How Will Indian Homebuyers Sustain Housing Momentum?
In the wake of the post-COVID era, the Indian real estate sector has experienced a noteworthy shift in the sentiments and behaviors of homebuyers. Over the past three years, there has been a gradual transition from renting homes to fulfilling the cherished dream of owning one’s abode. This shift is not arbitrary but is fueled by various factors that are likely to shape the real estate landscape well into 2024.
A pivotal driver of this change is the evolving investment preferences of consumers. India’s investment landscape has witnessed a discernible move towards real estate, with homebuyers increasingly opting for ownership over renting. This shift is buoyed by a favorable buying environment, and it is expected to persist into 2024. Industry stakeholders are actively ensuring a consumer-centric focus, underlining a commitment to meet the evolving needs and preferences of homebuyers.
Geographical focus is another significant aspect shaping real estate trends. Government initiatives like Smart Cities and PMAY, coupled with the emergence of satellite cities and a thrust towards robust infrastructure, present substantial opportunities in Tier II and III cities. While Tier I cities continue to allure investors and homebuyers, 2024 is poised to witness a sharper growth curve in Tier II and III cities. These regions are stepping forward to spearhead development and complement the success of established areas. The anticipation is that prices in these cities will rise as commercialization and economic activities increase, influencing the demand-supply dynamics positively.
As we look ahead to 2024, it emerges as a crucial year for the Indian real estate sector. Building on the high volume of housing registrations witnessed in 2023, there is a platform for sustaining and potentially surpassing this momentum. However, achieving this will necessitate continued collaboration between industry stakeholders, with developers playing a crucial role.
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Marlen Sutton
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Darrell Berges
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