According to housing.com’s recent analysis, Mumbai, Pune, and Hyderabad stand out as key drivers expected to propel growth in India’s residential real estate sector this year.
The data, focused on online homebuyer activities, emphasizes these cities as vibrant centers poised to influence the real estate landscape in the upcoming months.
The report highlights significant localities such as Kondapur (Hyderabad), Greater Noida West (Greater Noida), Mira Road East, Malad West (Mumbai), and Whitefield (Bengaluru) as pivotal areas for high-intent home buying online. With an anticipation of increased demand for luxury apartments, particularly in the price range of one crore to two crores and higher, the report unveils a significant surge of 7.5 times in online property searches in 2023 compared to the previous year.
Dhruv Agarwala, Group CEO of Housing.com, PropTiger.com, & Makaan.com, attributes this robust buyer confidence to the Reserve Bank of India’s decision to halt rate hikes in April. He remarks, “There’s a noticeable surge in residential demand across various market segments, indicating a promising outlook for 2024.”
“Monthly rents in prime city areas, driven by the service industry, have escalated by 25-50%,” mentioned Ankita Sood, head of research at Housing.com, PropTiger.com, & Makaan.com. She highlighted a 15-20% increase in property prices from pre-COVID levels. Sood predicts that the growth in 2024 will not just be confined to metros; Tier-2 cities are expected to emerge as new economic and real estate hubs due to burgeoning opportunities.
(Source: The Hindu)
Also read: Dr. Niranjan Hiranandani’s statements about the Indian real-estate sector