Mapping the Hotspots: Unveiling India's Top Real Estate Markets of 2024

Mapping the Hotspots: Unveiling India's Top Real Estate Markets of 2024

The Indian real estate market is witnessing growth like never before. The real estate sector has been on a positive trajectory since 2022, triumphing over hurdles like demonetization, the introduction of RERA and GST regulations, the NBFC crisis, and the enduring impacts of the pandemic.

The real estate market in 2024 looks quite promising, estimates indicate the market size of USD 0.33 trillion by this year and the sector is expected to achieve remarkable expansion, reaching USD 1.04 trillion by 2029, experiencing a robust CAGR of 25.60% during the forecast period.

The Indian market is witnessing growth for both residential and commercial real estate. A resilient outlook defines the Indian residential real estate market for 2024, with an estimated sales uptick of 10-15%, crossing the 300,000-unit mark.

Whereas for the commercial real estate sector, according to the data published by Deloitte, we can Anticipate a 2-3% climb in Grade-A office rents across major Indian cities and absorption of 35-40 million sq. ft. in the Indian warehousing market affirming the strong outlook.

As we navigate through this transformative year, Which locations are emerging as the top hotspots with the most significant growth? Join us in exploring these key geographical locations and discover the abundant opportunities in real estate.

Gurgaon's New Horizon: Dwarka Expressway

In Gurgaon, Dwarka Expressway emerges as the top real estate market this year. Dwarka Expressway threads through vibrant new sectors like 113, 112, 110, and many more. Not only that, the Union Cabinet has also approved a metro line in 2023. It is set to connect both new and old Gurugram, extending towards the Dwarka Expressway near Sectors 101-104.  According to our research and the report published by Savills India here are some of the essential findings to look for in this area.

Property Rates:

Here the property rates range from ₹8,000 to ₹20,000 per sq ft.

Rental Rates:

The rental rate in this area starts from  ₹20,000

Average Capital Values:

Over the past five years in Gurgaon, it has experienced substantial growth in average capital values for both completed and under-construction properties. The YOY growth stands at 36% and 25%, with a noteworthy increase ranging from 12% to 45% for both categories.

Top 2 Performing Micromarkets:

New Gurugram steals the spotlight with a remarkable 45% annual growth in average capital values for under-construction properties while Dwarka Expressway shines bright with a solid 21% annual growth in the same.

Noida: Rising Alongside Innovation

In the vibrant landscape of Noida some of the prominent areas to keep an eye on are-  Sector 150, Greater Noida West, the residential gems along the Yamuna Expressway, strategically positioned near the upcoming Noida International Airport. Here are some crucial things to keep in mind about this area

Property Rates:

2BHK unit prices are around ₹60 lakh to ₹80 lakh whereas 3BHK unit prices are Over a crore

Rental Rates:

2BHK apartment rent starts from ₹15,000 to ₹20,000 per month and 3BHK rent is around ₹17,000 to ₹25,000 per month

According to local brokers, the area is buzzing with the news of upcoming serviced apartment projects. 

Mumbai: A Tapestry of Opportunities

Like always Mumbai remains a real estate powerhouse in India. As the Financial capital  Mumbai Metropolitan Region (MMR) exhibits the highest sales ( Rs 163,924 crore worth of inventory, around 111,280 units sold in the first nine months of 2023.) in 2023. Now in 2024, the attention is turning towards micro markets along the Navi Mumbai Metro route. Areas like Taloja and Ulwe, connected by the Mumbai Trans Harbour Link, showcase the potential for price surges. Here are some things  Brace yourself for these key insights that you need to know about this area.

Property Rates :

  • In Taloja area property prices range from ₹6,000 to ₹8,000 per sq ft. A 2BHK is now valued at a crore or more currently here.
  • In South Bombay, the luxury spectrum unfolds with residences priced from ₹35,000 to ₹1.50 lakh per sq ft. 

Rental Rates :

  • Rents rates are around ₹10,000 per month, according to local brokers in Taloja. 
  • The Ulwe area rents vary between ₹10,000 to ₹20,000, depending on the location and apartment block.
  • The commencement of metro lines 2A and 7 between Dahisar and Andheri has positively influenced rental property demand.
  • Western Suburbs Others, especially Kandivali and Borivali, witnessed a significant 8% YoY rise in rental values.

