India’s housing market showed impressive growth in 2023, overcoming challenges like rising property prices and the highest interest rates in six years. Despite these obstacles, the demand for real estate, particularly in the luxury and second home categories, remained robust.

“We anticipate that the 2024 Budget will favour homebuyers, supporting the sector’s ongoing growth. The recent focus on affordable housing is expected to continue even in the coming fiscal year. To sustain the positive trend observed in the market last year, the government can introduce measures such as providing maximum deductions for home loans and ensuring a stable interest rate environment. Now that inflation is under control, we hope that repo rates will remain consistent this year. This would significantly enhance prospects for both residential and commercial real estate markets, establishing a favourable setting for sustained sectoral growth,” says Aditya Khushwaha, CEO & Director, Axis Ecorp.