Realty Overview of 2023

India's real estate sector has shown remarkable resilience in the past year, showcasing the adaptability across various segments with residential, especially luxurious and premium housing, leading the way.

- Kausar Firdausi

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.