Residential real estate poised for growth in 2024, says industry experts
- IBEF
- December 28, 2023
The residential real estate sector has experienced another exceptional year, poised to achieve an estimated 300,000 unit launches by the conclusion of 2023, marking an impressive 11% increase compared to the previous record-setting year of 2022. After a prolonged period of price stagnancy, the residential market has witnessed a notable resurgence, primarily fuelled by the allure of potential capital gains. International property consultant Cushman & Wakefield reports substantial investor participation, with confidence evident in financial contributions to new launches and land transactions. This trend reflects sustained interest and optimism in the residential real estate sector.
Shalin Raina, Managing Director of Residential Services, India, asserts that investors express confidence by allocating funds to new projects and land deals, signalling enduring positivity within the sector. While not anticipating radical fluctuations, the market is expected to maintain stability in the foreseeable future. In the National Capital Region (NCR), specific areas like Dwarka Expressway, New Gurugram, and South of Gurugram (Sohna) have witnessed a notable surge in residential demand. This uptick is attributed to heightened buyer interest in mid-housing options and substantial infrastructure development in these localities. As the market exhibits resilience and positive momentum, the residential real estate sector is positioned for sustained growth, buoyed by investor confidence and strategic developments in key regions.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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