The year 2022 has come to an end and 2023 is here to give a fresh start. The year 2022 had mixed results in the real estate sector. After recovering from post-Corona effect, a lot of transactions took place in 2022. Realty market has been booming despite rising interest rates and inflation woes. But how will the market perform in 2023? Will this trend continue, or will it slow down? Let’s see what the experts say.
Prices of houses across the country, have reached their peak in recent times. Rising interest rates coupled with inflation, have led to severe pressure on the housing market. However, with interest rates starting to come down in recent weeks, it is a matter of debate whether house prices will go down or stay the same. The supply of houses in the country is limited and people who bought houses at low mortgage rates in the past years are living in them. This is the reason why the prices have not decreased. Homes are out of reach for many, especially first-time home buyers. And whether home values will decrease or increase will depend on what the mortgage rates will be in 2023.
We have that capability!
As 2023 is an election year, there are chances of getting land at a lower rate in some locations. Many say that a recession is fast coming. But even if there is a recession, there will be no loss to the big construction companies. Only prelaunch companies will be in trouble. Currently we are working on Muppa Melody project in Tellapur. Our builders have already proved that they can withstand any recession. They know very well to sustain under any circumstances.
– M Venkaiah Chaudhary, Chairman, Muppa Projects
Here is the market prediction
In 2023, there will be many changes in property usage, valuation and sale. According to various rating agencies, the annual growth rate of Indian real estate is between 8 percent and 9 percent. Increasing commercial activity, strong job markets, and higher income levels are the reasons behind this increase. This will inevitably help to increase the demand in real estate. No doubt there will be a good demand for nearly completion projects.
– PruthviRaj Reddy, Director, SMR Holdings
