India Residential Outlook 2024

As we step into a new fiscal year, the Indian real estate sector continues to demonstrate resilience and growth. Here are some key projections for 2024:

Robust Trajectory:

·         India’s residential real estate sector is forecast to maintain a robust trajectory in 2024.

·         This growth is supported by strong underlying market fundamentals.

·         Despite potential market headwinds, sales and new property launches are expected to remain buoyant.

Divergent Asset Pricing Trends:

·         Different markets may exhibit varying asset pricing trends.

·         However, the premium and luxury residential segments (priced at INR 2 crore and above) are likely to thrive.

·         Discerning buyers continue to prioritize spacious accommodations with convenient access to essential support infrastructure1.

Affordable Housing Segment:

·         The affordable housing segment is anticipated to witness significant growth.

·         By 2024, there is an estimated 10% increase in overall residential sales.

·         Specifically, the affordable housing segment is expected to grow by 12%.

Market Size and Growth:

·         The real estate industry in India is estimated to be USD 0.33 trillion in 2024.

·         By 2029, it is projected to reach USD 1.04 trillion, growing at a CAGR of 25.60% during the forecast period.

In summary, the Indian real estate market remains dynamic, with opportunities and challenges. While the sector faces hurdles, its inherent strength and positive indicators position it for continued growth in the coming years.

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