2024 presents a promising year for Indian real estate buyers with ample opportunities and diverse options. As per industry reports, the outlook for the Indian real estate sector is generally positive, with opportunities for growth and stability, but also with potential challenges to be aware of. While slightly slower than 2023’s record surge, experts predict continued upward momentum, fueled by a strong economy, favourable demographics, and government initiatives like PMAY.
Continued momentum in the residential sector is expected, particularly in mid-end and budget/affordable categories (Rs 45 lakh to Rs 1 crore), but premium and luxury segments are also expected to perform well.
Also Read: Real Estate Trends 2024: How Will Indian Homebuyers Sustain Housing Momentum?
Luxury Housing In 2024
Prashin Jhobalia, VP, market strategy at House Of Hiranandani, said, “We have seen surging interest from both national and international fronts present compelling evidence of the real estate market’s robust recovery. The increasing allure from GCC countries for NRI investors, marked by a remarkable uptick in 2023, underscores a positive trajectory and emphasises the enduring global appeal of the Indian real estate market.”
“The liberalisation of FDI norms in the real estate sector has successfully attracted foreign investors, contributing to enhanced transparency within the industry. This heightened interest, coupled with a substantial overall increase compared to 2022, not only mirrors a healing real estate market but also establishes it as one of the most enticing industries for investment,” Jhobalia added.
“Looking forward, we are excited about the upcoming technological strides in the industry that will take the home-buying experience to new heights. Luxury housing will remain a key focus. The changes we have seen in recent years highlight how committed we are to adapting and innovating, ensuring we are always ahead in meeting our customers’ changing needs,” Jhobalia added.
Investment From NRIs
Lincoln Bennet Rodrigues, chairman and founder, The Bennet & Bernard Company, known for luxury-themed homes in Goa, said, “With all factors positive, India is poised to see positive growth in demand in the housing sector in 2024. This might not be true for all regions. The ascension trend that began in late 2022, will continue until next year.”
“Major investment is expected from the NRIs as India is becoming the land of positive returns, which will also augment the contribution of real estate to India’s GDP. Parallelly, we will also see a rise in the domestic market as the rental real estate business is at its peak due to the higher disposable income of the middle class. To sum up, 2024 looks to be a good year for real estate and ancillary businesses, and we hope this trend continues well into the future.”
Millennials- A Key Driver
Sandeep Ahuja, MD, Atmosphere Living, said, “There has been a notable shift as homebuyers in 2023, especially millennials, are moving away from traditional thinking to integrated luxury real estate. Sales of luxury homes have also broken records, and this trend is expected to continue into 2024. Current trends indicate a preference for real estate properties that combine sophisticated home designs with high-end amenities.
In the Indian real estate landscape, Ahuja said there is a growing demand for ultra-luxury residences. Though, there is a gap in the market for indulgent serviced homes catering to affluent consumers.
“Looking ahead, it is anticipated that branded ultra-luxury residences with tailored amenities will define the new standard for luxury in the future of real estate,” Ahuja added.
Real Estate Investment
Ramani Sastri, chairman and MD, Sterling Developers, said, “A recovery in property prices and rise in yields has made investment in residential properties attractive yet again and has been responsible for continued demand in the sector. The long-term benefits of owning a home have led to sustainable growth in the segment and we see this up-cycle continuing in 2024.
“An increase in earning potential, end user-driven demand, a need for a better standard of living and the growing base of aspirational consumers and their lifestyle changes have led to substantial demand and growth in the sector. With economic growth, the premium housing segment too will continue to witness higher demand in the future,” Sastri said.
Sastri added that looking ahead, the future holds immense promise for the Indian real estate sector. India’s real estate market is one of the most dynamic and fastest-growing in the world. Real estate investments hence remain one of the most desired investments due to their strong base and reliability factor.
“We will continue to see a multi-fold growth in real estate investments since the real estate market is less volatile than other investment markets and delivers higher returns. Overall, consumers are keen to buy homes as stability and security is on top of their mind now and the recent past has been testament to the fact that home buyer confidence is at an all-time high,” Sastri said.
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