What 2024 looks like for Indian Real Estate
The real estate market in India has accelerated its growth, as one of the key drivers of the country’s economy. The industry has undergone rapid evolution and growth in recent years to become a significant contributor to India’s economic landscape.
The surge in India’s demand for housing, fuelled by increasing urbanisation and rising incomes, is poised to see a positive trajectory for real estate in the year ahead.
Here’s our take on the Indian real estate outlook and what year 2024 looks like for the industry.
- Affordable Housing
Residential market predictions highlight that the residential real estate market in India will focus on properties in affordable limits for the coming few years. reaching a three-year high in 2024.
With a surge in demand for homes, major developers have made strategic adjustments to pricing, fostering the development of affordable housing options across the country.
- Buying over Renting
The recent years have seen a notable shift in Indian investors’ attitude towards real estate. Homebuyers are now increasingly choosing ownership over renting, especially in the aftermath of the pandemic. This trend is expected to persist, as industry stakeholders continue to work with a consumer-centric focus.
The Indian government has also recognised the pressing need to address housing requirements of citizens and will work on promoting a buying environment. Experts anticipate this through favourable repo rate cuts, which will maintain home prices within an affordable range for buyers.
- Sustainable Housing
One of the key trends to watch in Indian real estate this year will be the shift towards sustainable housing. Sustainability is no longer just a buzzword, but a key consideration in real estate.
Homebuyers are gravitating towards eco-friendly and energy-efficient homes, which prioritise green building practices. Developers are also increasingly opting to incorporate renewable energy sources, rainwater harvesting systems, and energy-efficient appliances in their projects, to create sustainable living spaces aligned with the eco-conscious mindset of modern buyers.
Industry experts anticipate a heightened focus on these green building practices, energy efficiency and eco-friendly development in the coming years.
- The Rise of Suburbs
Big cities are getting busier and more expensive with each passing day, making living in the suburbs a popular choice. Suburbs and peripherals offer prospects for a quieter life with easy access to city perks.
Suburban homes come with more space and green surroundings, making them an ideal choice for families or for those who want a more peaceful place to live.
They offer a perfect mix of affordability, a good way of life and an enhanced lifestyle, along with a chance for good returns, making them the preferred investment opportunities in Indian real estate in 2024.
RGS Realty: Your trusted partner for navigating the Indian real estate market regularly brings you updates, to educate you with trends and insights of the market. This act stems from our belief in goodness, which we instil in every step of our projects. To know more about RGS Realty and our projects, visit https://www.rgsrealty.com/
