What will drive the housing market in India in 2024?
The Indian real estate sector has shown significant growth in recent years. While 2023 was the year with the highest number of new project announcements in the last decade, the first quarter of 2024 surpassed almost all records of the previous year. In 2024, the residential real estate market is expecting a strong influx of new launches, with an estimated range of 280,000-290,000 units, as per a report. This has set a good path for 2024, which shows that the sector is not only rising but also promising further growth in the coming years.
India’s real estate market has traditionally been one of the key drivers of economic growth, contributing significantly to the country’s GDP. Despite facing headwinds in recent years, like liquidity crunch, regulatory reforms, and the COVID-19 pandemic, the sector has shown resilience and adaptability. In 2023, the market witnessed a gradual recovery, fueled by pent-up demand, favourable government policies, and increased digital adoption across the industry. As per the erstwhile Housing and Urban Affairs Minister Hardeep Singh Puri, the real estate market in India is expected to contribute about 15% to India’s GDP by 2025 and reach a $1 trillion market by 2030.
The Indian real estate market is not limited to cater to the local demand, but also seen as a global investment opportunity. NRIs, in particular, are actively participating in the market, not just as investors, but as a way to stay connected with their motherland. As of the fiscal year 2019-2020, NRIs accounted for about 10% of the total investments in the market. This figure has now grown to about 15% and is projected to be at 20% by the end of the year 2025. This is a clear indication of the market’s global appeal and the trust
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