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Real estate market staring at uncertainty in 2023 amid layoffs in tech sector, says Gera Developments MD

Job insecurity may force people to put off their decision to make a large purchase like a home. The loss of jobs and the erosion of sentiment will have an impact on the sales of homes, Rohit Gera has said

January 10, 2023 / 05:39 PM IST
Representational image.

Representational image.

The real estate market in India – and Pune specifically – will be uncertain in 2023 as layoffs in the global tech and IT sector may affect sales, new project launches and pricing, said Rohit Gera, managing director of Pune-based Gera Developments.

“Regardless of affordability, job insecurity may cause people to put off their decision to make a large purchase like a home,” Gera said at the launch of the company’s Residential Realty Report January 2023 edition. “Layoffs in the tech sector and a corresponding erosion of sentiment would have an impact on the sales of homes.”

Also read: Maharashtra: 5,990 affordable homes for sale via lottery system in Pune region, 2,908 to be sold on first come, first served basis

Gera said rising interest rates have not had much of an impact on the overall market, and while some sales may have been affected, the salary increase over this period has more than compensated for the rise in interest rates.