Anticipate a shift in property dynamics as the upcoming Navi Mumbai International Airport sets the stage for potential price fluctuations in the Navi Mumbai area. Just like in 2023 this year also the South Mumbai real estate market will continue to grow with the active participation of top real estate developers like Godrej, Lodha, and more. 

Bengaluru: The Purple Line and Beyond

The tech hub of India's real estate market got a boost from the recent unveiling of the fully operational Purple Line, connecting Kengeri to Whitefield. In recent months, prime areas such as Indiranagar, Koramangala, Whitefield, and MG Road have witnessed a significant surge in property prices, with an impressive increase ranging between 20-30%. Even the outlying areas such as KR Pura and Whitefield outskirts are gaining traction post-metro operations, presenting viable investment options. Whereas  Binnypet, Devanahalli, and Doddaballapura are emerging in the eyes of investors as strategic locations for long-term investment. 

Property Rates:

Knight Frank's "Asia-Pacific Outlook 2023" foresees a 5% annual increase in residential prices, positioning Bengaluru's real estate market as an opportune space for both investors and homebuyers. The city's vibrant market is evident, boasting the sale of 47,000+ homes, valued at an impressive Rs 38,000 crore, from January to September 2023.

Rental Rates:

Savills India reports a noteworthy 5.8% year-on-year increase in average rents at the city level. Particularly, premium residential projects in South and North Bengaluru showcase exceptional growth, boasting a substantial 6-7% year-on-year increase.

Hyderabad: Thriving Real Estate Hub

Hyderabad steals the spotlight with a remarkable rise in realty. The city's appeal is further fueled by its growing office space and a thriving commercial real estate market. , Hyderabad has consistently been named the top city in India over other metropolitans for its high-quality life index. Here are some statistics that show the upward growth of the Hyderabad real estate market

Property rates:

Hyderabad has sold around 44,220 housing units sold in the first nine months of 2023. In February 2023, the Medchal-Malkajgiri area led in home sales registrations with an impressive 43%, closely followed by Rangareddy at 39%.  Sangareddy district witnessed a substantial 9% YoY rise, highlighting a significant boost in property sales and values within the area.

With an impressive stride, the city witnessed the introduction of 8.2 million square feet of new office space, marking the most substantial surge in six years. his commanding addition represents a substantial 34% of the total new office space infusion across India's top 7 markets. Hyderabad secures the second position in net office absorption for 2023, capturing a substantial 21% share by absorbing an impressive 4.03 million square feet.

Rental rates:

The citywide office rental rate averaged ₹61 per square foot per month in 2023. Driving the demand were IT-ITeS occupiers constituting 39% of total leasing, followed by manufacturing and industrial occupiers at 22%, and co-working providers at 21% of the leasing market. A rise in operational activities and job openings is driving a higher demand for properties on the market in Hyderabad.

Pune: A Cautioned Optimism

Pune, characterized by cautious optimism, anticipates a healthy 10% growth in 2024. The city witnessed significant growth in 2023, with approximately 86,680 homes sold. The market's improved transparency due to RERA regulation is a key factor contributing to its steady rise. So what are the things that you should look out for in the Pune Real Estate market

Property Rates:

Emerging as the hotspot for mid-segment housing, Pune witnesses the highest number of launches and sales in the Rs 45-75 lakh ticket size range. The property market in Pune kicked off the year with a 2-3% price hike, and experts anticipate a further ascent, reaching the 4-5% mark by year-end.

Rental Rates:

As per the data from Nobrokers, Prominent localities in Pune have experienced a surge in both demand and rental rates. Noteworthy areas include Hinjewadi, witnessing an impressive 18.75% growth in rent, followed by Kharadi with a substantial 16.37% increase, and Wakad registering a noteworthy 9.99% rise in rental rates.

Tier-2 Cities: The Ascension Continues

The rise of tier-2 cities, including Ahmedabad, Chandigarh, Indore, Sonipat, Varanasi, and Lucknow, is palpable. These cities, with burgeoning infrastructure and affordable housing options, are becoming magnets for businesses and individuals seeking alternatives to metropolitan chaos.

As we navigate through the real estate tapestry of India in 2024, the narrative is one of growth, innovation, and strategic investment. India's real estate success journey has just started Relata is proud to be part of this trimuphant voyage.  It's time for you to invest wisely, sieze these real estate opportunities  and be part of this journey. 

Note: All data and projections are sourced from reputable reports and market analyses.

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