JLL India analysis indicates that the Indian real estate market is expected to rise at a rate of 10 to 15 percent over the next several years.

Budget 2024: The real estate industry will undergo a radical shift in the upcoming year. Furthermore, we believe that the government will need to consider affordable housing in the future budget for 2024. We anticipate lower interest rates on home loans or even incentives,” Hiranandani Group’s Niranjan Hiranandani stated.

The Indian real estate sector saw record-breaking sales in 2023. The Managing Director (MD) of the Hiranandani Group, Niranjan Hiranandani, projects that India’s GDP would reach 8% in 2024 if the country’s real estate sector keeps expanding.

According to Hiranandani, India’s real estate market would expand more quickly than other industries. Real estate has a multiplier effect on the rest of the economy, which raises GDP. In addition, Hiranandani stated that despite the global slowdown, India’s IT, banking, and BFSI sectors are all performing well. The luxury and mid-class residential real estate markets have both prospered, and Mumbai is seeing significant infrastructural development.

With Prime Minister Narendra Modi’s launching of the MTHL link between Mumbai and Navi Mumbai in the next 24 months, a major shift in the real estate market is anticipated. There will be a 300-kilometer Metro network in the MMR as well. In addition, Hiranandani stated that the 2024 budget should prioritize affordable housing and that lower interest rates or potential incentives for house loans should be anticipated.

Third-year real estate upcycling:

The third year of the real estate upcycle has begun, with strong post-COVID-19 demand. More of what we produce and release is being ingested. Located in Mumbai, South India, we are constantly growing. Speaking to CNBC-TV18, Irfan Razack, Managing Director of Prestige Group, stated, “For us, we have got great response in Mumbai.

Affordable housing is a current necessity, thus infrastructure development will aid further. The source of volumes will be middle-class homes. Although it is a niche market, luxury will do well; actual quantities will come from mid-income housing, said Razack.

Prospects for growth in 2024:

JLL India analysis indicates that the Indian real estate market is expected to rise at a rate of 10 to 15 percent over the next several years. The residential segment had a 26 percent gain in sales in 2023 over the previous year, which was rather impressive. The high reached in 2023 was even more remarkable than the one in 2010, according to Samantak Das, Chief Economist and Head of Research at JLL, who noted that this was an unparalleled high since 2010.

Tech hubs like Bengaluru have seen very strong results, selling more flats than the Mumbai real estate market. Experts in the field predict that interest rates on home loans will drop in 2024, which would likely spur additional expansion in the real estate market.

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Source : Moneycontrol