Hyderabad: Shriram Properties Private Limited Chairman and Managing Director M Murali on Monday said the Company is expecting 2023 to be a good year for the Real Estate sector and it will set the platform for further growth in the future.
In a statement here, Murali said the Indian economy reflects strong positive signs for 2023 with a forecast of 8-9 per cent overall growth.
The government has been implementing big infrastructure projects which will further drive growth both quantitatively and qualitatively.
The government’s recent rollout of numerous tax-related and other incentives aimed towards potential house buyers and NRI’s will further boost the growth of the realty sector, he said demand is likely to be more than supply in the mid-market housing segment and this will also lead to rise in prices.
In addition, with property rentals being at an all-time high, the desire for home ownership, especially in the younger and first-time home buyers is increasing. These buyers are not deterred by higher interest rates as they consider home buying as a long-term buying decision and have already taken this aspect into consideration, the CMD said.
The demand for housing is expected to percolate to Tier 2 and Tier 3 cities that are closer to large metros or located in industrial belts where there is investment potential, Murali said.
Commercial real estate is also likely to witness growth with major IT companies switching back to offline work. We will also witness further market consolidation towards larger developers, which will be beneficial to established players, he added.
