Residential Property Market Thrives in Indian Metros
Residential property registrations have seen a notable 4% increase in 2024, with 5.77 lakh units registered across major cities like Pune, Mumbai, Hyderabad, and Bengaluru. The total transaction value has surpassed Rs 4 lakh crore, showcasing a robust rea
Real EstateProperty MarketIndian CitiesResidential PropertyPostpandemic GrowthReal Estate PuneDec 31, 2024
According to a comprehensive report by Square Yards, a leading real estate consultant, this marks a substantial boost in both primary and secondary markets.
The total transaction value has surpassed Rs 4 lakh crore, reflecting a 2% year-on-year growth over the previous year.
This upward trend signals a strong rebound in the Indian residential real estate market following the challenges posed by the pandemic.
Industry experts, including Tanuj Shori, CEO of Square Yards, attribute this promising upcycle to pent-up demand and a heightened sentiment for homeownership.
Despite the moderated growth in 2024, the market continues to show resilience and potential for further expansion.
Shori notes, 'The post-pandemic period has seen a surge in people's desire to own a home, driven by factors such as improved affordability, favorable interest rates, and a stable economic environment.'
Square Yards, a well-established real estate consultancy, has been at the forefront of providing insightful market analysis and strategic advice to both buyers and sellers.
Their expertise has helped many navigate the complexities of the real estate market, ensuring informed and confident decision-making.
The cities of Pune, Mumbai, Hyderabad, and Bengaluru have been particularly noteworthy in this surge.
These urban centers, known for their robust economies and growing populations, have witnessed a significant influx of both first-time buyers and investors.
The availability of new housing projects, coupled with the government's initiatives to promote affordable housing, has further fueled this growth.
This positive trend is expected to continue in the coming years, driven by ongoing infrastructure developments, a strong job market, and increasing urbanization.
The real estate sector is a key driver of the Indian economy, and the current upcycle bodes well for sustained growth and development.
In conclusion, the residential property market in Indian metros is experiencing a healthy and robust growth phase, signaling a promising future for both buyers and sellers.
The combination of pent-up demand, favorable economic conditions, and government support is set to keep the market on a positive trajectory.
Frequently Asked Questions
What is the percentage increase in residential property registrations in 2024?
Residential property registrations have increased by 4% in 2024.
How many units were registered in the eight major cities in 2024?
A total of 5.77 lakh units were registered in the eight major cities in 2024.
Which cities saw significant residential property growth?
Pune, Mumbai, Hyderabad, and Bengaluru are among the cities that saw significant residential property growth.
What factors are contributing to the surge in the residential property market?
The surge in the residential property market is attributed to pent-up demand, improved affordability, favorable interest rates, and a stable economic environment.
What is the role of Square Yards in the real estate market?
Square Yards is a leading real estate consultant that provides market analysis and strategic advice to buyers and sellers, helping them make informed decisions.
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