Indian real estate is booming. Despite the economic uncertainties and challenges around the world, the real estate sector is showing great progress. The first two months of this year have seen significant progress in terms of sales. Compared to the first two months of last year, there has been good growth this time.
Real estate market statistics have brought about a significant change in the investment patterns of the wealthy population of the country. The country’s super-rich have allocated 32 percent of their wealth to residential properties. In fact, last year too, the real sector of our country made strong progress. It recorded good growth, especially at the end of the year. Industry experts predict that the same momentum will continue in 2024. It is stated that the residential market will show steady growth.
It is estimated that the sales of houses this year may increase by 10 to 15 percent over last year. In line with this, sales of properties have increased. Eight major cities across the country have recorded an increase in registrations this year over last year. As far as Hyderabad is concerned, 6,938 house registrations were done in February. Compared to February last year, there was an increase of 21 percent.
Registrations in February have increased by 27 percent compared to January this year. In January, 5,411 properties worth Rs 3,279 crore were registered. In January last year, 5,454 units valued at Rs 2,650 crore were registered. At the same time, the demand for luxury homes is increasing. On the other hand, office space leasing is also increasing massively across the country. Office space leasing is expected to cross the 50 million square feet milestone in 2024.
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