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Top Real Estate Trends & Forecasts in 2023:

2022 proved to be a year of a new high for the Indian real estate market. Both, new launches and home sales saw a significant improvement last year and is expected to maintain the same momentum in 2023 as well. The real estate market in India has been tried and tested, and widely thought to be immune to the volatility in the market. Interestingly, the real estate market has stayed true to the expectations of real estate investors despite the number of ups and downs in the last couple of years. Fortunately, positive expectations and a rise in the momentum of growth have demonstrated the market’s ability to persist and will continue to do so in 2023 and the upcoming years as well.

The real estate market in India offers something for every type of investor out there. Considering 2023, the general Indian economy shows encouraging indicators, including a rebound from the current stock market fall, a predicted increase in the creation of new employment opportunities, and an overall growth. These indicators will ultimately lead to a rise in the demand for housing societies in the country as more and more individuals step into the housing market.

Let us take a look at some of the top real estate trends in 2023 that are predicted to rule the real estate market:

Shop-cum-Offices in Commercial

Shop-cum-offices, also known as SCO, is a commercial real estate class that has seen immense growth in the last few years. Gurugram is known as the most prominent and profitable location for shop-cum-offices in the National Capital Region. SCO plots have been made available for development and investment in several regions of Gurugram. Because of this, a new era of commercial SCO plots has emerged. Fortunately, the SCO markets have seen phenomenal growth and the early investors’ capital has multiplied multiple times as well. An investor in the SCO market can profit from longer leases, a higher income, and consistent cash flow.

House Hunting Going Digital

Digital platforms have existed forever, however, during and after the pandemic, the need for these platforms has multiplied across all industries. The real estate industry is no different. Over the last few months, individuals have made their home bookings via a digital platform. Additionally, other factors involved in a home-buying process such as a home tour, brokerage amount, rent amount, deposit amount, lease agreement, etc., have gone digital too. Furthermore, home loans can now be made online as well. This will serve as the basis for purchasing and selling real estate projects in 2023.

Sellers’ Market

The upcoming housing market in 2023 will be a sellers’ market. It is anticipated that the prices of the housing market will rise for some time due to the growing demand for houses coupled with limited supply. Generation Y will be initiating real estate investments for the first time this year. Accordingly, the housing demand for residential and commercial spaces will see an increase as well. The future of the real estate market in India will be marked by an increase in demand and a limited supply, thereby creating a seller’s market.

=> Read Also: Decoding the Real Estate Laws and Regulations in India - Old and New Property Rules

A Rise in Property Prices

Increased demand and the market becoming a sellers’ market will eventually lead to an increase in property prices. Homebuyers are aware of the rising prices. Interestingly, some buyers are even willing to pay more than the asking price in order to secure the acquisition.

Higher Interest Rates

The era of low-interest rates is now over. The current geo-political scenario along with the mounting inflation will be putting pressure on the lending rates which are, therefore, expected to climb in 2023.

Tier-II Cities Becoming Residential Markets

An increased proportion of investments will be moving to tier-II and tier-III cities in 2023. Certain government programmes such as AMRUT and Smart Cities Mission have helped these cities turn into excellent residential hubs. Furthermore, with an increase in job opportunities and economic growth, these cities are more likely to experience a dense residential population. Also, several of the tier-II and tier-III cities are either home to some Indian as well as global MNCs, or are well-connected to metropolitan cities in the country. This, in turn, will lead to residents moving to tier-II and tier-III cities and commuting for work every day.

Rental Market Slowing Down

Post-pandemic, the desire to have one’s own home has increased. People who can afford to buy a house will be investing in one. This will reduce the demand for rented properties in large metropolitan cities. Most people these days prefer to have their own house instead of renting one, due to the increase in parity with EMI values. Furthermore, an increase in people’s affordability will lead to the rental market slowing down in 2023.

With the rental market slowing down, the demand for homeownership will increase too. The market will see an increase in younger and first-time home buyers as well.

=> Read Also: Duplex House: Meaning, Type, Difference, Pros and Cons In 2023!

