The past year has been a wild ride for the real estate industry, with everything from eco-friendly architecture to gated communities taking centre stage. 2023 is shaping to be a year of growth and opportunity for the Indian real estate market. With increased accessibility and fractional ownership becoming more popular, there's no shortage of exciting investment opportunities for Non-Resident Indians (NRIs) and millennials alike. Also, with reduced mortgage rates and increased government aid for low-income individuals, the dream of owning a home is becoming more of a reality for many. But that's not all; economic growth prospects also contribute to the market's upward trend. So if you're looking to make a savvy investment in the coming year, the real estate market is the way to go. Everything from cosy apartments to sprawling villas will be fruitful in terms of ROI.
So let's look at some rising trends this year, down to where exactly you should invest!
Emerging real estate trends for 2023
Investing in real estate in 2023 is a smart move, and several trends point to why this is the case.
Diverse Investment Strategies
Previously, there was a clear distinction between buying a personal residence and investing in properties. However, nowadays, commercial real estate has emerged as a primary choice for investments. Commercial real estate is now becoming the primary investment option. This change indicates the industry's evolution and development, making it more attractive for investors seeking profit.
NRIs Drive Demand for Real Estate
Another trend that bodes well for the industry is the increased investment from non-resident Indians (NRIs). The pandemic has led to NRIs wanting to provide a safer living area for their families, which is increasing demand for upscale real estate. Projects that fill this gap will gain momentum as more NRIs return to their home countries, presenting ample opportunities for investors.
The Millennial Home-buying Revolution
Millennials are also eager to invest in homes and do so successfully. This generation places a different emphasis on factors like acting quickly and seeing a return on investment. Their knowledge and understanding of the home-buying process contribute to a larger percentage of successful purchases than older generations.
Booming Demand for Homes
The demand for homes is increasing, and real estate prices are skyrocketing. The growth in India's population and income levels has led to a rise in demand for more and better real estate projects.
Where to invest?
DB Realty properties, owned by Vinod Goenka, are an excellent option for investment in Mumbai. These properties are located in prime areas of Mumbai and have a history of delivering good returns. By investing in these, you can expect substantial profits in coming years that will fit the trends, making them an excellent choice for those looking to invest in Mumbai's real estate market.
Now that you know about the trends, you can consider investing in Mumbai for real estate in 2023. India's “financial capital” has a diverse range of industries and global businesses. Mumbai's growing population of over 21 million means that the demand for housing continuously increases, making it an attractive option for investors. You can also expect to see strong returns in terms of rental income and capital appreciation by investing in Mumbai's real estate market.
