India Market Monitor Q4 2023 - Residential

The Indian economy continues to demonstrate resilience as it maintains its growth trajectory aided by a narrowing current account deficit and near-record foreign exchange reserves, among other factors. The Reserve Bank of India’s (RBI) upward revision of its FY 2023-24 GDP forecast also adds buoyancy to the overall business sentiment. In addition, record inflows are being witnessed in the financial markets by domestic and foreign investors alike. However, government and private expenditure, along with the manufacturing sector, are showing some signs of weakness.

With this backdrop, here is a review of key trends witnessed in the residential sector in 2023:

-        Residential: The residential sector concluded the year on a new high with sales exceeding 322,000 units - reporting a Y-o-Y increase of about 9%. This robust sales activity stimulated developers to launch over 313,000 new housing units during 2023, marking an annual growth of about 6%.

To delve deeper into our analysis of the residential landscape in India in 2023, please click on the download button.