With the onset of 2023, there were no such notable instances of property prices falling in India. Real estate experts predict that 2023 is a pivotal year for the Indian real estate market as the country continues its steady march towards prosperity, propelled by government spending, private investments in manufacturing, and the advantage India enjoys on the global stage. One of the major challenges that the Indian real estate industry is facing in 2023 is because of the cooldown effect of the US recession.
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With the beginning of 2023, there was the onset of the recession. One of the major challenges during this time is handling the fallout from reduced income flows in the IT/ITES sector. Since it makes up a sizable chunk, it is expected to be a major challenge in the real estate industry.
Also, key input materials like cement and steel are now far more expensive than they were a few years ago.
Hence, with the increase in construction cost, there will be an increase in real estate prices. It is anticipated that rising real estate costs will also raise rental rates.
According to a survey, 32% of builders believe that house prices will remain unchanged this year, while 58% of developers anticipate an increase as a result of rising input costs. In 2023, 43% of developers anticipate residential demand to remain stable, while 31% believe it will rise by up to 25%, according to the "Real Estate Developers Sentiment Survey" conducted by the Realtors' apex body CREDAI, real estate consultant Colliers India, and property research firm Liases Foras.
I hope this answer suffices your query, about whether there is any probability of property prices falling in India in 2023 or not. I hope this helps:)
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Will Property Prices Fall in India 2023?
Riya
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2 Year
2023-02-22T20:04:22+00:00 2023-02-22T22:30:40+00:00Comment
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