The year 2022 saw renewed activity for the industry with new launches, offline property expos, seminars and more getting the industry excited about their offerings. The year brought positive feelings after the easing of the pandemic and reactivated the demand. 2022 increased dependency on the internet and benefited the real estate industry. PropTech tools that were started to provide healthy selling, buying and customer engagement experiences are now seeing their way into real estate.

The year 2022 was also the year of consecutive repo rate hikes by the Reserve Bank of India. The continuous rise in rates made the real estate sector uncertain; however, the fueled demand for housing, the supply of quality residential apartments and the desire to own space dominated the Indian real estate sector.

The expectations for the year 2023 have been joyous and positive as the market is forecast to be optimistic with overall growth of 8-9% due to job creation and economic growth. Developers are focusing on quality projects with an emphasis on great designs and smart amenities. Apart from residential apartments, there is also a boost in bungalows, villas, studios, subdivisions and vacant lots with amenities from renowned brand developers. A very common trend that is observed is that the main developers are focusing more on brand launches, strong positioning and consolidation in the industry, among others.

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There is a great expectation from the government to improve the infrastructure in the country due to the implementation of mega projects like Samruddhi Expressways, Mumbai Trans Harbor Link, Navi Mumbai International Airport, The Delhi-Mumbai Industrial Corridor, Dholera Smart city project, Gujarat International Financial Tech City in Gujarat, Narmada Valley Development Project, railway station construction, renovation of older railway stations and inland waterway development projects among others. In addition to popular metros, the growth of tier 2 and 3 cities and outlying locations will also be a key highlight of the year 2023.

Being seen as a seller’s market in 2022, the gap between supply and demand will slowly narrow with good deals on the way. Homebuyers can rejoice as the Indian property market is seeing a healthy growth as it shakes off the effects of COVID, geopolitical tensions and inflation by moving towards creating a balanced impact on the overall economy in 2023.

(By Ashish Narain Agarwal, Founder and CEO,