India’s real estate scene was revived in 2022 after a pandemic pause and continued its record-breaking momentum in 2023, fueled by strong demand and ample supply. The luxury housing niche soared, with the mid-segment dominating sales in the Rs 50-75 lakh bracket. The premium segment’s slice grew from 18% in 9M 2022 to 22% in 9M 2023, with Delhi NCR and Mumbai leading premium sales. Luxury segment sales (above INR 3 crore) surged by 83%, hitting 14,627 units in 9M 2023, reflecting a trend of homebuyers opting for larger spaces. While property prices have been on an upward trajectory, 2024 is projected to usher in a more measured pace, potentially influenced by government initiatives for affordable housing and stricter property transaction regulations. This might present an opportune window for extended investments, yet buyers should carefully weigh other pertinent factors.

The year 2024 is projected to be a game-changing year for both homebuyers and investors, with plenty of new and emerging trends to watch out for.

Lifestyle-centric homes and smart technology

Today’s home buyers are increasingly aspiring for more than mere living spaces; they desire a holistic lifestyle. Houses equipped with amenities like swimming pools, gyms, and communal areas are gaining traction, providing an enriched living experience that extends beyond conventional boundaries. Additionally, the integration of smart technology into homes has become customary, and this trajectory is anticipated to persist into 2024. Smart homes, featuring automated lighting and security systems controllable via smartphones, are becoming standard. Investing in a smart home not only simplifies daily routines but also enhances the overall property value, reflecting the evolving preferences of contemporary homeowners.

Rise of the suburbs

As big cities get busier and more expensive, living in the suburbs is becoming a popular choice. Suburbs offer a quieter life but still give you access to city perks. Suburban homes often have more space and green surroundings, making them a good option for families or those who just want a more peaceful place to live. There are many cities that made way in 2023 and Goa was one of them. Places like Goa, known for a good lifestyle and beautiful scenery, are attracting homebuyers and investors. These cities offer a mix of affordability, a good way of life, and a chance for good returns, making them big players in the real estate game in 2024.

Environmentally friendly homes

Citizens of the country are more aware of the environment now, and that’s affecting the kind of homes they want. Green building practices, energy-efficient appliances, and eco-friendly materials are becoming common in modern homes. If you are looking to buy, focus on properties designed with sustainability in mind. These homes help the environment and save you money on utility bills in the long run.

Luxury real estate thrives and holiday homes are in

Fancy homes for the wealthy are still booming. Luxury properties that are architectural marvels with cool amenities are catching the eye of investors. Also, having a holiday home is becoming a trend. People are looking for homes in beautiful vacation spots for a getaway or even as an investment to rent out. This trend is expected to continue through 2024.

The Indian real estate market is undergoing a fascinating transformation, presenting a spectrum of opportunities for both buyers and investors. Sustainability is no longer a fringe concern, with eco-friendly construction and smart technology becoming increasingly sought-after features. Meanwhile, the allure of luxury living persists, attracting discerning buyers, while the potential of vacation homes in picturesque locations continues to grow. Beyond the established metropolises, tier 2 cities are emerging as investment magnets, offering exciting prospects for individuals. By recognizing and understanding these diverse trends, individuals can navigate the Indian real estate landscape with confidence, ensuring their next move in this dynamic market is a well-calculated step toward the future.