A gentle nudge for Indian real estate in 2023
Investors acknowledge India as one of the internationally preferred investment locations
In the past year, Indian real estate sector had a boost in recovery, particularly in the residential segment, according to India Today. Home sales across India’s top regions surpassed 73 percent for the first time in 10 years,reaching 120,275 units in the fourth quarter of 2022 compared to the 109,464 units sold in 2021.
Overall, the home sales for the fourth quarter of 2022 gained a 10 percent increase in contrast to the previous year.Individually, Pune had a three percent increase, Thane grew by 16 percent, Hyderabad brew by 24 percent, Bengaluru by two percent, Mumbai by 22 percent, Navi Mumbai by 23 percent, Kolkata by Delhi NCR and Chennai witnessed a fall of seven per cent and two percent respectively. There were only two regions who did not experience the growth of real estate with single-digit growth rates, but there were other regions that grew by a lot on a year-on-year basis.
Among these regions, the Business Standard ranked Mumbai as seventh in the preferred location for cross-border investments in real estate in the Asia Pacific. The publication believes that foreign investors’ focus on real estate increased since they are looking to get more exposure in one of the biggest emerging economies in the world.
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The local property sector remained resilient and pushed through 2022 despite all the challenges faced, which is why businesses see India in an attractive light as a cost-effective investment destination. As this continues, the Indian economy may be the key driver of global growth in 2023.
This can be seen through the difference between the European and Asian real estate sectors. Business Today reported on the decrease of investment returns in Europe compared to the growth of Asia. Indian real estate sector in particular showed great resilience as it became a big contributor to India’s Gross Domestic Product (GDP). It is predicted to grow even further and expand its market size as time passes by.
The Property Report editors wrote this article. For more information, email: [email protected].
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