The real estate industry in India is currently in the midst of experiencing a technological revolution. It is interesting to observe that the value of real estate in tier two and tier three locations will quickly increase over the coming years. The demand from residential end-users is anticipated to increase at a steady pace in 2023, which is encouraging news for the residential sector. Concurrently, a large number of prominent developers are currently purchasing additional land lots in order to get ready for the launch of major projects, which should lead to an increase in the available supply. The processes of homebuilding, selling, and valuing are all being impacted by the fact that consumers are becoming more knowledgeable and aware of technology and environmental sensibility.

Let's go through some of the real estate trends that will rule in 2023

House hunting will further go digital

Digital platforms existed prior to the epidemic, but their use surged across all industries during and after the outbreak. Some people even reserved their apartments online. Aside from the home tour, other aspects of the home-buying process are going digital. Furthermore, housing loans can now be arranged online. This component will serve as the foundation for buying and selling real estate. With the passage of time and technological improvements, the acquisition and sale of real estate online will skyrocket.

The luxury market will keep expanding

In 2022, the luxury segment was the real estate growth engine, and this trend is expected to continue in 2023. Larger, high-end residences priced at Rs 2.5 crore and above may see higher demand. The increased popularity of WFH and hybrid working models is boosting demand in this area.

The rental market is on the verge of slowing down

The urge to possess one's own property has increased since Covid. Those who can afford it are looking to buy a home, and demand for rental properties in major cities is projected to fall. People nowadays choose to buy rather than rent because rental values have risen to parity with EMI values, and the growth in people's affordability has resulted in a reduction in the rental market.

Office leasing will develop gradually

Demand for leasing space will rise, particularly among IT, and retail companies. Large tech companies have already signed high-priced office leases. Warehousing will continue to attract investment from e-commerce and third-party logistics firms, making it one of the fastest-growing commercial real estate segments.