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In n 2023 the real estate industry experienced a very positive outlook with many new launches for both high rise group housing and plotted development projects across India. The residential market saw emphasis on larger and more premium size apartments and investors were bullish on investing in residential plots. The commercial real estate sector also exhibited signs of recovery as businesses adapted to hybrid work models, influencing demand for flexible office spaces and increase in co-working spaces.
Government initiatives such as streamlined regulatory frameworks, substantial investment in infrastructure development and completion of large highway projects are making cities more accessible and appealing, thus further stimulating real estate demand. This robust demand in real estate is not only confined to metropolitan areas, it has also reached smaller cities, thanks to the spillover effects of higher rents and high property prices in big cities.
THE HITS AND MISSES OF 2023 FOR THE SECTOR
Hits included the robust demand in both residential and commercial sectors and high sale volumes. Another hit has been rise of proptech. Technology integration such as virtual property tours, emerged as a hit, enhancing customer engagement and streamlining transactions. However, there were a few misses as well. Inflationary pressures and escalating construction costs resulted in property price escalations. The sector grappled with global economic fluctuations and geopolitical tensions, contributing to a sense of unpredictability, but luckily it didn’t impact India much due to internal robust consumption and demand.
THE PATH AHEAD
We received all statutory ap- provals for our 14.13 acre plotted development project “M2K Olive Greens” in sector 104 Gurgaon and development is in full swing. De- mand for quality high-rise group housing projects and plotted de- velopments has been high this year and is likely to continue in the coming year as well.
