Experts see 2023 as a year of smooth sailing for real estate sector

Demand likely to remain buoyant despite prospects of another rate hike; industry looking for tax breaks, lower transaction costs

After a two year pandemic-induced slowdown in the real estate industry, year 2022 offered a ray of hope and saw most of the industry segments recovering from the Covid lows, record significant year-on-year growth. This growth trend is expected to continue in the calendar year 2023, say industry experts.

In the past, factors such as inflation, rising mortgage rates, and a short supply of buildings had a negative impact on the housing market. However, the sector is estimated to have recovered significantly. In the post-pandemic era, residential sales have already risen by 51 per cent, said Rajan Bandelkar, President, Naredco.