Property Developers Foresee a 10-15% Surge in Home Sales for the Upcoming Year Driven by High-End Property Transactions"
"Niranjan Hiranandani, the managing director of Hiranandani Group, highlighted a robust rise in premium and luxury residential unit sales, foreseeing a 10-15% increase in units sold for the following year. He attributed this surge in real estate demand in metropolitan and tier 1 cities to the rising disposable incomes and improved job opportunities across the Indian demographic."
"Hiranandani also predicted a 10-12% escalation in property prices for 2024, expecting increased distribution of commercial and retail spaces due to the surge in demand. Anuj Puri, Chairman of Anarock Property Consultants, offered a slightly more conservative estimation of a 10-12% growth in sales for 2024. Puri emphasized the potential impact of the general and state elections on overall market sentiment."
"According to Anarock, the top seven cities witnessed a decade-high residential sales figure of nearly 476,530 units in 2023. Properties priced at Rs 1.5 crore and above accounted for 24-25% of the overall sales, while premium properties ranging between Rs 80 lakh to 1.5 crore contributed an additional 24% to the market.
Sanjay Dutt, the managing director and CEO of Tata Realty & Infrastructure, expressed that owing to the persistent inclination towards more spacious accommodations and improved lifestyles, the demand for premium housing is expected to remain robust without any signs of slowing down.
Dutt attributed the impressive 26% Compound Annual Growth Rate (CAGR) in Tata Realty's residential portfolio to the escalating demand for luxury housing.
He further stated, "Developers will focus on a younger demographic seeking to transition to upscale properties, launching projects that cater to larger residences and the evolving needs of homebuyers."
Nevertheless, Dutt foresees no substantial spike in prices. He mentioned, "Prices will escalate steadily to align with the supply and demand equilibrium." Tata Realty aims to introduce new projects covering an area of 10 million square feet within the next two to three years, targeting an estimated revenue of Rs 16,000 crore.
Venkatesh Gopalakrishnan, the Director of the Group Promoter’s Office and MD & CEO of Shapoorji Pallonji Real Estate (SPRE), highlighted that the real estate sector witnessed a staggering 90% surge in demand for luxury homes.
This surge doesn't just represent the ambitions of an expanding middle class but also mirrors the shifting preferences of perceptive homebuyers. The sector experienced an unparalleled interest in premium residences due to factors such as urbanization, evolving lifestyles, and an increased emphasis on high-quality living,” he remarked.
He expressed that the upcoming year presents opportunities for those exploring emerging locations, innovative projects, and unexplored geographical landscapes within the real estate sector.
Viswa Prathap Desu, Chief Operating Officer-Residential at Brigade Enterprises, stated, “We foresee a focal point in luxury residential sales for 2024, with a rising demand for larger homes within expansive integrated communities. Our upcoming launches will predominantly cater to this trend.” While Brigade will continue its launches in Bangalore, it also intends to introduce luxury offerings in Chennai and Hyderabad.
“Moreover, we are committed to augmenting the sustainability aspect in our projects, acknowledging its growing significance in the years ahead,” Desu added. Swaroop Anish, Executive Director of Business Development at Prestige Estates Projects, anticipates a 5-7% strengthening in prices for under-construction options and even up to 10-12% for ready properties due to a scarcity of quality options.
Anish also mentioned their plans to boost sales figures through numerous planned launches.
