Expect Tier 2 cities to gain more momentum as prime residential markets soon: Sudhir Pai, Magicbricks
The Indian real estate market is currently in its best shape since 2014, with healthier developer balance sheets and shorter property sale cycles. While caution is advised to prevent excessive price increase, the next couple of months show promising signs of increase in residential demand and supply, says Sudhir Pai, CEO, Magicbricks.
In an exclusive interview with Sanjeev Sinha, Mr Pai talks about the growth prospects of the Indian real estate market for the coming year and shares his business outlook. Excerpts:
How do you assess the overall growth prospects in the Indian real estate market for the coming year, considering economic and market conditions?
In the third quarter (Jul-Sep 2023), residential demand surged an impressive 8.4% QoQ, reflecting a strong interest from homebuyers. This surge coincided with favorable macroeconomic factors, including the recent G20 summit, stable interest rates, and an approaching festive season. Residential prices also rose by 5.4% QoQ during this period, and with developers expediting project delivery, we anticipate increased inventory in the coming months.
The Indian real estate market is currently in its best shape since 2014, with healthier developer balance sheets and shorter property sale cycles. While caution is advised to prevent excessive price increase, the next couple of months show promising signs of increase in residential demand and supply.
Also Read: How to build wealth through real estate investment
Are there specific regions that Magicbricks believes hold significant growth potential in the near future? What are Magicbricks’ growth and expansion plans for the upcoming year, and what areas or aspects of the business are you looking to focus on?
Magicbricks is
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