Real Estate Outlook 2024: Analyzing patterns in the Residential and Commercial Real Estate Markets in India
By Bricksnwall | 2024-01-15
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