Trends In Real Estate Industry In India For 2024

In 2024, India’s real estate market brings strong opportunities and development, driven by the demands of property buyers. The number of sales for residential properties and new launches both had increased significantly last year, and are expected to continue at the same rate in 2024. New developments in the real estate business will likely influence the market structure over a period of economic expansion, with favorable signs. So, let’s take a look at few of the latest real estate trends in India predicted to rule in 2024.

Digital Transformation Reshapes House Hunting

The digital revolution has transformed traditional practices in the realm of real estate. Digital platforms such as social media, real estate websites, etc. are used for home bookings, property tours, and financial transactions with ease, establishing new benchmarks for accessibility and convenience in the housing sector.

 Sellers’ Market Dynamics

The scales swing in favour of sellers when increased demand collides with restricted supply, driving up the cost of housing. With Millennial and Gen Z entering the arena of real estate investments, the market witnesses a surge in residential and commercial property demand in India.

Escalating Property Prices and Interest Rates

The constant demand pressure causes an unavoidable rise in home prices, with some buyers even exceeding asking prices to secure purchases. Additionally, the time of cheap interest rates is coming to an end. Because of geopolitical concerns and inflationary pressures, loan rates will rise in 2024.

Rental Market Contraction

The post-pandemic increase in homeownership desires reduces demand for rental properties, particularly in metropolitan regions. Increasing affordability and uniformity with EMI values shift the odds in favour of homeownership, decreasing the rental market’s development.

Tier-II & Tier-III Cities Emerge as Residential Hubs

A shift in investment focus on tier-II and tier-III cities such as Kharghar, Ulwe, Belapur, etc. is gaining popularity, encouraged by government initiatives and growing opportunities for employment. These cities are experiencing a spike in residential populations, fueled by affordability, connectivity and economic expansion. Lucky Builders & Developers are one of the real estate developers that have gained recognition as prominent Real Estate Builders in Ulwe region, delivery exceptional as well as affordable residential and commercial buildings and continuing to create new projects for tier-II and tier-III cities.

High Demands for Shop-cum-Offices (SCO) in Commercial Real Estate

In the commercial sector, Shop-cum-Offices (SCO) plots and commercial spaces are in high demand, especially in Navi Mumbai. Due to the longer leases, convenient locations and higher returns on investment offered by SCO markets, early investors can make profit greatly from them.

Office Leasing and Commercial Segments Thrive

The growing demand for office space, especially in the IT and retail industries, promises well for commercial real estate. Furthermore, the increase of industries, e-commerce and logistics demands investments in warehouses and data centers, which drive growth in these sectors.

Conclusion

As India’s real estate industry evolves, property buyers and developers must adjust to shifting market dynamics and customer demands. Building on the previous year’s trends, 2024 promises to be a year of restructuring and development where Lucky Builders & Developers, one of the renowned Real Estate Builders in Navi Mumbai expects continuation of exemplary projects in the most promising cities of India.