Indian Real Estate on the Rise: Future sentiment score reaches new heights in Q2 2023
Reflecting the country’s stable economic performance, Indian real estate experienced a surge in positive sentiment during Q2 2023, as reported in the 37th edition of the Real Estate Sentiment Index, jointly prepared by Knight Frank India and the National Real Estate Development Council (NAREDCO). It also revealed growing confidence in the sector. “The real estate market sentiment in the NCR is overwhelmingly positive. It is primarily driven by the presence of reputable developers known for their timely project deliveries, commitment to promised amenities and construction quality. Besides the recent pause in the interest rate hike by RBI, the country’s stable economic performance, growth projections, and the post-Covid desire to own a home have also played a significant role. Further, there has been a shift in preference towards larger homes, complete with every facility inside the apartment complex,” says Manoj Gaur, CMD of Gaurs Group.
As per the report, the Current Sentiment Index Score increased from 57 to 63 between April and June 2023, indicating a significant boost in optimism compared to the previous six months. A score above 50 represents optimism, 50 denotes a neutral sentiment, and below 50 indicates pessimism.
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“This rise in optimism is primarily attributed to factors such as supportive policy measures and sustained demand in the residential and office leasing segments. As real estate developers, we are glad to catalyse this rise in sentiment metre. We are upbeat about the country’s growth story and guided by the sector’s emphasis on customer satisfaction; the sentiment will only continue to rise,” says Amit
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