The year 2023 has been another inflection point for the real estate sector. Industry experts and stakeholders observe a resilient and dynamic market that has weathered disruptions, showcasing the adaptability across various segments.
Abhishek Kapoor, group CEO, Puravankara believes that the demand by end-users remained continuously there to drive growth in 2023. Coupled with a favourable pause by the RBI in hiking repo rates, the residential real estate market has fuelled the aspirations of those looking to own a home.
Harshvardhan Tibrewala, director, Roha Realty highlights that the Indian realty market's positive sentiment has primarily been driven by the presence of reputable developers who are known for on-time project delivery, commitment to promised amenities, and construction quality.
Venkatesh Gopalakrishnan, director group promoter's office, MD & CEO, Shapoorji Pallonji Real Estate (SPRE) is of the view that in 2023, the realty landscape emerged stronger with luxurious and premium housing segments leading the way. "Discerning buyers sought not just a home but an experience, leading developers to redefine luxury with sustainable designs, cutting-edge technology, and world-class amenities" says Gopalakrishnan.
RESIDENTIAL
The Indian residential segment remained unstoppable in 2023. As per Anarock research, first nine months of 2023 saw total housing sales of over 3.49 lakh units across the top seven cities which is 96% of the total sales recorded in entire 2022 despite rise in both interest rates and housing prices. This trend continues in the last quarter as well with several developers seeing significant uptick in both new launches and housing sales. "In Q3 2023, housing sales created a new peak in the past decade with approx. 1,20,300 units sold across the top seven cities," says Anuj Puri, chairman, Anarock Group.
This story is from the January 01, 2024 edition of Outlook.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 01, 2024 edition of Outlook.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Layers Of Lear
Director Rajat Kapoor and actor Vinay Pathak's ode to Shakespeare is an experience to behold
Loss and Longing
Memories can be painful, but they also make life more meaningful
Suprabhatham Sub Judice
M.S. Subbulakshmi decided the fate of her memorials a long time ago
Fortress of Desire
A performance titled 'A Streetcart Named Desire', featuring Indian and international artists and performers, explored different desires through an unusual act on a full moon night at the Gwalior Fort
Of Hope and Hopelessness
The body appears as light in Payal Kapadia's film
Ruptured Lives
A visit to Bangladesh in 2010 shaped the author's novel, a sensitively sketched tale of migrants' struggles
The Big Book
The Big Book of Odia Literature is a groundbreaking work that provides readers with a comprehensive introduction to the rich and varied literary traditions of Odisha
How to Refuse the Generous Thief
The poet uses all the available arsenal in English to write the most anti-colonial poetry
The Freedom Compartment
#traindiaries is a photo journal shot in the ladies coaches of Mumbai locals. It explores how women engage and familiarise themselves with spaces by building relationships with complete strangers
Love, Up in the Clouds
Manikbabur Megh is an unusual love story about a man falling for a cloud. Amborish Roychoudhury discusses the process of Manikbabu's creation with actor Chandan Sen and director Abhinandan Banerjee
