THE DYNAMICS PROPELLING REAL ESTATE GROWTH IN KEY CITIES

Dr Gautam Kanodia, founder, KREEVA, co-founder, Kanodia Group, explains the trends

NRIs' investment has also contributed to India's real estate market growth, particularly in the luxury housing segment. Many NRIs consider luxury real estate in India a solid investment while capitalizing on the country's high growth potential in the housing market.

As one of the dynamic sectors, Indian real estate is on an upward trajectory driven by rapid urbanization, government initiatives, and a strong appetite for luxury homes. Major cities have been experiencing record sales during past quarters. Growth has also remained steady in the luxury segment, with increasing affinity toward owning homes across the country.

According to Knight Frank, a report shows that in the third quarter of 2024, the real estate market has marked positive signs. In the third quarter, year-on-year sales growth was seen at 5% in eight major cities, which translates to 87,108 units sold during the quarter, marking this year's highest quarterly sales. The report further indicates that there has been a stunning play towards premium properties; luxury homes priced over Rs.1 Crore made up 46% of the sales. This segment moved in good 41% y-o-y and registered a healthy demand from customers for luxurious housing.