What Can an Aspiring Homebuyer Expect From the Real Estate Market in 2023?

Over the past year, India’s residential real estate sector has advanced significantly. The sector outpaced the pre-pandemic momentum with strong growth in both launches and sales.  This accomplishment demonstrates the industry’s tenacity and overall significance as one of the fastest-growing sectors in the nation.

The real estate market is expected to continue growing through 2023, propelled by factors such as India’s potential to become a significant economic powerhouse, rising disposable incomes, rapid urbanization, and a constant rise in GDP per capita.

The financial market was heavily anticipating the Reserve Bank of India’s recent announcement that it will keep the repo rate at 6.50%. This choice was made in response to the slowing of consumer price inflation, and it is anticipated to temporarily ease the financial burden on retail borrowers, particularly those looking for home loans. 

The decision to maintain the status quo shows the central bank’s cautious approach to striking a balance between the goals of the nation’s economic growth and inflation management. However, the fact that real GDP growth for the years 2022–23 has outperformed original projections and is currently maintaining a healthy pace is a promising sign of impending rate reductions.

Elaborating the same and speaking further on the intricacies of it, our Director Mr Rakesh Reddy spoke with the infamous Construction Week online magazine. Click on the link below to read the whole article.

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