The top 8 real estate markets in India have recorded increments in housing prices between 2% and 10% YoY. Although the industry witnessed a 1% plunge in sales, the first six months of 2023 witnessed housing prices increasing significantly.
A reputed real estate consultant, in its bi-annual report, stated that last year, property sales were recorded at 1,58,705 units during the same period. This year reported 1% lesser sales, at 1,56,640 units. However, there was a 3% increment in gross office space leasing. From 25.3 million square feet, the figure rose to 26.1 million square feet this year.
Evidently, the residential real estate sector has been resilient and it is demonstrating its growth potential. Interestingly, the sector has clocked the second-highest sales volume in almost a decade. Although there has been a slight fluctuation YoY, this achievement shows that the market dynamics have undergone a positive shift.
Data reveals that the office and housing markets in different cities have remained steady for the initial half of 2023. Although the global real estate market has witnessed unfavourable times and a rise in interest rates, property sales in India have recorded decent figures.
In Mumbai, housing sales dropped by 8% compared to the figures last year. However, there was a 9% increase in gross office space leasing.
Delhi-NCR witnessed a 3% increment in housing sales, while there was a 24% increment in office space leasing.
Statistics also reveal that there has been an increment in the sale of luxury homes. While the premium and mid-range segments have been consistent, the share of sales of affordable properties has dipped. Therefore, the first half of 2023 points to a positive momentum for the real estate sector.
Currently, investors are looking forward to buying quality properties that would continue to be solid investment assets. This explains why developers are committed to delivering exceptional projects that fulfill the aspirations of the customers. Investing in these properties ensures that investors can capitalize on the upward trajectory of the market.
Evidently, the real estate market is likely to stride ahead to deliver greater profitability to investors in the coming years.
