Housing Sales Rise by 11%
Real Estate

Housing Sales Rise by 11%

In the first half of 2024, housing sales in India surged by 11%, according to a report by Knight Frank. This growth reflects a robust recovery in the residential real estate market, driven by increased demand for homes, favorable economic conditions, and various government initiatives supporting the housing sector.

The report highlights that the rise in housing sales was observed across major cities, with metropolitan areas like Mumbai, Delhi-NCR, Bengaluru, and Hyderabad leading the growth. These cities accounted for a significant portion of the total sales, showcasing a renewed confidence among homebuyers and investors in the residential market.

Several factors contributed to this positive trend. The economic recovery post-pandemic has played a crucial role, with improving job markets and increased disposable incomes encouraging more people to invest in real estate. Additionally, lower home loan interest rates and attractive payment schemes offered by developers have made homeownership more accessible and appealing to a broader audience.

Government initiatives aimed at promoting affordable housing have also significantly impacted the market. Schemes such as the Pradhan Mantri Awas Yojana (PMAY) and incentives for first-time homebuyers have made it easier for individuals to purchase homes. These measures, combined with relaxed regulatory norms, have spurred demand in the affordable housing segment, contributing to the overall rise in sales.

The report also notes a shift in buyer preferences, with an increasing demand for larger homes and properties in suburban areas. This change is driven by the growing trend of remote work and the desire for more spacious living environments. Suburban regions have witnessed a surge in new residential projects, offering modern amenities and better connectivity, further fueling the sales growth.

Furthermore, the report emphasizes the role of technology in transforming the real estate market. Virtual tours, digital transactions, and online marketing strategies have made the homebuying process more convenient and efficient, attracting tech-savvy buyers. Developers have also adapted to these changes, leveraging technology to enhance customer experience and streamline operations.

Despite the positive growth, the report cautions about potential challenges ahead. Rising construction costs and inflation could impact affordability, while regulatory changes and economic uncertainties might affect market stability. However, the overall outlook remains optimistic, with the residential real estate market expected to maintain its growth trajectory in the coming months.

In conclusion, the 11% rise in housing sales in the first half of 2024 reflects a strong recovery in India's residential real estate market. Driven by economic improvements, government initiatives, changing buyer preferences, and technological advancements, the sector is poised for continued growth, although challenges remain.

In the first half of 2024, housing sales in India surged by 11%, according to a report by Knight Frank. This growth reflects a robust recovery in the residential real estate market, driven by increased demand for homes, favorable economic conditions, and various government initiatives supporting the housing sector. The report highlights that the rise in housing sales was observed across major cities, with metropolitan areas like Mumbai, Delhi-NCR, Bengaluru, and Hyderabad leading the growth. These cities accounted for a significant portion of the total sales, showcasing a renewed confidence among homebuyers and investors in the residential market. Several factors contributed to this positive trend. The economic recovery post-pandemic has played a crucial role, with improving job markets and increased disposable incomes encouraging more people to invest in real estate. Additionally, lower home loan interest rates and attractive payment schemes offered by developers have made homeownership more accessible and appealing to a broader audience. Government initiatives aimed at promoting affordable housing have also significantly impacted the market. Schemes such as the Pradhan Mantri Awas Yojana (PMAY) and incentives for first-time homebuyers have made it easier for individuals to purchase homes. These measures, combined with relaxed regulatory norms, have spurred demand in the affordable housing segment, contributing to the overall rise in sales. The report also notes a shift in buyer preferences, with an increasing demand for larger homes and properties in suburban areas. This change is driven by the growing trend of remote work and the desire for more spacious living environments. Suburban regions have witnessed a surge in new residential projects, offering modern amenities and better connectivity, further fueling the sales growth. Furthermore, the report emphasizes the role of technology in transforming the real estate market. Virtual tours, digital transactions, and online marketing strategies have made the homebuying process more convenient and efficient, attracting tech-savvy buyers. Developers have also adapted to these changes, leveraging technology to enhance customer experience and streamline operations. Despite the positive growth, the report cautions about potential challenges ahead. Rising construction costs and inflation could impact affordability, while regulatory changes and economic uncertainties might affect market stability. However, the overall outlook remains optimistic, with the residential real estate market expected to maintain its growth trajectory in the coming months. In conclusion, the 11% rise in housing sales in the first half of 2024 reflects a strong recovery in India's residential real estate market. Driven by economic improvements, government initiatives, changing buyer preferences, and technological advancements, the sector is poised for continued growth, although challenges remain.

Next Story
Equipment

Handling concrete better

Efficiently handling the transportation and placement of concrete is essential to help maintain the quality of construction, meet project timelines by minimising downtimes, and reduce costs – by 5 to 15 per cent, according to Sandeep Jain, Director, Arkade Developers. CW explores what the efficient handling of concrete entails.Select wellFirst, a word on choosing the right equipment, such as a mixer with a capacity aligned to the volume required onsite, from Vaibhav Kulkarni, Concrete Expert. “An overly large mixer will increase the idle time (and cost), while one that ..

Next Story
Real Estate

Elevated floors!

Raised access flooring, also called false flooring, is a less common interiors feature than false ceilings, but it has as many uses – if not more.A raised floor is a modular panel installed above the structural floor. The space beneath the raised flooring is typically used to accommodate utilities such as electrical cables, plumbing and HVAC systems. And so, raised flooring is usually associated with buildings with heavy cabling and precise air distribution needs, such as data centres.That said, CW interacted with designers and architects and discovered that false flooring can come in handy ..

Next Story
Infrastructure Urban

The Variation Challenge

A variation or change in scope clause is defined in construction contracts to take care of situations arising from change in the defined scope of work. Such changes may arise due to factors such as additions or deletions in the scope of work, modifications in the type, grade or specifications of materials, alterations in specifications or drawings, and acts or omissions of other contractors. Further, ineffective planning, inadequate investigations or surveys and requests from the employer or those within the project’s area of influence can contribute to changes in the scope of work. Ext..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?