Registration of residential properties in eight big cities of the country increased by 4 percent to 5.77 lakh units in the year 2024. Real estate consultant Square Yards gave this information on Tuesday. These eight big cities are Thane, Mumbai, Navi Mumbai, Bengaluru, Hyderabad, Noida, Greater Noida and Ghaziabad. According to PTI news, 5.77 lakh residential transactions were registered in the primary and secondary markets in 2024, which is 4 percent more than the year 2023.
Total value of transactions exceeds Rs 4 lakh crore
According to the news, citing government registration data, Square Yards said that the total value of these transactions exceeded Rs 4 lakh crore, indicating a year-on-year growth of 2 percent over 2023. . Tanuj Shori, Founder and CEO of Square Yards, said the Indian residential real estate market has entered a promising post-pandemic boom, driven by pent-up demand and strong sentiment for homeownership. Over the past two to three years, the sector has experienced extraordinary growth, which will naturally taper off in 2024.
Institutional investment in real estate sector
Institutional investment in the Indian real estate sector has increased by 51 percent this year to a record $8.87 billion. Real estate advisory company JLL India said in a report that investors wanted to capitalize on the strong demand for residential, office and storage properties, which led to this growth. JLL India recently estimated that the total figure for institutional investment in the Indian real estate sector will be $8.87 billion in 2024, compared to $5.87 billion in the calendar year 2023. Foreign institutional investors (FIIs) have contributed 63 percent to the total institutional investment in Indian real estate.
Preference for ready made apartments in Delhi
According to Magicbricks, a real estate information platform, people looking for houses in Delhi are giving preference to fully ready apartments. About 80 percent people preferred the apartments built on his platform. Magicbricks said the finished apartments received the most interest. This option accounted for 79.43 percent of searches, while 59 percent of searches were for newly constructed homes and 41 percent for resale properties.
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