Real Estate Trends 2024: Indian Real Estate in the post-COVID era has seen a remarkable change in homebuyer sentiments as more and more consumers come to the fore to fulfil their aspirations of owning a house. In the past 3 years, we have witnessed a gradual shift from consumers renting homes to buying their own.
This shift is a consequence of several factors that we also expect to continue going into 2024:
Changing Investment Preferences of Consumers:
In recent years, there has been a notable shift in India’s investment landscape towards real estate. Homebuyers are increasingly choosing ownership over renting, buoyed by a favorable buying environment. This trend is expected to persist into 2024, with industry stakeholders actively ensuring a consumer-centric focus.
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As the real estate sector continues to evolve, 2024 promises to be a year marked by sustained growth and investor confidence, propelled by ongoing efforts to prioritize consumer needs and preferences.
Favourable Macro-economic Factors
The macro-economic factors of India have also contributed to the sentiments and preferences of investors, as many, with enhanced job security, and stable lending rates, are viewing real estate as one of the most reliable avenues of investments.
With India one of the leading economies in the world – and still one of the fastest growing – 2024 will bring in more opportunities for an ever-expanding group of investors that will be characterized by India’s aspirational middle class seeking houses to meet their evolving lifestyles.
Geographical Focus
Due to several Government programs like Smart Cities, PMAY, the emergence of satellite cities, and the overall thrust towards building robust infrastructure, we’re seeing a great opportunity in Tier II, and III cities as they emerge with their own unique economic identity.
Tier I cities will always have the appeal and attraction of the investors and ultimate homebuyers and 2024 will see sustained demand for that, however, we expect to see a sharper growth curve in Tier II, III cities as they come forward to spearhead the development and complement the success of the established regions. We expect the prices to rise in these cities in the coming years as we project more commercialization and more economic movement that will ultimately add to the demand-supply dynamics.
2024 as a Crucial Year
After witnessing a high volume of housing registrations in 2023, there is a platform for 2024 to not only sustain this momentum but potentially surpass it. However, it will still require continued cooperation between industry stakeholders, with added obligation on developers to ensure that we’re meeting the demands of the homebuyers.
In 2024, we expect growth to be spearheaded by green housing and sustainable homes, an aspect that over the next decade is bound to change the face of the industry.
-The author is President- CREDAI. Views expressed are personal.
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