๐ฅ๐ฒ๐ฎ๐น ๐๐๐๐ฎ๐๐ฒ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ง๐ฟ๐ฒ๐ป๐ฑ๐ – ๐ค๐ฎ ๐ฎ๐ฌ๐ฎ๐ฐ
The Indian real estate market is showing signs of stabilization. In May 2024, the median home sales price reached โน1.5 crore ($182,000), reflecting a 5% increase from the previous year. However, pending home sales dropped by 2.7% in June, highlighting affordability challenges for many buyers.
There’s a growing demand for sustainable and energy-efficient homes. According to the Indian Green Building Council (IGBC), energy-efficient homes can reduce electricity consumption by up to 30%. This trend aligns with the global smart home market, which is expected to reach โน14,99,900 crore ($182.3 billion) by 2025.
Key regions, especially Tier 1 cities, are experiencing robust growth. Property sales in the top-8 cities increased by 9.91% year-over-year. The real estate sector is set for significant growth, with the market size estimated at โน27,06,000 crore ($0.33 trillion) in 2024, projected to reach โน85,32,000 crore ($1.04 trillion) by 2029.
The Union Budget 2024 continues to emphasize ‘Housing for All,’ with potential tax relief measures aimed at stimulating affordable housing.
All in all, weโre looking at a yet another bullish year for Indian Real Estate with increasingly superior product offerings being offered with every new project.