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PropeEquity Q3 CY24 Report: Strong Recovery and Growth in Indian Real Estate Market

business Sep 20, 2024

20th September 2024: PropeEquity’s Q3 CY24 report reveals significant trends and developments in the Indian real estate market, highlighting a robust recovery driven by increased demand and investment activity. The report indicates a year-on-year growth in property transactions, reflecting renewed consumer confidence and a surge in homebuyer inquiries. Key metropolitan areas, particularly Bengaluru, Mumbai, and Delhi NCR, continue to lead in sales, fueled by attractive financing options and ongoing infrastructure projects.

Additionally, the report emphasizes the growing interest in commercial real estate, particularly in the office and retail segments, as companies embrace hybrid work models and seek modern, flexible spaces. Investment in affordable housing remains strong, supported by government initiatives aimed at promoting home ownership. Overall, PropeEquity’s Q3 findings underscore a positive outlook for the real estate sector, with expectations for sustained growth as the market adapts to changing consumer preferences and economic conditions.

Mr. Sanju Bhadana, MD, 4S Developers:
In the past couple of years, the NCR market has seen tremendous growth in infrastructure development. The result of which is evident from the rising investment from both private equity players and homebuyers. The rise in demand for luxury homes across several micro markets in NCR reflects the impact the infrastructure projects like Dwarka expressway, Delhi-Mumbai expressway, Noida International airport, metro expansion and high-speed rail network among others are having on the property market in the region. We anticipate that the real estate market in the region will continue to perform well and maintain the sales momentum seen over the past few years.
Shiwang Suraj, Founder & Director of Gurugram-based property consulting firm InfraMantra:
The real estate market has traditionally been slow in the third quarter with developers holding up their launches for the festive quarter. However, NCR market has defied this trend. The enquiries from homebuyers have been encouraging and we are hopeful that the next quarter sales could potentially be higher than previous festive quarters.
Sunil Pareek, Executive Director, Assetz Property Group:
Statistically, while Q3 shows a mixed outlook in India with a dip in sales and new launches esp in South, this is primarily due to inventory constraints and not a result of reducing demand. Bengaluru, for example, continues to display strong fundamentals with a 9% year-on-year growth in housing absorption and the lowest inventory overhang among major cities at just 7-8 months. Long-term demand remains robust, driven by increasing affordability and young professionals. As supply adjusts, the numbers will catch up in the coming quarters. Sales fluctuations are natural, particularly given the larger base and seasonal factors, but the market is far from slowing down.
Vijay Harsh Jha, founder and CEO of property brokerage firm VS Realtors: 
The NCR market has been performing exceptionally well defying the all-India trend. The sense from the market is that developers are on a wait mode. With the expectation of strong demand due to the auspicious nature of the months, developers are offering homebuyers incentives and offers to induce a purchase. The NCR market could outperform itself this year.

Sujata