The real estate sector, which suffered a lot after COVID, gained good results in 2023. It rushed without abating anywhere. Will this momentum continue in the New Year we are stepping into? Let’s see what the real estate market expectations are:
Our real estate sector, which went through many ups and downs during COVID, gradually recovered. With the lessons taught by COVID, the trends have also changed as people have preferred to own spacious houses. In this regard, the house-buying sentiment has worked well this year. As many as 2.3 lakh units, with sales worth Rs. 4.5 lakh crore, were sold across the country. It is expected to cross 3 lakh units by the end of December. This is the highest in 10 years. It is expected that this trend will continue in 2024 as well. It is said that the demand for mid-range housing projects and affordable housing will remain the same as it is now. Moreover, the growth is expected to continue in premium projects costing Rs 2 crore to Rs 4 crore and more. According to CBRE, the real estate consulting company, there will be new launches and leading developers will expand their portfolios.
In fact, despite interest rates being a barrier, houses sold significantly in seven major cities, including Hyderabad, during the first nine months of this year, regardless of the increasing prices. Compared to last year, there was a growth of 5 percent. Especially, there is a 70 percent increase in the premium category. Sales in this category have increased significantly as high-income individuals and expatriate Indians have turned to them. The same trend is continuing in Hyderabad. More and more people are opting for luxurious and spacious houses. They are choosing houses that are close to the office and suitable for working from home. Also, health, safety, social aspects, greenhouses, smart homes, etc. have become crucial. They are checking whether all the facilities and amenities are available in the house they have chosen. In this regard, regardless of the economic situation, people are voting for the house they want, which has all the facilities, even if it is a little difficult. Considering these aspects, it is expected that the real estate sector will continue to grow in 2024. Many people are of the opinion that the Hyderabad market is continuing to be stable at present.
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