Top residential markets in India continued their golden run in 2023 with housing sales rose by 33 per cent to nearly 4.11 lakh units while new supply grew 20% to record 5.17 lakh units. Despite initial challenges like rising interest rates and escalating real estate prices, India witnessed a double-digit growth in both demand and new supply last year with the new housing supply hitting an all-time high.
The top Indian cities that saw huge surge in the demand for housing sales in all four quarters of 2023 were Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Delhi-NCR (including Noida, Gurugram, Greater Noida, Ghaziabad and Faridabad), MMR (including Mumbai, Navi Mumbai & Thane) and Pune.
Owing to the current stability in interest rates, the housing sector witnessed a high demand. This has also instilled confidence among the developers, enabling them to present more attractive offers during the New Year season. As we are stepping into the new growth phase of 2024, this stability can set a positive tone for the residential real estate sector.
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Srishti Dhir is the Founder and CEO of Hub and Oak, a real estate and workspace solutions company with presence in India and the UK. She has a background in management from London Business School and has spent years working across the real estate industry. Srishti is an active real estate investor herself, with a focus on uncovering high potential assets particularly income generating properties and opportunities that aren't immediately obvious to most. The way she looks at a deal goes beyond just the price. She factors in market data, the regulatory side of things, and whether execution is actually feasible, so she can figure out where the real upside is, not just what something costs on paper.
Through her work, she has developed a strong perspective on what drives real estate value in India, from infrastructure led growth and zoning changes to tenant demand patterns and capital flows. She is particularly interested in identifying asymmetric opportunities where downside risk is protected but upside potential remains significant. She also writes about real estate and what sets her writing apart is that it comes from someone who is actually in the market, doing deals. Real experience, broken down in a way that's useful for investors, developers and occupiers alike.
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