The Residential Real Estate Market's Future
The second half of the decade was a period of great turmoil, with geopolitical instability, volatile market dynamics and headwinds from the global economy. In the midst of this economic upheaval, the Indian real estate sector has not only managed to persevere, but has also made numerous strides. With an industry report forecasting a growth rate of 9.2% from 2023 to 2028, the sector's strong momentum is expected to contribute significantly to the country's economic development. The residential real estate sector in particular has seen strong growth, with 2022 hitting a record high for domestic home sales. In 2022, more than 365 units of housing will be sold in seven major cities nationwide compared to the previous year, and the last peak was 3.43 million units sold in 2014. This increase in housing demand and supply is the accumulation of many factors. India's burgeoning commercial sector has fostered a fertile residential property sector owing to increased domestic and ...