Realty Outlook 2024

As real estate enters 2024 on the back of a remarkable performance in 2023, Torbit Realty presents the views of i a cross section of ndustry captains about the outlook for 2024. Vinod Behl

 Manoj Gaur, CMD, Gaurs Group and Chairman CREDAI

As we move into 2024, momentum in the premium housing segment  that saw notable  growth in 2023, will show no signs of slowing down.    Recently launched projects have exhibited healthy demand.  Responding to evolving urban preferences for larger and luxury  living spaces , the real estate sector achieved unprecedented growth, particularly in the luxury housing segment . The Delhi-NCR region, as per CBRE  stood out with an impressive 216 percent surge in luxury housing sales in the  beginning of the year.In 2024, there is no likelihood of any significant price rise . At best, prices would grow linearly as supply  and demand are matched.

Gaurav Pandey , MD & CEO, Godrej Properties

Buoyed by end-user  driven demand , both new launches and home sales have shown positive momentum. As affordability of residential real estate remains in a sweet spot , this together with favourable macroeconomic indicators , are expected to drive positive momentum in the property market in the coming times.

Anuj Puri, Chairman, Anarock Group

 The residential real estate segment has had a multi-year bull run with sales creating a new 15-year peak in 2023. Going forward, the demand is likely to remain unimpacted in 2024. The average property prices are likely to appreciate by 8-10 percent  across  top 7 cities. In fact residential sales will continue to remain upbeat over the next few years.

Ashwinder R Singh, Co-Chair, CII NR Real Estate & CEO, Residential, Bhartiya Urban

As we navigate the transformative landscape of real estate in 2024, it becomes evident that the industry is on the cusp of a significant shift. The collaboration between traditional players, start-ups and tech advancements is paving the way for a more accessible , transparent and dynamic real estate market. The focus on smaller, well-designed homes, flexible workspaces, modern warehousing solutions and personalised hospitality experiences, reflect an industry ready to embrace transformation  and cater to the evolving needs of a dynamic consumer base. In 2024, realty sector is not just anticipating growth but a redefined and more inclusive experience for all stakeholders.

. Mohit Goel, MD, Omaxe Group

Following a remarkable stride in the realty sector  in 2023 ,  promising trajectory persists for 2024.  NCR and cities such as Lucknow, Chandigarh etc emerged as pivotal hubs for upscale residential and commercial developments, amplifying the allure of these destiations in the new year. The year ahead anticipates an elevation in the real estate landscape, promising substantial returns on investment . The consumer demand across Tier 1,  2 & 3 cities mirrors a distinct trend towards aspirational living spaces. As we move into 2024, expectations soar for a buoyant market, driven by strategic launches, favourable policies, and a harmonized balance between consumer aspirations and market offerings.

  Darshan Govindaraju , Director, Vaishnavi Group

The year gone by saw multiple niche trends like sustainable real estate,  student housing, senior living, built-to-suit commercial projects which emerged as  fast-growing sub-segments. The year set the tone for the  the  next five years of real estate which is expected to witness a dream run on the back of increasing interest from home buyers, occupiers and investors. This , coupled with improving regulatory landscape of RERA and increasing purchasing power of end consumers, will bode well for the sector.

Pradeep Aggarwal, Founder & Chairman, Signature Global Group

Looking ahead to 2024, the positive trends set in motion  in 2023 , will reverberate promisingly  for the entire real estate industry. The anticipated growth in demand for mid-range housing and luxury housing, will continue to mirror  the preferences of home buyers , signifying  the resilience and adaptability inherrent in the real estate market. The anticipated   growth in demand aligns with the broader landscape as the Indian real estate sector is poised to have a quantum  jump  in the coming years.

Angad Bedi, Managing Director, BCD Group

In the wake of overall positive trajectory overshadowing the challenges , evident in the growth  across various asset classes such as  office spaces, residential properties, retail spaces, flex spaces  and more, there are  promising  times ahead with good opportunities. A significant number of micro markets are emerging as alternatives to metros  and the focus will further be shifting to these markets as next growth destinations. From a buying sentiment point of view, aspirations are evolving , creating more possibilities for the sector to innovate and expand its offerings .

