Adieu Real Estate 2022!
Thank you for being kind & considerate.
Hello Real Estate 2023!
Greetings from all of us!
I literally meant what I wrote above. While the year gone by has been a bitter-sweet one, the year 2023 is being welcomed with anxiety, expectations and apprehensions. I shall not dwell into 2022 because by now many have written a lot, ranging from borderline obituary to lifetime achievement tributes.
Instead, let me present my views for REAL 2K23 ESTATE. My views are as mixed up as the heading of this blog.
BOOSTER DOSE:
Most heartening aspect of Real Estate 2023 will be 'The Customer Returns' to the market place! While my phrase has been inspired by the popular Hollywood movie 'The Mummy Returns', the return of King of market is inspired by the ever enthusiastic developer. Being a developer and a marketing professional, I have been meeting developers from across the country. Even the most pessimistic of the lot have lined up launch/re-launch of projects with new vigor and vitality. The creative ones with a marketing mind are eager to woo the King of market with attractive schemes to spice up the sales.
Real Estate 2023 will be a watershed year for Non-Resident Indians (NRI). Though the Rupee is down to its knee, its impact on an NRI's wallet has added spring to his feet. A weak Rupee and stable Real Estate prices are certainly joyful music to the ears of an NRI. I'm sure, 2023 will belong to NRIs. Keep the travel documents ready!
Real Estate 2023 will see new launches/relaunches of projects specifically designed/tailor-made to fit the pockets of discerning customer. King of the market may be willing to give up few inches without compromising on lifestyle and luxuries. Builders will do well to measure the pocket of customer than guess what's in his heart and mind.
SPIRIT DAMPENER:
With home loan ROIs almost at touching distance of double digits, the affordability and eligibility has taken a severe hit, especially in MIG and LIG sector. As the year progresses, this will pinch harder, to both the developer and the customer alike. May Almighty God grant wisdom and courage to our FM to be kind and generous in budget '23.
Glut of new launches/re-launches of under-construction projects will certainly overshadow and outsize the appetite of the king of market. With the consumer confidence index in under-construction projects at all time low, the preference for ready posession stock will hurt the cause of huge unsold under-construction inventory across the country.
Lurking Covid threat can be a spoke in the wheel. Though the authorities seem to be preparing well in advance for any eventuality, nature can be cruel at times.
Overall, the dampeners seem to be looming large and Lobonomics says "SELL MORE. SELL FAST."
Kal Ho Na Ho!
A week Rupee and stable