HOW WILL YOU SUMMARIZE THE YEAR 2023?
The year 2023 witnessed robust demand and increased sales, indicating a resurgence in market activity. Notably, new launches contributed to the sector's growth, showcasing resilience and adapt- ability. The surge in demand and sales underscored a renewed confidence among buyers and sellers and showcased a remarkable capacity to adapt, innovate, embrace new opportunities, and address emerging trends.
WHAT WENT RIGHT AND WHAT NOT?
RERA,IBC, and demonetization in 2016, and the implementation of GST in 2017 aim to promote affordable housing, enhance transparency, protect home buyers' interests, and bring accountability to developers. However, the slow implementation of the RERA has led to inconsistencies and project delays, affecting the sector's growth. The lack of targeted policies and incentives has resulted in no advancement in rental housing development, leaving many individuals without viable and affordable housing options. Additional charges such as stamp duty, registration fees, transfer fees, and legal ex-expenses contribute to up to 10-15 % of the overall property acquisition cost for homebuyers.
WHAT ARE THE LEARNINGS OF THE YEAR 2023?
The housing market in India is expected to experience future trends such as emerging technologies, demographic shifts local job market status, and remote work. The real estate market is expected to grow, driven by India's urban population, and increasing demand for residential and commercial spaces. The rental market is expected to expand significantly, driven by factors like urbanization, job mobility, and millennial preference for renting over buying. The growing awareness of environmental impact will catalyse a transformative shift in the real estate sector, emphasizing innovation and sustainability as essential components for success.
WE CELEBRATED OUR 20TH FOUNDATION DAY IN NOVEMBER THIS YEAR. IT WILL BE ALWAYS THE TOP MOST ONE, AND IN OUR NOT SO LONG JOURNEY SINCE 2003, WE HAVE MADE A NAME FOR OURSELVES IN THE REAL ESTATE LANDSCAPE OF INDIA. WE ARE CONFIDENT OF HAVING MANY SUCH MILESTONES IN THE YEARS TO COME.
