Housing Demand In 2024: Like 2023, residential demand in the country will remain strong in the new year 2024 also. Like the last few years, 2024 too may see the highest increase in housing demand from Rs 45 lakh to Rs 1 crore. Besides, the demand for premium and luxury segment homes priced at Rs 2-4 crore and above will also remain strong.
Developers will explore possibilities in new cities
CBRE has said in one of its reports regarding the outlook of the residential sector in 2024 that the country's reputed residential developers will look for opportunities in new cities so that they can expand their portfolio and take advantage of brand value. According to CBRE, the sentiment regarding home buying that was seen in 2023 will continue in 2024 also. According to the report, along with mid-segment affordable category, premium luxury housing demand will also remain strong in the new year.
Sentiment improved due to no increase in interest rates
Anshuman Magazine, Chairman, CEO, CBRE India, South-East Asia, Middle East and Africa Anshuman Magazine There will be an improvement in sentiment for home buyers due to RBI putting brakes on increasing interest rates and the ban on increasing interest rates will give a boost to the real estate sector. Will get benefit. He said that when inflation comes down, the period of reduction in interest rates may also begin. Earlier, while announcing the monetary policy on Friday, December 8, RBI has not made any change in the interest rates.
Expensive loans have no impact on demand
CBRE said in its report that despite the increase in interest rates on home loans, there has been no impact on housing demand. During January to September 2023, sales of 2.30 lakh housing units were seen, 5 percent more than last year. Developers have launched 2.20 lakh new housing units during this period. Mid segment housing remains a strong pillar of residential demand but luxury premium segment housing demand has also increased in 2023.
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