Real Estate in 2023: What to Expect

As we kickstart 2023, the real estate market is bracing for an exciting year filled with new opportunities and challenges. In fact, as per the industry reports, India’s real estate market is set to boom and reach Rs 13,00,000 crores in the upcoming year. This is excellent news, especially for the real estate investors who saw the sector show resilience against market volatility in the last year. While there are several things to anticipate, we have curated the top things you should expect from real estate in 2023.

Top Five Things You Should Expect from Indian Real Estate in 2023

1. Market Recovery

First and foremost, the market is expected to continue its recovery from the COVID-19 pandemic. The pandemic caused a slowdown in the market. Still, as the country continues to vaccinate its citizens and the economy improves, the demand for real estate is expected to pick up.

2. Affordable Housing

One trend that is set to have a significant impact on Indian real estate in 2023 is the growth of affordable housing. In fact, the Indian government had set a target of building 20 million houses by 2022, and with this target being extended to 2024, we can expect to see a lot of new affordable housing projects being launched across the country. This is great news for first-time homebuyers and middle-class families looking for affordable options.

3. Growth of Co-Living Spaces

Another trend we can expect to see in real estate in 2023 is the growth of the co-living space market. With more and more people moving to cities for work and study, the demand for shared living spaces is rising. These spaces are affordable and offer a sense of community and support that traditional rental apartments cannot match.

4. Infrastructure Development

The Indian government's focus on infrastructure development is also expected to boost real estate in 2023. With plans to build new airports, highways, and metro lines, the demand for real estate in these areas is expected to increase. This is especially true for areas near these new infrastructure developments, as they will become more accessible and attractive to potential buyers and renters.

5. Increase in the Number of Green Buildings

Lastly, the Indian real estate market is also expected to see a rise in the number of green buildings. With the growing awareness of the need to protect the environment, more and more developers are focusing on building eco-friendly structures. This trend is good for both the environment and the buyers and renters, as green buildings are more energy-efficient and can lead to significant savings on energy bills.

In conclusion, there are several vital developments in real estate in 2023 that you should keep an eye out for. With the market recovering from the pandemic and an increase in affordable housing, buyers, renters, and investors have plenty of opportunities. As always, it is essential to research and stays informed about the latest developments to make the best decision for your real estate needs.