Source: The Economic Times —
India demonstrated strong resilience to global uncertainties in 2022 – a stark contrast to many of the advanced economies. The country maintained strong performance in 2022 across all sectors, primarily due to robust domestic demand.
This optimism and consumer confidence were also visible in the real estate sector which came out of a prolonged downcycle this year and registered growth across the entire real estate verticals, residential, commercial, retail, and warehousing.
While the major global property markets in the United States and China saw a downturn due to high mortgage rates, unaffordability, and the return of the COVID-19 pandemic, India was able to show resilience and recover from the decade-old down cycle. In fact, it will not be wrong to say that the COVID-19 pandemic acted as a booster shot for India’s reeling property market. Property demand in the major cities of India has grown stupendously in the past year as the strong homebuyer demand has propelled developers to launch new projects, pushing the new supply tally to pre-RERA levels of 2015.
