As per the latest United Nations World Population Prospects reports, India is set out to be the world’s most populous country by the end of the decade. The population of India is expected to rise from 1.417 billion in 2022 to 1.515 billion by 2030. Growth in the people and stability of structural basis has increased the demand in India’s real estate sector within the last few years. Amidst the rising demand for real estate in India, Noida, located in the state district of Uttar Pradesh, has been considered the most desirable location to invest due to high market demand, prominent location, and rapidly rising infrastructure.
Let’s examine why 2023 will be the best time to invest in real estate.
Strengthening Over Digitalization
People have been enticed by technology and its advancements over the years. But now, it’s time for a magnificent change. Digital platforms have been introduced with further development and improvement towards various segments, including virtual tours of plots and properties, automation, intelligent chatbots, data analytics, and much more. These have made life easier for an investor willing to invest in real estate in 2023.
The Act of Real Estate (Regulation and Development), 2016, also known as (RERA), was introduced in 2016 to initiate a digital platform to bring more transparency to the real estate sector.
Increased Investments And Property Rates
India’s retail real estate stock has been expected to increase by 28% to 82 million sq. ft. in 2023. According to a report, apartments priced above INR 1.5 crore had a share of 15% in quarterly sales in Q2 2022.
According to the survey conducted by Sotheby’s International Realty, up to 67% of individuals in India with a high net worth will buy a luxury property in the next 2 years, i.e., 2023 and 2024. The survey was conducted after being induced by over 200 HNIs and UHNIs in 8 major cities in India interested in getting a luxurious property within two years.
Among them, 34% of individuals focus more on getting bigger city-based luxurious apartments with magnificent amenities. The biggest reason to invest within the last 18 months for 31% of HNIs was a good investment opportunity, while the remaining 46% were interested in getting a better lifestyle upgrade.
With state-of-the-art modern amenities and lush greenery, you can experience an exquisite lifestyle by investing in a splendid location in Noida for a contemporary lifestyle. Noida has been developed into a city with more luxuries and has now been considered remarkably profitable due to high demand and influential modernist location.
As reported by the India Brand Equity Foundation (IBEF), the first half of 2021 has been a lucky period for Indian real estate, with India-registered investments worth US$ 2.4 billion and a growth of 52%.
India’s real estate market has been expected to exhibit a growth rate (CAGR) of 9.2% during 2023-2028, as stated by the analysis conducted by IMARC Group with the key trends in each segment of the real estate market report with forecasts on both country and region levels for 2023-2028. It has been categorized based on business, property, and mode.
Talking about investing in the real estate sector, steps for efficiency within connectivity have been facilitated by the government all over India. Amongst all cities, Noida has systematically developed towards advancement over a period in both residential and commercial projects. No matter what, rapid growth has also been observed in the sectors of hospitals, shopping malls, corporate hubs, and educational institutes, providing multiple benefits while living in Noida.
The upcoming under-constructed Noida International Airport (Jewar Airport), which will be India’s largest airport, covering an area of 4 thousand acres, is expected to complete its first phase by September 2024. Further increase in demand for residential and commercial projects will shoot the expectations high in the sky upon completing the first phase.