Square Yards says the Indian residential real estate market has entered a promising post-pandemic boom, driven by pent-up demand and strong sentiment for homeownership.
Registration of residential properties in the country’s eight major cities increased by 4 percent to 5.77 lakh units in the year 2024. Real estate consultant Square Yards gave this information on Tuesday. These eight big cities are Thane, Mumbai, Navi Mumbai, Bengaluru, Hyderabad, Noida, Greater Noida and Ghaziabad. According to PTI news, 5.77 lakh residential transactions were registered in the primary and secondary markets in 2024, which is 4 percent more than the year 2023.
Total value of transactions exceeds Rs 4 lakh crore
According to the news, citing government registration data, Square Yards said that the total value of these transactions exceeded Rs 4 lakh crore, reflecting a year-on-year growth of 2 per cent compared to 2023. Tanuj Shori, founder and CEO of Square Yards, said that the Indian residential real estate market has entered a promising boom after the pandemic, driven by pent-up demand and strong sentiment for homeownership. Over the last two to three years, the sector has experienced exceptional growth, which naturally subsides in 2024.
Institutional investment in the real estate sector
Institutional investment in the Indian real estate sector has grown 51 per cent this year to a record $8.87 billion. Real estate consultancy firm JLL India said in a report that investors want to capitalize on the strong demand for housing, office and storage properties, which led to this growth. JLL India recently estimated that the total figure of institutional investment in the Indian real estate sector will be $8.87 billion in 2024, while it was $5.87 billion in the calendar year 2023. Foreign institutional investors (FIIs) have contributed 63 percent of the total institutional investment in Indian real estate.
Preference for ready apartments in Delhi
According to Magicbricks, a platform providing information about real estate, people looking for houses in Delhi are preferring fully ready apartments. About 80 percent of the people preferred ready apartments on its platform. Magicbricks said that there was the highest interest in ready apartments. 79.43 percent of searches were done on this option while 59 percent of the information was taken for newly built houses and 41% for resale properties.
