Real estate developers optimistic about housing demand in 2024
Increasing demand in the housing sector continues to boost the morale of real estate developers, leading to another year of supply meeting demand. According to the Real Estate Developers' Sentiment Survey 2024 conducted by real estate developers' federation CREDAI and real estate analyst and brokerage firm Colliers, more than 50% of developers are seeking more tax relief and have requested the new government to intervene and push for a reduction in interest rates, to continue this momentum.
Some Key Findings
1. 53% of the developers saw a rise in buyer enquiries and engagement in 2023 compared to 2022.
2. About half of the surveyed developers feel that residential demand will remain stable in 2024
3..Developers are confident of an upward trajectory of housing prices in 2024, and nearly two-thirds are willing to explore alternate segments like plotted developments, branded residences, etc., within housing.
Developers are gung-ho, given that over the last two or three years, the housing market has seen a surge in demand across tier I and II cities. Real estate developers are hopeful that the demand momentum will continue in 2024, as well.
