Indian Real Estate 2024: Trends Reshaping the Industry
The last five years have been transformative for the global real estate industry. In the midst of the global pandemic, socio-political upheaval, international and civil wars, and the ever-feared economic recession, the real estate industry is at an interesting crossroads today.
While the pandemic has ushered in a demand for spacious homes with world-class amenities, driven by the shift to remote or hybrid work modes, it has also simultaneously driven up demand for the premium and luxury residential sectors at an albeit affordable price. Nowhere are these trends more apparent than in the Indian real estate market.
As the rest of the world is dealing with headwinds on every frontier, our country is going through a period of economic nirvana, wherein the per capita income of the working class is on the rise, hand in hand with a steadily growing GDP. This has led to a gradual shift in consumer behaviour in the Indian real estate market. In this blog, we will endeavour to briefly study some trends in the real estate industry that we will likely be witnessing in 2024.
Shifting Consumer Investment Preferences:
The shift to hybrid work modes has, perhaps accelerated by the COVID-19 pandemic, transformed the real estate industry terrain. The housing insecurity many had to contend with during the pandemic has led to people being more inclined than ever to invest in residential property over renting.
Moreover, another interesting trend that the industry is witnessing is the rising demand for modern, state-of-the-art amenities in houses. Today’s rising middle class, with their increasing exposure to global standards of luxe living and escalating incomes, has a tendency to desire homes that reflect their aspirations for an elevated lifestyle.
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