The Indian property market experienced a notable upswing in the first quarter of 2023, defying global economic challenges. This surge in activity was characterized by several noteworthy trends. For instance, during this period, quarterly housing sales witnessed a substantial increase, with more than 1,13,770 units being sold in the top 7 cities. This uptick in demand was primarily driven by a surge in interest for high-end properties. Comparatively, this figure represents a 14% annual growth compared to the approximately 99,550 units sold in Q1 2022. Additionally, the first quarter of 2023 saw a remarkable surge in the number of new real estate projects launched across the top 7 cities, namely Delhi NCR, Kolkata, Mumbai Metropolitan Region (MMR), Pune, Hyderabad, Chennai, and Bengaluru. The count exceeded the one lakh mark, marking a substantial 23% annual increase, rising from 89,140 units in Q1 2022 to more than 1,09,570 units in Q1 2023..
The Indian economy can effectively counteract global headwinds and invest in infrastructure projects for urban development with a 33% rise in capital expenditure investment. Simplifying the credit access through digital services, building a youth workforce, introducing entrepreneurship schemes for start-ups, unleashing the potential in R & D and innovation, transparency in governance and regulations, and prioritizing the adoption of green energy are some top budget boosters that can help in shaping the road ahead for the residential real estate landscape in India.
When it comes to NRIs investing in Indian real estate, the dominance lays on the luxury plots and high-end spaces defining a sophisticated lifestyle. Out of the top 7 cities, Hyderabad and NCR observed the maximum new launches in the luxury category, accounting for a total share of 34% of the city’s supply in Q1 2023. Even the cities in South India such as Bengaluru, Chennai and Coimbatore have emerged with some impressive real estate projects amidst lush green surroundings. Purva Land is one of the trusted brands for real estate in the south, showcasing luxury plotted developments for both residential and commercial purposes.
Purva Land – Bringing the Best of Plotted Developments in South India
NRIs looking forward to investing in luxury real estate projects can explore the unique plotted developments by Purva Land, a dedicated arm of the Puravankara Group, a realty major catering to the entire spectrum of housing needs. The themed plotted developments are nestled in spectacular locations of Bengaluru, Chennai, and Coimbatore and promise high-quality infrastructure and an unmatched living experience.
Visit https://www.purvaland.com/ to view the top 5 ongoing residential and commercial projects in Bengaluru, Chennai, and Coimbatore. Get end-to-end virtual assistance for online booking. Do not forget to stay updated on the upcoming projects to secure the best deals on time and stay informed about the latest developments.
In conclusion, the Indian real estate market has something substantial for every type of investor. It is anticipated that in future the real estate market in India will have a rise in demand with scarce supply, clearly creating a seller’s market.