Surging demand, soaring sales to keep real estate under arc lights in 2024
The Hindu
Real estate market defies logic in 2023 with record sales, prices & interest rates; experts predict further growth in 2024.
India’s housing market defied logic this year to register all-time high sales as home buyers snapped up deals despite a jump in asking prices and the highest interest rates in six years.
Market experts strongly believe the demand will not only sustain in 2024 but rise further, albeit at a slower pace, on high economic growth and expectations of a fall in home loan interest rate.
The real estate industry saw record sales of residential properties in terms of both volumes and value, real estate market data showed as consumers are increasingly buying into the idea of home ownership post pandemic.
The ouster of dubious developers from the real estate market thanks to greater regulatory oversight via RERA helped boost confidence among home buyers. The insolvency law, too, has played a role in elimination of defaulting builders.
According to real estate consultant Anarock, housing sales are estimated to rise by 30% this year to a record 4.74 lakh units in primary (fresh sales) markets of the top seven cities — Delhi-NCR (National Capital Region), Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune.
In value terms, the sales of residential properties are seen at a whopping ₹4.5 lakh crore, supported by higher ticket prices.
Housing prices, which started rising from last year after remaining stagnant for almost a decade, continued an upward trend and appreciated by an average 14% this year, encouraging investors to return to the primary residential market.
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