No Comments on REAL ESTATE TRENDS 2023

The real estate sector in India has witnessed a steady growth over the last few decades. Despite the economical map of a country, this industry always remained with a positive momentum and has always reaped fruitful results to the investors. In majority of the cases, every type of investor has earned a desirable profit. In the year 2023, the sector is expected to witness an overall growth of 8-9 percent. Housing market is the driver of growth for the entire real estate economy. To support the same statement the real estate sales escalated to a whopping 51 percent after the COVID-19 Period. This favorable economic outlook has also set certain trends for the year 2023. It is expected that year 2023 will take the real estate sector through a technological revolution and astonishingly, this year is expected to bring in a boom in the real estate sector in tier 2 and tier 3 markets. Let’s take a look through the trends the year 2023 is bringing in:

  1. Buyers to Adapt to Digital House Hunting

The pandemic has forced a lot of people to get adapted to the digital technologies that were not a priority once upon a time. This has introduced them to the world of convenience and how things can be done without any physical involvement. At the same time, the real estate giants got innovative and introduced new ways of experiencing a product virtually. The 3D walkthroughs, the adaptation of VR technologies have given the consumer a satisfactory and transparent experience just like the physical visit. These advancements help the consumer save his time and also give him a flexibility to consider more options during the decision-making process.

  1. Increased Property Prices

By default, an increased demand in prices will lead to the increase in prices and a real estate industry cannot be an exception. As per the CRISIL report, the prices of the residential houses are expected to rise between 6-10 percent. The established realtors are expected to clock a sales growth of around 25 percent this year.

  1. Boom in Luxury Markets

As more and more people are moving to cities, the demand for the housing options that offer them a high standard of living has drastically increased. This has subsequently resulted to the increase in the demand for luxury homes with a wide range of amenities and a quality neighborhood. With growing middle class, increased urbanization and rising disposable incomes, the trend is expected to continue in the year 2023. The other key reason for this demand is the potential to expecting increased return of investment. This market is expected to see a growth for properties that are priced around 2.5cr and above.

  1. Tier 2 Cities to become Popular

The demand for integrated townships and gated communities has paved a way for the increased real estate boom in tier 2 cities. The slight difference of price and the high possibility of an increased return on investment have played a significant role in this demand. Also, some factors like consistent lockdown, remote work access in the corporate culture have opened the gates to the rise in real estate demand in tier 2 cities.

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