The Indian real estate sector has gone through various phases of boom and bust, but in 2024, it is witnessing a promising recovery. Both residential and commercial markets are showing growth, driven by a shift in buyer preferences, government policies, and new technological innovations. Here are some of the significant trends:
1. Post-Pandemic Recovery and Resilience
After the disruptions caused by COVID-19, India’s real estate market has shown resilience, with robust demand across various sectors. The residential market saw an uptick due to factors such as low home loan rates and increased demand for bigger living spaces post-pandemic. Homebuyers are now looking for larger properties, preferably in the suburbs or emerging cities with good connectivity.
2. Shift Toward Affordable Housing
The government’s initiatives like Pradhan Mantri Awas Yojana (PMAY) and the push for affordable housing schemes have resulted in a surge of demand for homes priced under ₹45 lakhs. This trend is not just about the cost but also about quality housing options with better amenities. Developers are focusing more on offering affordable yet high-quality homes to cater to middle-income buyers.
3. Technology and Digital Transformation
With increasing internet penetration, property buyers now prefer browsing and shortlisting homes online before visiting the site. Platforms such as Magicbricks, Housing.com, and 99acres have transformed the way people search for properties. In addition to this, developers are investing in virtual property tours, online documentation, and e-registration services to enhance the customer experience.
4. Eco-Friendly and Sustainable Living
There’s been a marked shift towards eco-conscious living in the Indian real estate market. Builders and developers are focusing on creating green buildings that comply with international standards of energy efficiency, water conservation, and reduced carbon footprints. This has led to the rise of “green homes” with solar panels, rainwater harvesting, and other sustainable features.
5. Rising Property Prices and Investment Potential
The demand for real estate is increasing, especially in Tier II and Tier III cities, due to infrastructure improvements, connectivity, and new government policies. These areas present attractive investment opportunities. However, property prices are rising, and it’s important for buyers to be mindful of affordability while seeking long-term investment prospects.
