HOME RUN

After a decade-long slowdown, India’s real estate market reached its highest decadal sales level in the first half of 2024

- ARNAB DUTTA

IF THE DECADE before the Covid-19 pandemic for the real estate sector was defined by stagnant growth, poor execution of projects, and occasional disruptions due to fraudulent practices by developers, the years that have followed since have been marked by massive growth and robust sales. If earlier the trend indicated subdued enthusiasm from potential homebuyers, new avenues of growth have opened up in recent years.

Riding on the post-pandemic boom, the country’s property developers and other industry stakeholders are now more optimistic than ever about a turnaround the likes of which has never been witnessed before. From premiumisation in the existing pockets to the addition of newer micro markets thanks to rapid urbanisation and infrastructure development, the country’s leading real estate players are placing their bets on the changing landscape of Indian cities.

SOLID FOUNDATION

• After a decade of lull, the Indian real estate sector is finally seeing brisk sales

• Among segments, the luxury segment has been doing particularly well

• That demand has been driven by emerging trends like personalisation, technology integration and sustainability

• However, there are some concerns still about demand for affordable housing

Pradeep Aggarwal, Founder & Chairman of real estate company Signature Global (India) Ltd, says the Indian real estate sector surged in 2024, supported by rising urbanisation, shifting lifestyles, and increasing demand across premium and luxury segments. “Residential demand has been particularly strong, while the luxury market saw a boost from high net worth individuals and non-resident Indians (NRIs) keen on high-end amenities in cities like Gurugram, Mumbai, and Bengaluru,” he adds.