Real estate in India to scale new heights in 2024: Experts
Driven by policy reforms, positive consumer sentiment, rising disposable income and growing demand for bigger homes, the real estate sector in India has experienced remarkable growth in 2023, surpassing the growth rates of all previous years and breaking all records.
According to an Anarock report, for instance, housing sales in India’s top 7 cities – including MMR, Pune, Hyderabad and NCR — have created a new peak in 2023 as close to 4,76,530 housing units were sold in 2023 as against 3,64,870 units in the previous year – recording an yearly growth of 31%. Similarly, new launches across the top 7 cities witnessed a 25% annual rise – from close to 3,57,640 units in 2022 to about 4,45,770 units in 2023.
Talking about the spectacular performance of real estate – particularly the residential segment — in 2023, Yashank Wasson, MD, Royal Green Realty, says, “In 2023, the real estate sector experienced a dynamic and resilient performance marked by various trends. The global recovery from the pandemic-induced economic slowdown contributed to increased demand for residential properties, driven by low interest rates and a desire for spacious homes. However, challenges such as rising construction costs and supply chain disruptions impacted the industry’s overall growth.”
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Amrita Gupta, Director of Manglam Group and Founder President of CREDAI Rajasthan Women’s Wing, says, “The year will be remembered for the positive consumer sentiment and government support with stable interest rates that further pushed growth in the Indian real estate industry. Consumers are opting for luxurious and modern spaces beyond the metros which pushed developers to respond
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