2024 Housing Market Outlook: Developers Seek Tax Cuts and Lower Interest Rates
Real estate developers are optimistic about the housing demand in 2024, but seek tax relief and lower interest rates to sustain the market momentum.
Real EstateHousing MarketDevelopersTax CutsInterest RatesCredaiColliersReal Estate NewsJul 05, 2024
The survey also found that about half of the surveyed developers feel that residential demand will remain stable in 2024, and nearly two-thirds are willing to explore alternate segments like plotted developments, branded residences, etc., within housing. Developers are gung-ho, given that over the last two or three years, the housing market has seen a surge in demand across tier I and II cities.
The survey covered developers' assessment regarding the performance of the residential segment in 2023 and the growth projection of the housing market in 2024, taking responses from over 550 respondents from 18 states across India. According to the survey, during April-May 2024, about half of the surveyed developers are confident of buoyant residential demand in 2024. Amidst strong demand, about 52% of the developers pan India expect housing prices to rise in 2024.
Boman Irani, President CREDAI, said, \
Frequently Asked Questions
What is the current sentiment of real estate developers in India?
According to the survey, more than 50% of real estate developers are optimistic about the housing demand in 2024 and are seeking tax relief and lower interest rates to sustain the momentum.
What are the key expectations of developers from the new government?
Developers are seeking tax rationalisation, sops for affordable housing, and single-window clearances to ease business and help more people buy their dream houses.
What is the trend in construction costs in 2023?
About 45% of the developers saw a 10-20% rise in construction costs in 2023 amidst rising input costs.
What is the outlook for residential demand in 2024?
About half of the surveyed developers feel that residential demand will remain stable in 2024, and nearly two-thirds are willing to explore alternate segments like plotted developments, branded residences, etc., within housing.
What is the significance of NRI demand in the Indian housing market?
Over 80% of developers believe that NRI demand for residential properties will increase in 2024, led by the country's attractive investment landscape, a favourable regulatory environment and potential for investment gains.
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