Residential and commercial real estate to remain buoyant in 2024
In 2023, the real estate sector witnessed dynamic shifts with distinct performances in the residential and commercial segments. Residential markets across cities experienced robust growth, driven by the increased demand and new supply additions.
The growth trend was backed by flourishing economic conditions, high-disposable incomes, and a surge in NRI investment strengthening market sentiments. Industry data indicates a notable uptick in home sales, with a steady rise in property values across various metro cities.
Santosh Agarwal, CFO and Executive Director, Alphacorp, says “Government policy reforms and shifts in customer preferences, particularly the growing demand for housing, instilled confidence among investors in the real estate sector in 2023. With positive market sentiments, 2024 appears even more promising. The diverse options in residential and commercial properties, coupled with new housing projects in NCR, are poised to attract young and first-time homebuyers.”
Interestingly, tier II cities have emerged as new shining realty hotspots and gathered significant momentum. Fueled by rapid urbanization, infrastructure upgradation, and rise in aspirational living class, tier 2 markets have significantly contributed to the growth story of the real estate sector in 2023.
Also Read: Gold Prices Are Rising: Should you buy now or wait?
Parvinder Singh, CEO, Trident Realty, says, “The focus has shifted towards luxury housing, independent floors, plotted development, and the growth of tier 2 cities, which have redefined the optics of the sector, leading to a robust year ahead. Homebuyers now prefer investing in well-planned tier 2 cities, leading to a healthy demand for premium and luxury housing in new markets. Amongst
Read more on financialexpress.com
