The Indian housing market saw over 225,000 units being sold during the first nine months of the year, demonstrating strong performance in absolute terms, according to a new report.
The sustained positive sentiment in the housing market has encouraged developers to launch new projects and additional phases, resulting in approximately 215,000 new units entering the market in the first nine months of 2024, according to a report by real estate consultant CBRE.
"Given the strong performance in H1 2024 and the sector's tendency to peak during the festive season, we forecast both sales and new launches of residential units to remain elevated," the report mentioned.
In addition, the report expected the high-end/premium categories (Rs 1 to 2 crore and Rs 2 to 4 crore, respectively) to witness strong demand.
Notably, the traditional mid-end segment-dominated markets such as Noida, Bengaluru, Pune, and Chennai are expected to continue gravitating increasingly towards high-end developments.
Meanwhile, equity investments in the Indian real estate sector surged 46 per cent to $8.9 billion during the January-September period.
According to Anshuman Magazine, Chairman and CEO-India, South-East Asia, Middle East and Africa at CBRE, sustained capital inflows are expected in both traditional and emerging sectors in the upcoming quarters, while institutional and collective vehicle investors, along with developers, are expected to drive the overall capital flows.
Domestic investors took the lead with around 79 per cent share in equity capital inflows in July-September 2024. A rebound in the office leasing market, strong disposal incomes and an unprecedented risk appetite for consumer spending and home buying have led to a record flow of investments in the first nine months of 2024, said the report.
(With inputs from IANS)
