Real estate has been in upward trajectory post-Covid in 2021. We expect this bull cycle to continue further in 2024. The interest rates have peaked in US and India, and we should expect interest rate cuts in 2024 making home loans cheaper and this should provide the biggest impetus in 2024. There is a shortfall of supply in all categories whether Affordable, Middle class or luxury and demand is out-stripping supply.
Further India story is shining with job creating across manufacturing and services sector. India taking lead in Global capability centers, Fin-tech, AI, deep tech, start-ups will lead to more job creations and thereby more home buying.
On the last note, the interest from NRIs is growing and at current Rs / $, Indian real estate is attractive proposition to them for an investment.
Overall, we expect 2024 housing demand to be robust. A stable govt post-election will further ignite India's position and housing demand.