Navigating India's Real Estate Market Trends for 2024
The real estate landscape in India is ever evolving and shaped by technological advancements, policy changes and shifting consumer preferences. India was one of the fastest-growing economies in the year 2023 with all real estate indicators at record levels. With all the positive changes happening, the real estate market is poised for continued growth and transformation this year too.
According to a JLL Report, India sold more apartments in 2023 than in any of the previous years. Apartment sales across the top seven cities hit ~272,000 units, with Bengaluru, Mumbai and Pune being the top three active markets. India’s office markets boomed last year with the leasing activity surging to 63 million sq. ft.
Here's a look at the top forecasts and 2024 Indian real estate trends that are likely to define the sector.
Smart Home Revolution – This year is sure to witness a surge in demand for properties equipped with smart technology. Homebuyers are increasingly seeking properties that offer convenience, security and energy efficiency with the addition of automated lighting and temperature control to advanced security systems.
Growing Sustainability Focus – Sustainability will continue to remain a priority for both developers and homebuyers with growing environmental consciousness. Incorporating green building practices, energy-efficient designs and eco-friendly materials is bound to be a norm for the new real estate projects. The demand is also high for properties with features such as rainwater harvesting, solar panels, and waste management systems.
Winning Co-living Spaces – Co-living spaces offer a cost-effective and community-oriented living solution for young professionals and millennials in urban cities. With the dynamic nature of the work world, co-working spaces are also attractive to this particular demographic.
Rise in Suburban Shifts – Modern homebuyers are showing a marked preference for spacious homes and large properties with ample green spaces away from busy city centers. The demand is sure to go up for integrated townships and gated communities in suburban locations.
PropTech Gain Prominence – From virtual property tours to online documentation and payment systems, digitisation will streamline the homebuying process for both buyers and sellers. Integration of digital technology will be prevalent in real estate transactions going forward.
Affordable Housing Policy Boost - Initiatives by the government such as Pradhan Mantri Awas Yojana (PMAY) and incentives for developers in the affordable housing sector will stimulate demand and supply in this segment, making homeownership more accessible to the masses.
Emergence of REITs – As an investment avenue offering investors an opportunity to diversify their portfolios and earn steady returns, REIT has emerged as a popular option. The stability and maturation of REITs enhance transparency and investor confidence leading to the sector’s growth.
While growing urbanisation is sure to drive demand for affordable housing, infrastructure development and regulatory reforms can influence market dynamics and investor sentiment. In conclusion, Indian real estate 2024 trends are characterised by innovation, sustainability and affordability. As developers, it is pivotal to seize emerging opportunities and adapt to changing consumer preferences and technological advancements.
Staying abreast of these trends is crucial for homebuyers, developers, or investors to navigate the dynamic landscape of Indian real estate. As the real estate sector embraces sustainable practices, technology integration and customer-centric approaches, Brigade Group will continue to remain at the forefront, incorporating these trends into its developments.
