Luxury housing & Tier 2 cities to lead realty sector growth in 2024

financialexpress.com:

As we approach the end of 2023, the Indian real estate market is experiencing robust growth and heightened sentiments, particularly in the residential segment. Investor and buyer preferences have undergone a paradigm shift, significantly shaping the trajectory of the realty market. The residential sector has been a beacon of stability, demonstrating substantial growth potential throughout 2023.

The impressive growth graph is underpinned by sustained demand, increased purchasing power, aspirational living, and a resilient GDP expansion. One of the noteworthy trends has been the heightened demand for premium and luxury residential properties not only in metros but also in non-metros, reflecting a shift towards growing aspirational living in tier 2 cities.

Luxury housing stands as a pivotal force in the real estate sector, mirroring a global shift where consumer preferences and technological advancements propel market growth. This transformation is vividly evident in India, witnessed by the luxury housing segment. Market analysis by IPCs showed that luxury housing sales increased by 130 percent in the first half of 2023.

The impressive surge witnessed in the demand for luxury housing encouraged developers to launch new luxury projects. Recent trends show that the top 7 property markets in July-September 2023 had the highest share of luxury real estate in the last five years. The expansion of the luxury housing segment can be attributed significantly to the fast-evolving affluent lifestyle. The new-age demographic seeks comprehensive fulfillment of their requirements, placing significant importance on the aspirational element of acquiring bigger and more luxurious homes. As a result, there is a notable transition towards the