Author: Abhishek Jain, COO, Satellite Developers Private Limited
Sector performance in 2022 and Outlook for 2023
The residential segment is considered to be the main driver of the Indian real estate industry and they touched record-high in 2022, especially as the demand for it went up across Tier-1 and Tier-2 cities. This coming at a time when there is a global crisis due to geopolitical conflicts, economic slowdown, and supply chain issues was proof of the resilience of the real estate sector in India.
However, other segments of the sector have also been performing well, which includes commercial offices, industrial & warehousing shed, retail, and hospitality, among others, that have been contributing to the real estate sector. These segments are expected to do well this year, too. One of the factors to contribute to the rise of commercial real estate is the hybrid working model which became the norm last year. The government, too, has been playing a pivotal role with their policies and initiatives. In Maharashtra, they have even set up a committee to fastrack real estate projects, which when completed will transform the city in every way.
