2023 proved to be a year of a new high for the Indian real estate market. Both, new launches and home sales saw a significant improvement last year and is expected to maintain the same momentum in 2024 as well. The real estate market in India has been tried and tested, and widely thought to be immune to the volatility in the market. Interestingly, the real estate market has stayed true to the expectations of real estate investors despite the number of ups and downs in the last couple of years. Fortunately, positive expectations and a rise in the momentum of growth have demonstrated the market’s ability to persist and will continue to do so throughout in 2024 and the upcoming years as well.
The real estate market in India offers something for every type of investor out there. Considering 2024, the general Indian economy shows encouraging indicators, including a rebound from the current stock market fall, a predicted increase in the creation of new employment opportunities, and an overall growth. These indicators will ultimately lead to a rise in the demand for housing societies in the country as more and more individuals step into the housing market.
Let us take a look at some of the top real estate trends in 2024 that are ruling the Indian real estate market:
Shop-cum-Offices in Commercial:
Shop-cum-offices, also known as SCO, is a commercial real estate class that has seen immense growth in the last few years. Gurugram is known as the most prominent and profitable location for shop-cum-offices in the National Capital Region. SCO plots have been made available for development and investment in several regions of Gurugram. Because of this, a new era of commercial SCO plots has emerged. Fortunately, the SCO markets have seen phenomenal growth and the early investors’ capital has multiplied multiple times as well. An investor in the SCO market can profit from longer leases, a higher income, and consistent cash flow.
House Hunting Going Digital:
Digital platforms have existed forever, however, during and after the pandemic, the need for these platforms has multiplied across all industries. The real estate industry is no different. Over the last few months, individuals have made their home bookings via a digital platform. Additionally, other factors involved in a home-buying process such as a home tour, brokerage amount, rent amount, deposit amount, lease agreement, etc., have gone digital too. Furthermore, home loans can now be made online as well. This will serve as the basis for purchasing and selling real estate projects in 2024.
Sellers’ Market:
The upcoming housing market in 2024 will be a sellers’ market. It is anticipated that the prices of the housing market will rise for some time due to the growing demand for houses coupled with limited supply. Generation Y will be initiating real estate investments for the first time this year. Accordingly, the housing demand for residential and commercial spaces will see an increase as well. The future of the real estate market in India will be marked by an increase in demand and a limited supply, thereby creating a seller’s market.
