Latest Real Estate Trends in 2024 That Will Conquer the Market

In 2023, real estate saw a boom; whether it was residential or commercial, all types of property's demand was on the rise. The real estate market in India is immune to volatility, and it is expected that it will continue the same momentum in 2024, too. Despite the numerous setbacks, the real estate market has shown a great comeback in India.  

The Indian real estate market has something for every investor. India's economy is showing great growth potential and is expected to hit 4 trillion in 2024. Well, as real estate market size in India is also growing dramatically and is expected to reach a 1 trillion market size by the end of 2023 to fulfil the vision of becoming a developed country by the end of 2024.

A growing economy is influencing real estate to widen its range, and new trends are developing every day to contribute to this growth. Today, we will evaluate real estate trends in India and how they will rule the market.

Demand For Shop Cum Offices

Shop cum offices is a multistory building where shops are on the ground floor, and offices are on the rest of the floors. Retail shops on the ground floor get the high footfall that converts into profits for them as well as also works as a convenient option for the office employees to get anything at their fingertips. It creates synergy between offices and retail shops, as the employees become the regular customers of retail shop owners where employees get extra convenience for the services they need.

Office cum shops are a part of recent trends in real estate in India. As they aim to provide a perfect blend of offices and retail shops, where both benefit from each other and create a balance in economic transaction. Office employees don't have to go too far to get anything because they can get their favourite food or shopping needs in a few steps, which saves not only their time but also the money that they were going to put in while travelling to some other place. Because of these convenient and time-saving factors, demand for office cum offices is increasing rapidly, and it will give you good returns if you invest now in it.

Your Dream House On Your Smartphone

Over the past decades, the number of smartphone users in India has surged. Because of that, homebuyers prefer checking properties online before physically visiting them. The convenience of browsing listings from their home has become paramount. Nowadays, real estate investors can examine multiple properties on their smartphone, and after finalising the one, they physically visit that property. That makes real estate property hunting cost-effective and time-saving. 

Digitalization of real estate has improved transparency and spread more awareness regarding laws and regulations. Every piece of information of a property is available online and you can assess them from anywhere and anytime. Regulations like RERA (Real Estate Regulation and Development Act) have made homebuyers more informed. They demand transparency and rely on digital channels for research. 

Property hunting on YouTube and other social media platforms like Instagram and Facebook has changed the whole conventional way of real estate property hunt. Let's contribute to these recent trends in real estate in India. Pick up your smartphone and explore the best commercial properties in Noida on commercialnoida.

2024 Will Be Sellers' Market

One more recent trend in real estate in India is property selling; it is expected that for a few months, property prices in 2024 will go up, and at that time, sellers will dominate the market. The housing demand for residential and commercial spaces will see an increase as well. The future of the real estate market in India will be marked by an increase in demand and a limited supply, thereby creating a seller's market.

Tier II Cities Are New Residential Market

Tier-II and Tier-III cities are emerging as prime residential markets, fueled by government initiatives like AMRUT and the Smart Cities Mission. These cities offer attractive investment opportunities, with growing job prospects and economic development drawing in residents.

Slow Down In Rental Properties 

After the pandemic, people have the urge to have their own homes, and those who have sufficient money are investing in owning a home rather than renting. With better financial planning and bank offers on home loans, people are influenced to own a home and pay more than paying rent on rented properties. Furthermore, an increase in people's affordability will lead to the rental market slowing down in 2024.

Growth In Office Leasing

The demand for office spaces, especially the IT and retail businesses, will see a rise in 2024. Furthermore, e-commerce and third-party logistics companies will feel the need to invest in warehousing, which will make them the fastest-growing commercial real estate segment. Apart from these, investments in data centres will see an increase, too.

Conclusion 

In 2024, the Indian real estate market is set for exciting shifts. Trends like shop cum offices offer a blend of convenience for employees and retail shops, promising good returns for investors. Smartphone usage is revolutionising property hunting, making it cost-effective and transparent. Expect a seller's market, with prices rising due to increased demand and limited supply. Tier II cities are emerging as hotspots for residential investments, while rental markets may slow down as more people opt for homeownership. Office leasing, especially in IT and retail sectors, will thrive, along with growth in warehousing and data centres. Exciting times ahead for real estate in India!