Residential realty momentum in 2023 strongest in decade as demand picked up

Source: Busines Standard

As 2023 comes to a close, the real estate sector seems to be settling down. The housing market in India saw highest sales in more than a decade this year as demand for spacious and luxurious living picked up post Covid.

Global real estate service firm Cushman & Wakefield, in its report 'Outlook 2024', said that new launches in 2023 are likely to touch close to 300,000 units, up 11 per cent, surpassing the previous high seen in 2022. Factors such as increased preference for quality developers & lifestyle amenities, and rising incomes have sustained the momentum despite the high interest rates.

Latest Anarock Research data indicates that housing sales in the top seven cities have created a new peak in 2023, an all-time high.

Around 476,530 units were sold in 2023 against 364,870 units in 2022 across the top seven cities" Delhi-NCR, Mumbai Metro Region (MMR), Bengaluru, Pune".