In the year 2023, the Indian real estate market experienced substantial growth, driven primarily by a series of favorable developments. The pivotal decision of the Reserve Bank of India to keep interest rates stable played a significant role, providing potential buyers with the confidence to invest in their envisioned projects. This decision not only stimulated the real estate sector but also set it on an upward trajectory.
Yashank Wason – Managing Director of Royal Green Realty, “In 2023, the real estate sector experienced a dynamic and resilient performance marked by various trends. The global recovery from the pandemic-induced economic slowdown contributed to increased demand for residential properties, driven by low-interest rates and a desire for spacious homes. However, challenges such as rising construction costs and supply chain disruptions impacted the industry’s overall growth.
As we transition into 2024, expectations for the real estate market are cautiously optimistic. Continued economic recovery, coupled with government initiatives supporting affordable housing, is anticipated to fuel demand. Developers are likely to focus on sustainable and technologically advanced projects to meet evolving consumer preferences. The commercial real estate sector may witness a resurgence as businesses adapt to hybrid work models, emphasizing the importance of flexible office spaces. Infrastructure developments, including connectivity improvements, are expected to open up new investment avenues. Overall, 2024 holds promise for a more stable and innovation-driven real estate landscape, with a renewed emphasis on resilience and adaptability in the face of ongoing global changes.”
Kushagr Ansal, Director Ansal Housing said, “In 2023, there was an unprecedented surge in India’s real estate sector, notably in the realm of luxury housing. In response to shifting urban preferences, the industry placed a premium on spacious living and luxurious amenities.”
Rajan Thakral, Founder of Zenith Associates said, “2023 has been a reverse gear for Real estate and it’s in the growth path. Investments will rise 10 fold in the next 5 years.”