In 2023, the Indian real estate market reached new heights. More homes were built and sold, showing a big improvement compared to previous years. Experts predict this trend will continue in 2024. Despite challenges, the real estate market in India has remained stable. It makes investors happy.
However, positive predictions and steady growth show that the market will keep going strong in 2024 and beyond. One major reason for these trends is people moving from big cities to suburbs, which started before 2020 but sped up because of COVID-19.
Apart from this, there are other important changes in real estate to watch out for in the next 18-24 months.
Now, let’s dive into these trends.
Real Estate Trends in 2024
In 2024, the real estate market in India has options for all kinds of investors. The Indian economy is looking positive, with signs like recovering from a recent stock market dip, more job opportunities expected, and overall growth on the horizon.
This blog will look at the seven most important trends affecting the real estate industry in 2024 and beyond.
1.People are Moving from Cities to Suburb
The COVID-19 pandemic made many people move from big cities to the suburbs. However, more folks might keep choosing to live outside big cities for the next 3-5 years.
People are moving to different places for a reason: because they like to move for an eco-friendly living lifestyle.
Some people have to move because they are exhausted to stay where they are. They want to live a lifestyle where they get open spaces, natural water bodies, or riverside property that offers them a stress-free lifestyle and ensures all the conveniences.
In West Bengal, there are multiple suburban areas such as Rajpur Dhamaitala, Near Southern Bypass, East Kolkata- New Town, Batanagar, Ankurhati- NH 6 where commercial and residential properties are in demand.
2.Rising of Co-Living & Co-working Spaces
People are changing how they live and work, and the real estate market is changing too. More and more people are living in shared spaces and working flexibly.
This is because many young people are working and they like to work together. If you want to invest in real estate, think about buying properties that can be used for both living and working. These spaces should be able to change according to what people need.
3.Sustainable Development in Real Estate Property
People are changing how they live and work, and now real estate needs to be environmentally friendly. This means using green building methods, saving energy, and making developments that are good for the environment.
In 2024, we think more attention will be given to these things. Entrepreneurs who care about sustainability aren’t just helping the environment, they’re also appealing to more people who care about being eco-friendly.
4.Tier-II Cities Becoming Good Investment Area
More investments will be going to smaller cities in 2024. Government programs like AMRUT and Smart Cities Mission have made these cities great places to live. With more jobs and money, these cities will get more people moving in.
Some of these cities have big Indian and international companies, or they’re close to big cities. This means people will live in smaller cities and travel to work in big cities every day.
5.Post-Pandemic Decrease Rental Market
After the pandemic, more people want to buy their own homes. Those who can afford it will invest in buying a house. This means fewer people will be looking to rent in big cities. Many prefer owning a home now because it’s becoming more affordable compared to paying rent. As more people can afford to buy, the rental market will slow down in 2024.
With fewer people renting, more will be looking to buy homes. This will include younger and first-time buyers entering the market.
6.Growth in Commercial Property
After the pandemic, more people want to own their own homes. If they can afford it, they’ll buy instead of renting in big cities. Many now prefer owning because monthly payments are similar to rent. As more people can afford homes, fewer will rent in 2024. This means more people will buy homes, especially younger and first-time buyers.
7.Increase in Property Prices
More people wanting to buy homes and fewer homes available means prices will go up. People looking to buy homes now prices are going up. Some are even willing to pay more than the listed price to make sure they get the house they want.
Interest rates have been low, but that’s changing. Because of what’s happening in the world and prices going up, borrowing money will likely become more expensive in 2024.
Final Words
Investing in real estate in India has always been challenging. But as sales soar in many places, more people will see why it’s important to own property. The trends we saw in 2023 are likely to continue in 2024, along with any new ones that might pop up.
Srijan Realty is one of the reputed real estate developers in Kolkata. We commit to a luxury & eco-friendly property where business or living life will go happily and hustle-free.
