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Indian Real Estate: A rear-view mirror look at 2022 and projections for 2023

Priya Singh | 2023-12-08

The real estate sector in India has been expanding faster than ever before in recent years, and home prices in India will continue to rise at the similar rate in the coming years.
In terms of most desirable asset classes across the Indian real estate market, luxury residences have remained relatively resistant to the market downturn and have subsequently made a remarkable return
The real estate market in the National Capital Region (NCR), especially in Gurugram, has seen incredible growth despite the pandemic, attracting investors from the world over. Real estate investors have looked towards Gurugram as their preferred destination because of its modern infrastructure and high standard of living. Gurugram offers a plethora of information technology (IT) and information technology-enabled services (ITES) enterprises that have created a hub for employment generation in north India.

As a direct result of this rising demand, home prices in Gurgaon have significantly risen over the past year. Outside Delhi NCR, real estate prices have rebounded in a ‘K’ shape, and consumer confidence has remained high despite the uncertainties of the pandemic. Another trend observed in 2022 was a significant uptick in the demand for independent floors. Independent floors have been a magnet for buyers and investors because of their higher return on investment.
The year 2022 witnessed the Indian the real estate market grow despite all previous apprehensions. If forecasts by industry pundits are anything to go by, this growth will continue in the year to come. As industries pick up after the pandemic, a prosperous festive season in 2022 has encouraged sales across the country. Residential and commercial real estate developers have unanimously reported a significant decrease in the inventory pending from before the pandemic. This has inspired confidence in market experts to predict a rise in housing prices in the perceivable future.

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