2022 was a remarkable year for Indian real estate. The housing demand gained momentum due to several factors. Though the pandemic tenure hampered the sector to some extent, it also proved a turning point for the realty market. There was a paradigm shift in customers’ preferences while buying a home. The necessity to have their own shelter in times of adversity, such as the pandemic, began to rise among millennials. NRIs also found it vital to invest in a property in their homeland that gives a sense of safety and guarantees better returns. The housing sales still seem to be flamboyant and will sustain the growth in 2023.
The transforming trends that emerged in 2022 led to a substantial increase in housing demand in major cities and micro-markets of India. The need for expansive space, gated communities, amenities, favorable payment procedures, and government reforms transformed the whole concept of homebuying. People are now willing to pay generously to get an upgraded lifestyle in the best location possible. The demand for luxury homes deliberately increased in the past year. The increasing demand for housing and the government’s initiative towards major infra developments have enabled price appreciation.
The growing awareness of homeownership has majorly contributed to increasing property demands in popular markets such as MMR, Pune, Delhi NCR, Gurugram, etc. According to industry reports, there was an outstanding sales recovery and an approximately 5% increase in prices post-recession due to the pandemic in 2021. Despite the increased property prices and interest rates, the homebuyer’s demand remains sustained rather it’s increasing. The need for expansive spaces and an upgraded lifestyle has convinced homebuyers to invest in the best property. This is said to be continued throughout 2023. The Union Budget 2023, presumably, will assist in bolstering the housing demand and overall growth of the Indian realty market. According to media sources and experts, relaxation in taxes and stamp duty is expected to be announced by the Finance Minister. The developers further expect the government to reduce GST on raw materials, which may assist them in reducing construction costs. This will give them space to develop more inventories and ease the financial burden on homebuyers.
Following the exceptional year, 2023 is predicted to surpass the sales numbers. There has been an increased number of new launches in the residential market of Pune and Panvel, which has also gained a positive response from homebuyers. The demand for affordable, mid-segment, and premium houses is experiencing an uptick. Gated communities, amenities, open spaces, and a good location backed with ambitious infra developments will be the new trendsetters for the residential market. Housing sales are increased by 50% as compared to the year 2021. Though the global disruptions have led to inflationary circumstances, the government’s focus on enhancing economic growth and efforts to ease inflationary pressures will support developers and homebuyers. The current interest rate hike may decrease and ease payment procedures for homebuyers. This would stimulate the whole homebuying activity. Moreover, developers with good repute and an evident track record of successful deliveries can foresee an outstanding opportunity in new markets.
Considering these factors, 2023 will be compelling for the real estate sector. The housing demand will continue to be momentum with a rising number of insightful homebuyers. Backed with a proven record of timely deliveries, Belmac is also visioning an exclusive township project in Panvel. Owing to the exponential growth of Panvel, Belmac plans to explore and develop the most contemporary lifestyle that would heed every expectation of modern homebuyers.