Indian Economy News

Residential real estate could see another peak in 2024

  • IBEF
  • March 22, 2024

India's residential real estate market is anticipated to experience a potential surge in 2024, notwithstanding the impending General Elections. Implementing robust regulatory reforms and positive GDP growth projections by international organizations like the IMF underpins this optimism. Previous election years, notably 2014 and 2019, saw significant upticks in housing sales driven by escalating demand, with developers capitalizing on clean balance sheets to expand into new territories.

In 2014, the housing market reached its zenith, witnessing approximately 3.45 lakh units sold and 5.45 lakh new units launched across the top 7 cities. Similarly, 2019 marked another peak following a sector slowdown, with around 2.61 lakh units sold and 2.37 lakh units launched in the same cities. Despite experiencing fluctuations due to policy reforms and the NBFC crisis, the residential real estate sector has shown signs of recovery since 2019, with expectations of another peak in sales and new launches projected for 2024.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.