Mumbai, Pune & Hyderabad to significantly shape real estate’s narrative in upcoming months: Housing.com
Mumbai, Pune and Hyderabad will be the driving forces in the Indian residential real estate sector’s anticipated continued growth in 2024, according to Housing.com. Its latest report highlights these cities as the epicentres of intensified market activity, poised to significantly shape the sector’s narrative in the upcoming months.
The IRIS index (Buy) from Housing.com, a key indicator of future demand in India’s major cities, is trending at 131 points in December 2023, achieving 83 percent of its historical peak. This trend is indicative of a positive market outlook for the forthcoming months.
Increased Demand for Larger Homes: The trend towards larger home configurations, especially 3+BHK apartments, is gaining momentum. Search queries for these spacious layouts have escalated six-fold year-over-year in 2023, indicating a shift towards larger living spaces.
Luxury Living Gains Traction: High-End Apartments in the Spotlight for 2024: The demand for luxury apartments, particularly in the INR 1-2 crore bracket and above, is expected to soar in 2024. This segment has seen a remarkable 7.5 times increase in online property search volume year-over-year in 2023.
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Commenting on the same, Dhruv Agarwala, Group CEO, Housing.com, PropTiger.com, & Makaan.com, said, “2023 stands as a landmark year in the Indian real estate sector, characterised by exceptional growth and resilience. Despite challenges like elevated interest rates and global uncertainties, the industry has demonstrated robustness. The RBI’s decision to pause rate hikes in April, coupled with pent-up post-pandemic demand, has significantly bolstered buyer confidence. A noticeable uptick in residential
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