Growth in Office Leasing

The demand for office spaces, especially the IT and retail businesses will see a rise in 2023. Furthermore, e-commerce and third-party logistics companies will feel the need to invest in warehousing, which will make them the fastest-growing commercial real estate segment. Apart from these, investments in data centres will see an increase too.

Summing Up

Real estate investment in India has never been an easy choice. With sales in various locations increasing significantly, it will make people understand the importance of owning their own real estate assets. With 2022 picking up some real estate trends, it is likely that these trends will continue in 2023 as well, along with any new real estate trends and forecasts that the market might see.

Adani Realty, one of the top real estate companies in India, is known for its stellar delivery reputation and legacy of building some of the most luxurious structures in the country. We promise a comfortable yet luxuriant lifestyle to our residents, along with access to world-class amenities and facilities for a secure living experience. Their trust and excellence are integrated with beautiful design aesthetics and cutting-edge construction techniques to develop exemplary projects in India’s most promising cities.

Property Guide

Bengaluru and Hyderabad have seen maximum 5-yearly increase of 10 percent in average property prices; The IT capital also saw the  highest rental yield of 3.9 percent among all major cities, followed by Mumbai with 3.8 percent.

The year 2022 saw a 6 percent yearly increase in average property prices from Rs 5,826 per sq. ft. in 2021 that went up to Rs 6,150 per sq. ft. in 2022. The southern cities of Bengaluru and Hyderabad witnessed the maximum 5-yearly increase of 10 percent in average property prices in the last five years, an analysis by Anarock Research said.

The major cities included in the analysis were NCR, Kolkata, MMR, Pune, Hyderabad, Chennai and Bengaluru.

The Reserve Bank of India will likely take a pause after a spate of interest rate hikes, so growth momentum will continue. The year 2023 will continue to be driven by end-user demand, but serious long-term investors will find the market dynamics more than favourable. Property prices are likely to rise by another 5-8 percent in the larger cities – this bodes well for investors focused on capital appreciation, but also means that rental demand will increase, it said.

The current average prices in the top 7 cities are collectively approximately Rs 6,150 per sq. ft which indicates that there has been an increase of over 11 percent since the last five years from Rs 5,551 per sq. ft. in 2018 to approximately. Rs 6,150 per sq. ft. in 2022, it said.

The year 2022 saw the maximum yearly rise (6%) in average property prices which were at Rs 5,826 per sq. ft. in 2021 and increased to Rs 6,150 per sq. ft. in 2022. The previous four years, on the other hand, saw either no change or a maximum of 3-4 percent y-o-y increase in 2021 against 2020. Before the Covid-19 pandemic, property prices across cities remained range-bound due to a prolonged demand slowdown, it showed.

Among the cities, Bengaluru and Hyderabad have seen maximum 5-yearly increase of 10 percent in average property prices in last five years. Average property prices in Bengaluru stood at Rs 4,894 per sq. ft. in 2018 and went up to Rs 5,570 per sq. ft. in 2022. As for Hyderabad, average prices in 2018 in the city stood at Rs 4,128 per sq. ft. and had risen to Rs 4,620 per sq. ft. in 2022.

Bengaluru commands the highest rental yield of 3.9 percent among all major cities

Rental yield saw a decline across most cities in 2020 when compared to 2019 – a natural fallout of the pandemic and its work-from-home and e-schooling ethos. 2021 saw some improvement, with rental yields rising across cities and nearing 2019 levels.

However, 2022 saw a decent rise in rental yields, which breached pre-Covid levels of 2019 across all the top 7 cities. This was largely due to a sudden spurt in rental demand with offices and schools reopening.

The current rental demand will remain strong in all cities as urban work opportunities rise and more people migrate to cities, the analysis said.

ANAROCK Research indicates that Bengaluru has the highest rental yield of 3.9 percent among all major cities, followed by Mumbai with 3.8 percent.

As for the real estate outlook in 2023,  under-researched investments and a short-term profit perspective must be avoided in 2023, said Prashant Thakur, senior director and head – Research, ANAROCK Group

All the factors that drove up capital appreciation and rental yields are firmly in place, and the profitability potential for both investment rationales remains promising. That said, 2023 will face some headwinds in terms of economic slowdown and inflationary pressure, and this needs to be factored into any investment decision – including for real estate, he said.