Indian Realty Thrives Despite Global Slump

By : 360 Realtors

15 February, 2023

The real estate industry in India continues to grow rapidly, even though the international market shows signs of slowing down. In 2023, this growth is likely to continue, and experts hold a favourable opinion about the industry. The demand for residential properties has been rising consistently over the years.

However, in the global real estate market, hikes in interest rate have cast a negative impact on the property market. Several projects have been cancelled as a result of this spike. In 2021, returns from the real estate market in the US was 20%, which dropped to 10.4% in 2022. The property market in Asia has been resilient in the current year.

In India, the real estate sector looks bright, although the global market is not looking too impressive.The property market is a key contributor to the country’s GDP. This is likely to grow in the coming years.

Favourable demographics happen to be one of the factors fuelling the demand for real estate.Millennials in India are looking for quality apartments in different parts of the country. With tremendous scope of employment opportunities in the metro cities and tier II cities, people are looking for sophisticated homes. At the same time, the dynamic labour market in India looks great. With a strong business environment around, the properties seem to be attractive for global investors as well. NRIs are investing in the property market in India. This has led to a significant growth of foreign investment in the realty sector.

The growth of civic infrastructure around the city has grown manifold over the last few years. The development of roadways and metro railways around the cities ensures a swift connectivity. The real estate market looks in good condition, and investors are willing to acquire these properties. So, even as the global real estate market looks weak, the market in India continues to stride ahead. In the coming years, the property market will grow further in India.