“India’s residential real estate sector witnessed impressive growth in 2023, reaching a peak not seen in the last 15 years.In the backdrop of India’s strong economy, the real estate sector has witnessed strong end-user driven demand for housing. We are witnessing growth. We will supply,” said Anuj Puri, Chairman, Anarock.
He expressed confidence that the real estate market will grow further next year.
“Given the ongoing development and sustained momentum in the Indian economy and residential real estate sector, we expect continued growth next year, although the rate of increase is likely to be more moderate due to strong base effects.” Puri said.
He added that sales are expected to outpace or remain in equilibrium with supply, which could push prices up by 8-10% across major markets in 2024.
Big brand developers with a strong track record in project execution say that prospective homebuyers and investors are queuing up to book apartments in droves, exceeding supply, and within days, all of their project inventory has been sold. reported.
DLF, the country’s largest real estate company, in March said it would sell 1,137 luxury apartments priced at over Rs 7,000 crore in a housing project in Gurugram for over Rs 8,000 crore within three days.
DLF, Prestige Estates, Macrotech Developers and Godrej Properties all reported sales of between Rs 12,000 crore and Rs 15,000 crore in the previous fiscal year and their financial results for FY 2023-24. We expect it to improve further.