An Authored article by Prittle Prattle News on Year-End Real Estate Review and Outlook for 2024
As we approach the end of 2023, it’s time to reflect on the real estate sector’s performance and look ahead to what 2024 might hold. This year, we witnessed a transformative period for India’s real estate market, marked by an unparalleled surge in growth, largely driven by a combination of governmental policies, rising consumer aspirations, and increasing affluence among the middle class.
Sector Performance in 2023
The real estate industry in India has thrived in 2023, with robust sales figures and numerous new property launches. A significant change in consumer mindset has been observed, with many opting for homeownership over rentals, influenced by stable home loan costs and innovative payment plans.
Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty, and Vice President, CREDAI MCHI, highlights that the allure of homeownership has been a defining feature of this growth trajectory. Additionally, he notes the essential role of government policies in facilitating this boom.
Outlook for 2024
Looking ahead, the focus shifts to sustainable living, smart homes, and luxury. Mr. Aakash Patel, Director, Atul Projects India Pvt. Ltd., anticipates a continued rise in luxury home sales, particularly in Mumbai, with Penthouse living becoming a trend among the affluent.
Mr. Srikanth C, Managing Director, Intercontinental Infrastructure, observes a significant trend where commercial centres like Chakan in Pune are evolving into residential hotspots, driven by job opportunities and comprehensive development.
For 2024, Mr. Samyak Jain, Director, Siddha Group, predicts a surge in demand for affordable luxury housing, with homebuyers aspiring to luxurious living at a reasonable price point.
Mr. Rohan Khatau, Director, CCI Projects, expects 2024 to be a year of continued momentum in real estate, driven by major infrastructure projects like the Coastal Road and Mumbai–Ahmedabad bullet train, which will positively impact the western suburbs of Mumbai.
Mr. Himanshu Jain, VP – Sales, Marketing and CRM, Satellite Developers Private Limited (SDPL), believes that the momentum in the Mumbai real estate sector will continue in 2024, supported by improved Metro connectivity and the attractiveness of suburban living.
Dr. Sachin Chopda, Managing Director, Pushpam Group, foresees a growing trend in holiday home investments in places like Alibaug and Karjat, driven by improved infrastructure and accessibility.
Mr. Prashant Khandelwal, CEO, Agami, predicts that 2024 will be a peak year for home sales, buoyed by supportive government policies and a persistent demand for housing.
In conclusion, as we step into 2024, the Indian real estate sector is expected to continue its growth trajectory, with a focus on sustainable, smart, and luxurious living. The industry’s adaptability to changing market demands and governmental support will be key to sustaining this momentum. Homebuyers can look forward to a diverse range of options, catering to various lifestyle choices and preferences.