Storm of buyers of expensive houses

Real Estate: Owning a home is everyone’s dream. In the last few years, there has been a record rise in the sale of houses. Earlier people were preferring cheap and small houses. At the same time, people are now preferring bigger and more expensive houses. According to a report, the share of affordable housing priced below Rs 45 lakh in the total home sales has declined to 22 percent in the January-March 2024 quarter in eight major cities of the country. According to housing brokerage company PropTiger.com, affordable homes accounted for 48 percent of total home sales in the first quarter of 2023. According to the data, total housing sales in the top eight cities increased by 41 percent to 1,20,640 units during January-March 2024 from 85,840 units in the same period last year.

Sales of houses below Rs 25 lakh decreased by 10%

Of the total 1,20,640 houses sold in January-March, the number of houses priced below Rs 25 lakh was five percent. In the same period last year, the share of houses in this category in the total sales was 15 percent. The share of houses priced at Rs 25-45 lakh in the total sales in the January-March 2024 quarter was 17 percent, which was 23 percent in the same period last year.

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Real estate increased by 73 percent in nine years

Due to better demand for residential and commercial properties and high economic growth, the size of the Indian real estate market has increased by 73 percent since 2015 to reach $482 billion. According to a report released by property consultancy Knight Frank and industry body CII, India’s real estate market will almost triple to $1,487 billion by 2034. According to the report, the size of the Indian real estate market was $ 279 billion in the year 2015 and is expected to increase to $ 482 billion in the year 2024, which is 7.3 percent of the total economic output. There has been a significant change in the real estate sector in the country with the support of the growing economy. India’s real estate sector has some kind of connection with about 250 supporting industries. The consulting firm said it is one of the highest employment generators after the agriculture sector, which accounts for 18 percent of the total employment. The CII-Knight Frank India report estimates that India’s real estate sector is expected to expand to $1.5 trillion by 2034, contributing 10.5 percent to the total economic output.
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