The Indian real estate sector experienced a notable revival in 2023, with the mid-segment and luxury-segment leading the way. Data from Anarock indicates that approximately 4,76,530 units were sold in 2023 across the top seven cities, marking a significant increase from 3,64,870 units in 2022 (Bengaluru, Chennai, Delhi-NCR, Kolkata, Hyderabad, Mumbai Metropolitan Region, and Pune).
As the industry gains momentum, real estate stakeholders anticipate this positive trend to persist into 2024, projecting a rise in property prices across different segments. Key insights from industry experts include:
Niranjan Hiranandani, Chairman, NAREDCO National:
“Given India’s housing deficit, the demand for sustainable housing will remain strong. With a robust pipeline of supplies and increased demand in metro and tier cities, we foresee a 10-12% increase in property prices in 2024, accompanied by growth in commercial and retail spaces.”
Rakesh Reddy, Director, Aparna Constructions:
“We expect an average 10% rise in residential property prices in 2024, reflecting sustained growth and resilience in the real estate market. Notably, there is a shift in housing preferences towards more spacious properties.”
Ankur Gupta, JMD, Ashiana Housing:
“While we anticipate a moderation in price appreciation compared to the previous year, there is a steadfast expectation of robust price increases. The market is poised for steady growth, affirming the enduring strength of both supply and demand dynamics.”
Venkatesh Gopalakrishnan, MD & CEO, Shapoorji Pallonji Real Estate (SPRE):
“In 2023, the Indian real estate landscape not only weathered global economic challenges but emerged stronger, with luxurious and premium housing segments leading the way.”
Gaurav Pandey, MD & CEO, Godrej Properties:
“Post-pandemic, homebuyers are increasingly inclined towards homeownership, seeking secure, sustainable, and multi-functional living spaces. This shift in preference has led to an uptick in home sales, especially in upscale residential projects.”
Pritam Chivukula, Vice President, CREDAI MCHI:
“A significant shift towards sustainable living is reshaping residential architecture. Prospective homebuyers, driven by a desire for more significant living spaces, enhanced amenities, and attractive pricing models, are poised to keep the market vibrant.”
The consensus among industry experts is optimistic, pointing towards a positive trajectory for the Indian real estate market in 2024 with a projected increase in property prices.