According to HVS Anarock Report June 2023, the hotels’ occupancy rates in the country have witnessed a minor decline year-on-year indicating that demand is normalizing. On the other hand, the average rates continued their strong growth trend and remained significantly above the pre-COVID levels. The report further stated, “Despite the halt in operations of Go First airlines, the number of domestic air passengers in India has been steadily surpassing the pre-COVID levels. In May 2023, domestic air traffic increased by 15 per cent year-on-year, crossing the 1.3 cr mark for the first time since December 2019.”
