A recent survey on Friday highlighted that as many as 80% of developers expect non-resident Indians (NRIs) to buy more homes in the country in 2024 due to an attractive investment landscape, favourable regulations, and potential for gains.
CREDAI – Colliers Developer Sentiment Survey 2024 — said, “To cater to this growing demand, developers are likely to launch upscale residential projects in relevant micro-markets across cities.”
It analyzed the responses of 553 developers in 18 states.
At the survey, as many as 27% of respondents said that they believe housing demand will increase by up to 25% in 2024.
Alongside, 52% of developers expect home prices to increase in 2024 due to demand.
48% of developers said that to tackle this, the new government must focus on decreasing interest rates on both home and construction loans and rationalise goods and services tax (GST).
Boman Irani, president of CREDAI, said, “The survey suggests that the current developer sentiment remains largely positive with more than half of the respondents feeling bullish about the sustenance of the current market dynamics in 2024.”
“With over 50 per cent of surveyed developers witnessing a rise in homebuyer enquiries, residential real estate has been on an upswing throughout 2023. This strong streak is expected to continue in 2024,” said Badal Yagnik, chief executive officer, Colliers.
The survey further highlighted that the new project launches have increased in the last two years due to high demand but are likely to slow down in 2024.