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In 2023, the residential real estate market would continue to be consumer-driven with a focus on quality housing owing to strong job market growth, better income, and higher savings, according to the stakeholders.
A value shift in the mindset of homebuyers is the key , according to Gaurav Pandey, MD and CEO designate, Godrej Properties.
“Homebuyers are more specific in their requirements and expect more than just a living space. Maintaining their health and leading a healthy lifestyle are becoming priorities for most homebuyers, thus increasing demand for multifunctional spaces at home.”
According to Prestige, the ₹80 lakh–₹1.2 crore segment continues to attract the greatest number of customers.
“Home purchase has taken centre stage because of the trend and supply of managed communities with ample leisure amenities and open areas,” stated Praveer Shrivastava, Senior Vice President and Head of Residential Sales at Prestige Group.
The demand from the end-use segment for quality housing has not changed despite the recent interest rate hikes, Shrivastava told businessline.
“There is an undersupply of quality housing at sub-price levels, and if developers are able to offer a good product at a good price, we expect the sales momentum to be strong in 2023,” said Shrivastava.
Also, activity in the premium to luxury residential market during the first two quarters of 2023 is expected to remain strong in the NCR, Mumbai, and Bengaluru, according to Shveta Jain, Managing Director, Residential Services, Savills India.
Abhishek Kapoor, CEO, Puravankara, believes that investments in the industry will boost economic growth.
Challenges
While there is a strong momentum in the real estate market, the visible spoilers such as interest rates as high as 9 per cent will affect purchase decisions.
Also, a slowdown in the IT and ITES sectors will directly impact home buyers’ sources of income and savings, said Shrivastava.
Echoing these views, Kapoor noted that the government’s response to the developments in the global markets will be important.
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