Amal Mishra, Co-Founder UrbanVault

The year 2023 proved to be highly successful  for managed flexible and co-working spaces, witnessing a significant resurgence in demand. Key trends  expected to drive growth in the sector in 2024  include the evolution of business models, heightened investor activity and demand from domestic as well as international companies. Technology -enabled services, with a focus on AI , will take centre stage in shaping the future of  flexible spaces. Customized solutions will be integral to managed flexible spaces, with the segment maintaining an upward trajectory in 2024 and beyond.

Saransh Trehan, MD, Trehan Group

After a successful run in 2023, real estate sector  presents a robust outlook for 2024. Particularly the Tier 2-3 cities will turn out to be major growth drivers in view of rapid urbanization and upgradation in peoples’ living standards. We will see more movement in Gurgaon luxury market, especially looking at the way new launches are happening. People are moving closer to NCR to meet their basic housing needs. The demand for low rise floors will continue to be high. Besides end- users, investors will also be fuelling the NCR market in 2024.

, Sunil Pareek , Executive Director, Assetz Property Group

The year 2023 has sown  seeds of fresh opportunities to flourish in 2024. At the back of this lies  India’s resilient economy and  proactive and progressive  policies. All this has already impacted real estate in a positive manner and boosted the developer, buyer and investor confidence. Whether it is commercial or residential real estate , the year 2024 will turn out to be a great year .

Shrinivas Rao, CEO, Vestian 

Government’s infra push, , increased domestic demand, corporates’ back to work strategies and rise in e-commerce kept the real estate market buoyant in 2023. The year 2024 will see markets stabilizing and Tier 2 cities are likely  to see increased traction on the back of affordability, abundance of local talent pool and a robust pipeline of infrastruture projects. With a core focus on  sustainability and innovation, real estate will have a bright future

Rajjath Goel, Managing Director, MRG Group

Delhi-NCR emerged as a focal point for high-end real estate transactions, as the demand for spacious and opulent residences remains robust. Gurugram’s real estate market has witnessed remarkable price appreciation , surpassing Bengaluru and Noida.  As we step into 2024, we anticipate this positive trend to continue, with Gurugram standing as a thriving commercial and technological hub that will solidify its allure for investors in both residential and commercial domains, propelling further growth in the real estate sector.

Yukti Nagpal, Director, Gulshan Group

The real estate sector in India experienced unprecedented growth in 2023, notably in the luxury housing segment. The industry responded to evolving urban tastes with a focus on luxury and larger living spaces. Delhi-NCR emerged as a hotspot, witnessing a remarkable 216% growth in luxury housing sales. With positive economic indicators and increased NRI investments fuelling this surge,there will be no looking back for the premium housing segment in 2024.

. Sanchit Bhutani, MD, Group 108

India’s real estate market experienced a boom in 2023. In NCR ,Noida  witnessed the leasing of more than 10 million square feet of office space from 2020 till the third quarter of 2023, establishing it as a prominent commercial destination. The  year  gone by saw rising demand amidst a series of favourable factors, including steady repo rates, robust infra development,  availability of state-of-the-art projects and strong connectivity. The retail segment also soared high , inviting International brands. In this favourable backdrop, the year 2024 is expected to see growth on the lines of 2023 , sustaining  balance between supply and demand.

Prateek Mittal, ED, Sushma Group 

The real estate landscape in 2023-24 is characterized by three significant trends. Firstly, there is a discernible shift towards the prominence of luxury residential and commercial spaces. Secondly, tier 2 and 3 cities are experiencing a resurgence, buoyed by improved infrastructure, government initiatives, and  rise of remote work. With buyers’ growing penchant for eco-friendly, sustainable properties, the popularity of holiday homes , particularly in hills, will continue.Tri-city as a whole, will see demand for below 2 crore ticket size residential properties. The expanding  city and improving connectivity (including proposed Metro) will  further  boost  realty.