing.
A sizeable capital spending on infrastructure and asset-building projects has been a key factor that has boosted growth multipliers in the real estate ecosystem. During challenging times, businesses have looked at India as an attractive, resilient, and cost-effective investment destination to contain costs.
Foreign investment has also been a key driver of the Indian real estate market. A number of large overseas investors have pumped money into the country’s real estate sector in recent years, attracted by its potential for long-term growth. This has helped to offset any slowdown in domestic demand and keep the market buoyant.