The financial year 2023 FY 23 is surely going to be a prosperous time for the Indian real estate market. When we look at sales recently, the previous financial year showed tremendous growth. According to a study, 78,600 units were sold in the eight major Indian cities during the final quarter of FY 22. The most recent four years have shown a rise in this number. Additionally, the quarterly revenues increased on a year-over-year basis by 9%. In this aspect, Delhi NCR experienced the largest rise with a 123 percent increase. Ahmedabad, Bangalore, and Hyderabad are a few additional markets where real estate sales have increased.
In FY 23, the Indian real estate market appears to be in good form. As sales rise, the real estate companies are expected to make a profit. The real estate sector can profit in FY 23 for a variety of reasons, some of which are listed below.
Increasing Commercial Leasing Activity In FY 23
Despite the relatively low demand, there is a good chance that it will increase in this fiscal year. Office leasing for Grade A offices is currently at about 75% of its pre-pandemic levels. This is probably going to return to 90 to 95 percent levels in FY 23. The technology giants and IT companies in particular would be leading this return.
Low Home Loan Rates In FY 23
According to experts, banks and other financial institutions will continue to offer home loans to buyers of real estate at cheap interest rates. Additionally, this will result in a rise in the demand for real estate. The tendency of developers is to bet on a healthy market. As a result, businesses might provide the customers with appealing payment options and discounts.
All of these elements may help the real estate market become more competitive in FY 23. The major players in the sector would gain from this.
A breakthrough year is in the works
The Indian home market is anticipated to have a very promising FY 23. As sales surge, it is anticipated that the majority of the major real estate corporations will turn a healthy profit.
The demand will be supported by solid structural fundamentals like an alluring demographic dividend, consistent infrastructure growth, an uptick in urbanisation, and a recovery of the employment market. Everyone has learned the value of homeownership thanks to the pandemic, and this will continue to spur economic growth. Now, those with smaller homes will move to larger homes and nicer surroundings.
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