After remarkable recovery, realty outlook is promising

Major investments are 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. In the domestic market, the rental real estate business is at its peak due to the higher disposable income of the middle class

Mumbai: The Indian real estate sector has experienced a remarkable recovery and gearing up for a promising future.

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 has 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.

Talking to Bizz Buzz, Ramani Sastri, Chairman and MD, Sterling Developers says, “Looking ahead, the future holds immense promise for the Indian real estate sector. We are also expecting significant growth in the near future, building on the success of this year and the continued strong demand in the real estate sector driven primarily by burgeoning aspirations.”

“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,” he said.

By 2030, India's urban population is expected to hit 600 million people and hence substantial housing demand is on the horizon.

The concept of workspaces and the way we perceive workspaces strategies have evolved significantly in recent years. Commercial Real Estate (CRE) is on the edge of a transformation as co-working spaces have become a highly popular choice for businesses of different kinds and dimensions due to multiple advantages.

Manas Mehrotra, Founder, 315Work Avenue, a leading co-working space provider says, “We have witnessed maximum traction for seats ranging between 100-500 and in few cases goes above 1000 seats. Bengaluru was among the most preferred locations for flex players for their expansion in recent times.”

Overall, 315Work Avenue currently manages 2 million sq ft space totalling around 40,000 seats across multiple prime locations in Bengaluru, Chennai, Mumbai and Pune and plans to add another 1.5 million sq ft in 2024, he said.

This year, we have seen robust growth in both residential and commercial real estate, especially in the luxury home segment.

Lincoln Bennet Rodrigues, Chairman and Founder, The Bennet & Bernard Company, known for luxury themed homes in Goa says, “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.”