2023 has been game-changer for India's housing sector
It's not just the big cities, even the smaller ones are stepping up their real estate game
image for illustrative purpose
People are looking for swankier, larger homes, showing a shift in what they fancy. Even smaller towns are getting a lot of attention, leading to better growth and infrastructure.
This year has been a game-changer for India's housing sector. It's not just because people are earning more or dreaming bigger. Government rules and foreign investments have been major players too. And guess what? It's not just the big cities; even the smaller ones are stepping up their real estate game.
Reports say the property market is set for a whopping 9.2% growth annually till 2028. And by 2030, it's eyeing a massive $1 trillion impact! The top seven cities are smashing records with a huge increase in units sold and total sales value. Institutional investments have shot up by 27 per cent to $4.6 billion in the first three quarters of 2023.
People are looking for swankier, larger homes, showing a shift in what they fancy. Even smaller towns are getting a lot of attention, leading to better growth and infrastructure.
Despite higher interest rates, folks are after bigger properties. Cities like Hyderabad are on fire, especially for 2.5 to 3-bedroom units or larger homes above Rs. 1 crore. Cities like Hyderabad, Bangalore & Chennai are making headlines thanks to better connections and opportunities.
Big cities are seeing higher residential prices, and Tier 1 cities are flexing their muscles with higher rents and more office spaces. With a lower cost of living, better work-life balance, and affordable housing, smaller cities are becoming hotspots for real estate investments.
While residential real estate is thriving, the commercial side is facing some challenges, especially in office spaces. But industries like industrial, logistics & warehouse, retail & hospitality, and datacenters are still going strong.
Something cool is happening in the market - people are craving smarter and more eco-friendly homes. There's a rising demand for sustainable living, and developers are catching on, making their projects more environmentally friendly.
Looking ahead to 2024, the real estate scene in India looks promising. With economic stability, government reforms, and tech advancements, the stage seems set for continued growth. Despite some hurdles, the demand for homes in top cities soared in 2023 and is likely to keep rising in 2024. Real estate will keep shaping India's cities and economy, opening up more opportunities for everyone.
