DELHI: The Indian real sector is one of the top contributors to the Indian Economy. According to experts, 2023 was marked by constant resilience and growth. In a similar manner, 2024 will be marked by growing demand in the real estate sector. Such sentiment is bound to continue in 2024 as well. The India story is unique from the world. Real estate is growing at a very high-level rate. due to constant evolution amongst several sectors like the Commercial and Housing sectors. This trend is likely to continue in 2024 as well.
Some market experts feel real estate will reach around 1 trillion $ by the year 2030. There are various reasons for this projection. Some can be attributed to the current trends in the Real estate. Real estate has many opportunities for investors and home buyers alike.
Current scenario in various sectors.
The Housing Sector.
Experts like Shravan Gupta, MGF Group believe that affordability is the single most essential factor. It has heightened the demand in the housing sector. It is expected to improve in 2024 due to a 60-80 basis point repo rate cut. The Indian real estate market is poised for exciting transformations that cater to the evolving needs and expectations of homebuyers in 2024. The developers are likely to focus more on affordable and green housing projects in the coming months. Affordable housing is another segment that is expected to grow at a vibrant rate. There are many things that make affordable housing the real growth story of 2024. The most essential being the movement of people from small towns to cities. Shravan Gupta, MGF Group believe it will increase the demand of housing in metropolitans like Mumbai, Delhi and Chennai.
The demand may also rise due to low interest rate in the housing finance sector. This will attract many new buyer and potential investors making the house buying a new and emerging phenomenon. Experts feel interest rates may be lower due to the appreciation in demand and the need to capitalise on the growing sector.
The commercial segment.
The commercial scenario is undergoing tremendous changes too. The commercial sector demand is on the rise in tier 2 and 3 cities. It may be due to an elevation in trends like:
– A rise in the start-ups.
There is also a heightened demand in the office leasing segment. Some builders are constructing offices with co-leasing tendency in the mind. This trend is supported by leading domestic firms across the sector. Real Estate experts have witnessed a steady growth in 9 major cities like Mumbai, Delhi and Bengaluru.
The rise of commercial sector has come as a boon for the real estate segment. And it is likely to continue till 2024. It is essential to be a part of this cycle and grow with the real estate. Shravan Gupta, MGF Group is very happy with this change. A growth in the real estate sector is the story of India’s growth story as well.