Insights on 2023 Closure and Prospects for 2024: Statements by NAREDCO and Ashiana Housing

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    Mr. G Hari Babu, National President of NAREDCO:
    • Resilience Amidst Adversity: The Indian real estate sector showcased unwavering resilience in 2023, navigating global uncertainties and economic challenges while emerging stronger and more adaptable.
    • Growth in Housing Sales: The year witnessed remarkable growth in housing sales driven by sustained demand for affordable residences. Additionally, there was a notable surge in the luxury housing segment, complemented by the transformative integration of technology.
    • 2024 Outlook: Looking ahead to 2024, a promising landscape awaits the real estate sector. The anticipation stems from a stable economic scenario combined with governmental initiatives aimed at fortifying infrastructure and an increasing focus on sustainability. These factors are poised to elevate the industry to unprecedented levels of success.
    Mr. Ankur Gupta, JMD, Ashiana Housing:
    • Shift in Housing Trends: New trends are reshaping the real estate landscape with a growing emphasis on senior living and kid-centric homes. The rise in the aging population underscores the increasing need for secure living spaces tailored for seniors, integrating social activities and healthcare amenities.
    • Focus on Child-Centric Homes: Modern home preferences reflect a demand for residences that cater to children’s development. This includes designated play areas, educational zones, and specific facilities catering to diverse age groups. Anticipated growth in these trends aligns with the robust demand expected in 2024.
    • Resilient Housing Market in 2023: Despite concerns about potential interest rate impacts, the housing market in 2023 remained largely unaffected. The sector displayed resilience on both supply and demand fronts, resulting in minimal inventory overhang. This resilience is anticipated to persist throughout 2024 and 2025.
    • Expectation of Price Trends: Forecasts suggest a potential slowdown in price appreciation compared to the previous year. However, solid price increases are still expected, albeit not reaching the prior year’s levels. The market remains poised for consistent growth, highlighting the enduring strength of supply and demand dynamics.

    Also read: Residential Real Estate Trends and Growth Projections in Top Indian Cities

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