Dr. Dharmesh Shah, CEO of Hero Realty, says that high-quality living will take center stage, with a liking for big residences and lifestyle statements.

Following a record-breaking 2023, India’s real estate industry is expected to increase again in 2024. Fueled by excellent economic performance, the momentum built during the previous year is expected to usher in a new era of prosperity and dynamism. Customers want to add that X-factor to their living environments. Whether visually, technologically, in terms of amenities, or a combination of the three.

The Delhi-NCR area emerged as a leader in this rise, with a remarkable 216% increase in luxury house sales. This jump was ascribed to stronger economic indicators and increasing investments by non-resident Indians (NRIs). As strategic expansions into Tier 2 and Tier 3 cities progressed, the sector’s flexibility was demonstrated by the acquisition of 1,461 acres for residential construction.

As India’s real estate market heads into 2024, the stage is set for further growth and prosperity. According to Euromonitor International, India’s luxury housing industry is predicted to grow to Rs 82,186 crore by 2027, up significantly from Rs 53,561 crore in 2022. Reports from several agencies highlight the development potential, predicting that India’s premium real estate market would rise to 3.5 times its current size by 2030, implying gradual expansion in the following years.

In 2023, the luxury sector gained center stage, reflecting discriminating preferences for big residences and lifestyle statements. High-end sales in the comfort living sector are projected to continue, reflecting the continuous desire for large and gorgeous homes. When it comes to getting the most sought-after alternatives before others, affluent Indians have a notable fear of missing out (FOMO). Developers that are responsive to shifting customer tastes are well-positioned to capitalise on India’s attraction as a global investment destination.

One of the important expectations for the coming year is developers’ discovery of untapped development zones, which will bring energy to the real estate scene and uncover new investment prospects. Cities in the National Capital Region, including Gurugram, have been identified as significant investor hotspots for 2024, notably in the premium housing industry.

Several trends have gathered traction over the past year, creating the groundwork for an exciting and dramatic 2024. Among these developments is the growing use of virtual and augmented reality in real estate marketing.

While the usage of virtual and augmented reality is not new, its relevance is predicted to grow by 2024. As technology advances, potential buyers and investors rely more on immersive experiences to virtually tour properties from the comfort of their own homes. Virtual staging, 3D property walkthroughs, and augmented reality-enhanced property previews are expected to become commonplace, offering a more engaging and dynamic way to showcase luxury real estate.

Simultaneously, increased awareness of environmental sustainability is encouraging real estate developers to include eco-friendly elements into their developments. These patterns show the growing dimensions of the luxury lifestyle market.

As we move forward, the momentum from 2023 is likely to continue into 2024, fueled by solid economic success. The luxury category will take the spotlight, with a predilection for large residences and lifestyle statements. The real estate and luxury marketing environment is undergoing transition, and professionals who embrace and adapt to these trends will be well-positioned to prosper in a quickly changing market.

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Source : Reality Plus