Real Estate Boom to Continue across Cities: NoBroker Mid-Year Real Estate Report 2023
Bangalore (Karnataka) [India], September 20: The real estate boom is projected to continue across cities such as Bangalore, Mumbai, Delhi NCR, Hyderabad, Chennai, and Pune, according to an in-depth survey conducted by India’s first prop-tech unicorn NoBroker.in. Properties getting rented out faster, supply-demand mismatch, and higher rental surges were the top reasons for an all-time high investor interest in Indian real estate.
There is a positive outlook towards the real estate sector, as 65% of the surveyed people said they want to invest in real estate in 2023. The sentiment is especially strong among residents of Bangalore, Delhi, and Hyderabad, where over 77% hold a firm conviction that future real estate prices will continue on an upward trajectory for months to come.
Key Insights & Findings from the NoBroker Mid-Year Real Estate Report 2023:
A. Emergence of a Sellers’ and Resale market
The demand-supply imbalance in the Indian real estate market has given rise to a seller’s market. Property owners find it easier to sell their assets at a profit due to heightened demand, particularly in urban areas. For the first time in almost a decade, sellers are experiencing the fulfilment of their asking prices.
B. Landlords have seen Quicker Turnaround in Renting
The survey conducted by real estate experts at NoBroker also revealed that homeowners found it easier to rent out their properties in the first half of 2023. Over 52% of landlords in Delhi and 46% of Mumbai landlords mentioned that their properties got rented out within a fortnight. The percentage of people using offline channels to rent out their property has decreased significantly.
C. Shift from Renting to Buying
The majority of participants from Delhi-NCR (73%) and Chennai (71%) feel that purchasing a home is a wiser financial decision as the spread between home loan EMIs and monthly rentals has narrowed. Bangalore residents perceive an increased affordability post-pandemic, prompting them to consider buying homes. 63% of Hyderabad tenants think buying is wiser because property prices will shoot up in the future.
D. Eyeing further Real Estate Investments
40% of landlords are considering investing in a new property. Among these, a noteworthy 72% are focused on securing a higher rental yield or aiming to sell for profit. Rental yields across cities have increased by at least 2% making real estate a lucrative investment option. This trend points to a strong and thriving real estate environment.
E. Investor interest at an all-time
65% of owners looking to invest are looking to ride the real estate wave and, hence, are looking to buy a property to earn higher returns. They believe they can get much better returns on their property as the prices have appreciated beyond imagination.
Click here to read the NoBroker Mid-Year Real Estate Report 2023, which includes key insights on various buy/sell and rental trends across Bangalore, Mumbai, Delhi NCR, Hyderabad, Chennai, and Pune.
NoBroker, India’s premier property tech unicorn, and a one-stop-shop for everything related to real estate. It is not just a property discovery platform but a transaction platform that provides the most accurate real-time data. Founded by IIT and IIM alumni Akhil Gupta, Amit Agarwal, and Saurabh Garg, it is backed by marquee investors such as Tiger Global, General Atlantic, Google, Elevation Capital and more.
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