Key elements for homebuyers to watch in the 2024 housing market
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.
