In 2024, the Indian real estate market looks promising for homebuyers, offering various opportunities and choices. According to industry reports, the overall outlook is positive, driven by a strong economy, favourable demographics, and government initiatives like PMAY. While the growth might be slightly slower than the record surge in 2023, experts expect continued upward momentum.
The residential sector, especially mid-range and budget-friendly options (Rs 45 lakh to Rs 1 crore), is anticipated to grow. Additionally, the premium and luxury segments are also expected to perform well.
Luxury Housing in 2024
Prashin Jhobalia from the House Of Hiranandani mentions a surge in interest from national and international investors, indicating a robust recovery in the real estate market. Foreign investments, facilitated by relaxed FDI norms, have increased transparency. Jhobalia is excited about upcoming technological advancements that will enhance the home-buying experience, with a continued focus on luxury housing.
Investment from NRIs:
Lincoln Bennet Rodrigues, founder of The Bennet & Bernard Company, predicts positive growth in housing demand in 2024, driven by major investments from NRIs attracted by positive returns in India.
Sandeep Ahuja from Atmosphere Living notes a shift in homebuyers’ preferences towards integrated luxury real estate, particularly among millennials. Luxury home sales have broken records, which are expected to continue in 2024. There’s a growing demand for ultra-luxury residences, and Ahuja anticipates a new standard for luxury in real estate, focusing on branded ultra-luxury residences and tailored amenities.
Real Estate Investment:
Ramani Sastri, chairman and MD of Sterling Developers, highlights the attractiveness of residential property investment due to price recovery and increased yields. He sees sustained demand in the sector driven by higher earning potential, end user-driven demand, and a desire for a better standard of living. Sastri believes the premium housing segment will continue to witness higher demand, making real estate investments desirable due to stability and reliability.
In summary, 2024 looks promising for the Indian real estate sector, with growth expected across various segments catering to homebuyers’ diverse needs and preferences.