Driven by policy reforms, positive consumer sentiment, rising disposable income and growing demand for bigger homes, the real estate sector in India has experienced remarkable growth in 2023, surpassing the growth rates of all previous years and breaking all records.

According to an Anarock report, for instance, housing sales in India’s top 7 cities – including MMR, Pune, Hyderabad and NCR — have created a new peak in 2023 as close to 4,76,530 housing units were sold in 2023 as against 3,64,870 units in the previous year – recording an yearly growth of 31%. Similarly, new launches across the top 7 cities witnessed a 25% annual rise – from close to 3,57,640 units in 2022 to about 4,45,770 units in 2023.

Commenting on this trend, Aditya Khushwaha, CEO & Director, Axis Ecorp, says, “In 2023, the Indian real estate sector experienced significant prosperity, particularly in the luxury real estate segment, witnessing a remarkable 97% surge in luxury home sales. This underscores the resilience and allure of the high-end real estate market. As we look forward to 2024, the demand for luxury real estate and holiday homes is expected to sustain its upward trajectory. Homebuyers are increasingly seeking opulence coupled with global design and décor exposure for an exquisite living experience. The discerning tastes of the NRI market further contribute to the positive outlook for the industry.”