In 2022, factors such Covid-19, geopolitical situation, growing inflation affected the economies of several countries across the globe. The year 2023 can be described as the year of recovery for the Indian economy. The market stability is attributed to urbanization, growing population, rising income levels, recovery of the real estate sector.
Factors such as the aftermath of the Corona pandemic, geopolitical conditions, rising inflation have impacted the economies of many countries in the world in 2022. This year can also be considered as a period of recovery for the Indian economy. Factors such as urbanization, growing population, rising incomes, along with the deterioration of the real sector are the reasons for the market’s stability. By 2023, India’s real estate sector is expected to reach Rs.13 lakh crore. The Indian realty sector is galloping with high net worth individuals investing in luxury properties and the rise in number of first-time home buyers. Therefore, the experts predict the year 2023 would be good.
Increase in the demand for affordable houses is predicted. Significant growth in smart homes was also anticipated. Experts predict increase in the demand for eco-friendly houses and use of green building practices. The use of eco-friendly materials will also increase in the construction sector. It is said that co-living and shared housing will become more popular especially with young professionals and students. Many people prefer to live in suburban areas because of the increase in the volume of traffic in narrow alleys of the towns and cities.
