| | OCTOBER 20248Real Picture of Real Estate Real Picture of Real Estate Market of India Owing to Market of India Owing to Lok Sabha ElectionsLok Sabha ElectionsIndia is a resourceful country having a vibrant and competitive landscape. Each of the sectors in India is witnessing a phenomenal growth with a major comeback after the slowdown of COVID-19. With the refinement of technology, India has experienced a dynamic shift which is driven by technological furtherance, demographic shifts, and economic fluctuations. Among all the sectors in India, real estate is booming rapidly and evolving into a dynamic factor of economic growth of India.India's residential market registered all-time high sales as home buyers snapped up deals despite a jump in asking prices and the highest interest rates in six years. According to the veterans of the real estate market, the demand for real estate market will not only shine in 2024, but it will rise further and reach to an unattainable height. According to the report of Real Estate consultant firm Anarock Group, the sales of residential properties will rise by at least 30 percent this year, and it will touch 4.74 lakh units in primary (fresh sales) markets of top seven cities, Delhi-NCR (National Capital Region), Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad, and Pune.Key Factors Driving the Real Estate Market of IndiaGrowing Population in Metro Cities: Cities like Bengaluru, Chennai, and Gurugram are significant tech hubs of India, attracting millions of people around the country. This vast and dynamic employment opportunity is pushing ahead the real estate sector. Gradually, these cities are becoming the depot of major organizations and high-net-worth individuals, leading to increased investment in real estate.By Sreejita Talukdar, Content Writer, Homes India
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