WHAT A YEAR it has been for India’s housing sector! Projections are suggesting a remarkable ten-year high in terms of both sales and new launches, and potentially surpassing the 300,000-unit milestone. What’s even more thrilling is that this trend is expected to persist in 2024.
Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa - CBRE, attributes this shift to evolving homebuyer preferences. “Affordability will no longer be the sole decisive factor for homebuyers as health and safety, community living, sustainability, and integration of smart home technologies have also started to emerge as key factors in home purchase decisions,” says Magazine.
He states that the demand for projects in the mid and budget/affordable category (Rs 45 lakh to Rs 1 crore) is projected to remain strong, aligning with the trends of the past couple of years. “We also expect projects in the premium and luxury segments (Rs 2-4 crore and above) to continue experiencing healthy growth,” he adds.
As per ANAROCK Property Consultants, the residential sector surpassed all previous highs in 2023 with sales creating a new peak every quarter. Even before Q4 2023 sales numbers are collated, the strong sales momentum indicates that the total value of homes sold in 2023 will cross the Rs 4.5 lakh croremark, which will be 38 per cent more than the total sales value of Rs 3.27 lakh crore clocked in 2022, it says.
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