Need for X Factor: Premium living will continue to be in demand in 2024

financialexpress.com:

In the lingering aftermath of a remarkable 2023, India’s real estate sector is poised for another year of prosperity in 2024. Fuelled by robust economic performance, the momentum gained in the preceding year is expected to usher in a new era of growth and dynamism. And the consumers want some X-factor to be added to their living space. Be it aesthetically, technologically, or facility-wise or all of them put together.

A mere few years ago, what was once considered idealistic requirements for affluent living were now integral components in defining the standard lifestyle. The Indian real estate landscape witnessed an extraordinary surge, with residential and commercial segments experiencing unprecedented advancements in the past year. Particularly noteworthy was the surging demand for premium and an overall luxury living experience, especially in metropolitan or Tier-1 cities.

The Delhi-NCR region emerged as a leader in this surge, boasting a staggering 216% increase in premium housing sales. This surge was attributed to improved economic indicators and increased investments by Non-Resident Indians (NRIs). As strategic expansions into Tier-2 and Tier-3 cities unfolded, the sector’s adaptability shone through, marked by the acquisition of 1,461 acres for residential developments.

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As India’s real estate sector embarks on its journey into 2024, the stage is set for continued growth and prosperity. According to Euromonitor International, India’s premium housing market is expected to surge to Rs 82,186 crore by 2027, a substantial increase from Rs 53,561 crore in 2022. Reports from various agencies underscore the growth potential, suggesting that India’s premium