2024 could be a real estate industry breakthrough year due to a few things. According to experts, this will maximize and move the industry in the right direction. The engine of our economy is real estate. Real estate is seeing an unprecedented upsurge in value in 2024. The government's proactive efforts to alter the economic landscape have contributed to the real estate industry's upswing.
Real estate experts like Shravan Gupta and MGF Group are optimistic about the industry and are pushing for increased real estate investment. The government is encouraging the growth of real estate in tandem with builders. Cities like Delhi, Mumbai, and Indore are witnessing an increase in home sales since the COVID-19 pandemic. The favorable trend in real estate expansion is not typical in many other nations. It has attracted numerous builders to create new residential and commercial structures, giving life to the real estate market.
Several characteristics that provide optimally favorable indications for the growth of real estate include:
In 2024, increased government initiatives, investments, and the sustainability factor will all have an impact on real estate. These are essential to restoring the real estate industry's prosperity.
Stable interest rate: According to experts like Shravan Gupta of MGF Group, the industry has benefited from home interest rate stabilization. And it's likely that this pattern will hold until the end of the year. For the builders, this is a blessing because it has increased sales and attracted new clients.
More prospective buyers are considering purchasing a new house as a result of the favorable and steady interest rates. In tier 2 and tier 3 cities like Indore and Pune, this has incentivized builders to construct more new structures. This is a good development that could alter the industry's outlook in its entirety. As a result, 2024 will undoubtedly be the year of real estate.
The sustainability factor: Nowadays, people are more aware of environmental issues. In the same vein, the government promotes the development of green buildings. Because of the lower building costs and increased number of new jobs, it has helped the sector. Some believe that this shift has the ability to completely transform the industry.
The FDI Factor: The government is currently pushing for increased FDI investment. It has attracted a lot of prospective buyers and construction companies to India. Additionally, this has increased employment in the building industry. India is now once again a popular travel destination because of increased FDI. and luring back NRIs to make new investments and buy property in India.
Improved connectivity: This is where the largest revolution occurs. Building development in tier 2 and tier 3 cities is increasing as a result of today's improved transportation connectivity. In new townships and localities, it has incentivized additional builders to construct apartments. According to Shravan Gupta of MGF Group, the move will benefit the industry and send real estate prices skyrocketing once more.
