The pandemic is almost over, and the real estate industry is back on track. The real estate sector witnessed remarkable growth in 2022, and the year 2023 is looking even better. Rising demand combined with affordable home loan interest rates will further fuel the development of the real estate sector in 2023. The year will also see the launch of innovative projects by developers like Dynamix Group led by Jayvardhan Goenka and witness new trends or the strengthening of current ones. Some trends that will shape the real estate sector in 2023 are:
Reliance on technologies
Virtual reality and AI technologies are becoming popular in the real estate sector. Instead of visiting several sites and then identifying a particular property, homebuyers can get a 360-degree virtual view of the property from the comfort of their home. This will be beneficial for developers as it saves time and money. In addition, instead of just a few people who can visit a project at a time, VR allows hundreds of people to view the project simultaneously. Through VR, developers can offer their customers a personalised buying experience, which helps in the home buying decision. Virtual reality is catching up in India, and 2023 will witness it becoming more robust.
Demand for commercial buildings
With the pandemic almost over, people are returning to the usual work-from-office routine. This development is good for the commercial real estate sector. Business owners will now be looking to open more retail establishments and warehouses. Moreover, many international companies like Apple plan to set up manufacturing facilities in India. These will encourage developers to focus on commercial buildings, thereby boosting the growth of the retail real estate sector.
Growth of luxury real estate
Luxury real estate has witnessed an increased demand post-pandemic and will continue to do well in 2023. The post-pandemic era has seen a steep rise in the demand for several luxury projects like apartments in gated communities, luxury apartments, villas, and even retirement homes. People are now looking for amenities that offer them comfort and upgrade their lifestyles. Nature walks, gyms, health centres, sports facilities, clubhouses, water bodies, and business meeting rooms are just a few facilities that homebuyers are looking for in the projects.
Real estate in India is on the right track, and there are positive signs that the sector will do even better in 2023. Advancement in technology, strengthening of luxury and commercial segments, and development of the suburbs are just a few trends that one can look forward to in 2023.