Economic Survey 2023 – by Ramesh Nair, CEO, India and Managing Director, Market Development, Asia, Colliers
“The Economic Survey 2023 provides an optimistic picture of India’s growth performance and outlook, amidst looming global recessionary concerns. The economy has largely recovered from the pandemic, with GDP likely to grow at 6.5% in FY2024. Robust domestic demand and a pickup in capital investment are likely to steer growth. Interestingly, inflation is now within RBI’s target, after a year of measures to curtail it. In 2022, the RBI increased the repo rate by 225 basis points.
The reduced inflation levels should give some room for RBI to keep repo rates stable over the next few months. This is likely to keep home loan rates stable and thus will give some breather to homebuyers, especially in the affordable and mid-range segments. Out of the 50 cities surveyed, the survey states that 46 cities registered an increase in the index, whereas 4 cities experienced a decline, on an annual basis. All eight major metros of the country witnessed an annual increase in the housing price index. Going ahead, housing prices remain stable led by steady demand likely to be seen in 2023″