Team Blitz India
NEW DELHI: India’s real estate market showed remarkable resilience, attaining unprecedented heights and is projected to increase by 15 per cent.
According to Kanika Gupta, founder and COO, Square Yards, the property rates are expected to rise at least 10-15% in 2024. “As building material costs continue to escalate and the demand for homes rises steadily, property prices in top cities are projected to increase throughout 2024 in the range of 10-15%,” Shori told Livemint.
However, experts believe that this resilience is expected to continue in the coming year despite rising rates. Average residential prices across the top seven cities increased in the range of 8-18% in Q3 2023 when compared to Q3 2022, mainly due to an increase in the prices of construction raw materials and overall rise in demand.
As per ANAROCK Research, the average property prices in the top seven cities combined increased by 11% in the year – from Rs 6,105 per sq. ft. in Q3 2022 to nearly Rs 6,800 per sq. ft. in Q3 2023.
As trends indicate, the security associated with owning a physical asset during a coronavirus-like crisis coupled with a rising aversion to high-risk investments has given rise to increased demand for residential real estate buy the ANAROCK Research said.