What are the best places to buy property in 2024?
The Indian real estate market saw a notable uptick in demand for upscale and luxurious residences in 2023, particularly in metropolitan areas. This increase was driven by consumers’ growing desire for larger homes. Let’s dive into what to expect in 2024 in terms of trends and where to invest.
How did the real estate market perform in 2023?
The Indian real estate market experienced remarkable growth, with significant progress noted across the country in both the residential and commercial domains. Remarkably, demand for premium and luxury houses increased dramatically, especially in cities, in line with people’s changing tastes for larger living quarters. One notable example was the Delhi-NCR area, where non-resident Indians (NRIs) and improving economic indicators contributed to an amazing 216% spike in luxury home sales. The sector’s ability to adjust to the changing dynamics of non-metro markets was highlighted by its strategic growth into Tier-2 and Tier-3 cities, which involved the purchase of 1,461 acres for residential constructions.
How is the property market expected to perform in 2024?
Driven by strong economic growth, India’s real estate market saw an extraordinary boom in 2023, paving the way for further expansion in 2024. It is expected that the previous year’s trend will continue, especially in high-end deals in Delhi-NCR. Large, opulent homes are still in high demand, and developers who understand how customer tastes are changing are in a good position to profit from India’s attraction as a destination for foreign investment. 2024 is predicted to deliver vibrancy and significant returns on investment to the real estate market as developers investigate unexplored development opportunities.
What are the best places to buy property in 2024?
NCR cities like Noida, Faridabad, and Gurugram ought to be on the minds of investors by 2024. High return potential is there in prime sites like those near Yamuna Expressway, Jewar Airport, and Dwarka Expressway. Hyderabad has become a new real estate hotspot among other big cities, selling about 44,220 housing units for about Rs 35,802 crore in the first nine months of 2023. When compared to the same period last year, the city has increased by over Rs 10,000 crore, or roughly 43%, and is expected to provide strong returns in 2024.
Will the luxury property market continue to be in focus in 2024?
In 2023, the Indian real estate market expanded in a way never seen before, with the luxury home market drawing a lot of interest. Leading the upswing were projects costing more than 1.5 crore, which offered not only residences but also statements of living. This trend is in line with new premium offerings from developers and is driven by a desire for large residences that are 2,500 square feet or more. The momentum in the luxury housing market is anticipated to continue as we approach 2024, indicating steady expansion.
Source: businesstoday.in
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