Expect premiumisation to be the biggest trend of 2024 for residential realty: Bhavesh Kothari

financialexpress.com:

Today’s homebuyers should look to invest in property along the lines of metros and expressways in the city outskirts to access premium properties in an affordable manner. Considering the rapid expansion of cities such as Mumbai, Bengaluru and Hyderabad, homebuyers and investors should make use of the early mover advantage to invest in properties before land rates spike, says Bhavesh Kothari, Founder & CEO, Property First.

In an exclusive interview with Sanjeev Sinha, Mr Kothari talks about the real estate market and shares his views on the realty trends likely to prevail in 2024. Excerpts:

Given the current economic climate, what trends do you anticipate in the residential real estate market in India for 2024, and how these trends might impact property values and demand?

The Indian real estate industry has faced several economic storms over the last 2 decades, including the Global Financial Crisis of 2008 and the recent COVID-19 induced pandemic, and has emerged stronger every time. This has helped the industry remain largely unaffected by the global sluggishness and continues on its growth path. According to a Naredco-Knight Frank report, the size of the Indian real estate sector is estimated to jump more than 12-fold to $5.8 trillion by 2047 from $477 billion last year and will contribute over 15 per cent to the total economic output of the country.

Also Read: Home Loan Insurance in India: To Buy or Not to Buy?

In this year, residential real estate in particular is expected to continue its bull run on the back of tailwinds such as rising land prices propelling prospective homeowners to invest, the growing importance of houses as an asset to tide over crisis and the emergence of newer segments such as student and