Due to India’s strong economic growth, workplace and commercial space are in high demand in both Tier 1 and Tier 2 cities. Real Estate Market, higher demand is especially evident in cities with rapid commercial development, like Pune and Hyderabad. By the end of 2023, the real estate market in India is projected to increase by 15% over the previous year, reaching more than 50 million square feet. Also expected for 2023 is a 10% rise in managed office space. In India, real estate sales are expected to reach $1 trillion by 2030 and contribute 13% of the country’s GDP by 2025, according to a recent industry estimate.
The Indian real estate market, which has seen quick building and expansion, has intrigued both investors and dealers. Now is the moment for the market to rise and shine. On the other hand, pandemics throw us a curveball between 2020 and 2022! It’s like trying to walk on a priceless ribbon while trying to go up and down. We were all holding our breath as the market struggled, unsure how long the recovery would take. But what, exactly? Indian real estate has a history of being a highly competitive market. Our market seemed to haveOur market had a secret supply of tenacity waiting to emerge and shine at the ideal moment.
The Indian residential real estate market had a notable year in 2022, with an exceptional sales increase of 68% over the previous year. This highlights the sector’s significance as one of India’s fastest-growing industries. Despite the challenges COVID-19 encountered over the last two years, Tier 2 and Tier 3 cities have emerged as new real estate hotspots for 2022. The industry has continued to expand and achieve new milestones even in the midst of the global economic downturn.
see also – Commercial Real Estate Market India: Types & Trends
Real Estate Investments in 2023 will be made in Suburban Areas
The development of nearby special economic zones for information technology, the establishment of respectable educational institutions, and the accessibility of other necessities have all facilitated the ongoing migration of people outside the city to these micro-markets. Due to improved commute options, these neighbourhoods are popular for homebuyers because they offer decent access to the rest of the city.
