Real Estate Outlook 2024: Analyzing patterns in the Residential and Commercial Real Estate Markets in India

Along with increasing sales and market share, the industry has also seen the creation of new markets in Tier-II cities.

The real estate industry saw major changes in 2023, and these trends are probably going to continue in 2024. Along with increasing sales and market share, the industry has also seen the creation of new markets in Tier-II cities. Bengaluru, also referred to as the "Silicon Valley of India," has a number of advantages that contribute to the real estate market's steady expansion. The IT hub has also emerged as one of the most popular investment possibilities for Non-Resident Indians (NRIs).

By 2025, Karnataka's capital is predicted to rank first in the nation for office space supply, making up about 29% of the 165 million square feet available nationwide. According to Darshan Govindaraju, Director of Vaishnavi Group, the IT capital keeps drawing in new businesses in order to access the top talent in the vibrant startup ecosystem, which is fueling the need for commercial space.

"The Bengaluru real estate market will rise as a result of the development of co-working spaces and new residential real estate subsegments. We are making great progress in taking advantage of the prospects and are very positive about the future year," he stated. Govindaraju went on to say, "As a customer-focused developer, we have already invested in developing millions of square feet of commercial and residential projects for the coming year, 

The real estate industry is experiencing significant expansion in the areas of office spaces, flexible workplaces, retail, and residential properties, according to Navin Dhanuka, CEO and MD of ArisUnitern RE Solutions. "A new norm that prioritizes quality over quantity has enabled developers to scale up their projects in order to meet the rising expectations. Undoubtedly, 2024 promises to open up new opportunities for the industry," Dhanuka continued.

Source: ET Now