The real estate sector continues to boom in the country. Realty is performing well in our country despite the developments around the world. This is evidenced by the increase of 10 percent in the Buyer Sentiment Index compared to the previous quarter.
The Knight Frank – Naredco Real Estate Sentiment Index report revealed that the buying sentiment, which was 59 percent in the July- September quarter of 2023, increased to 69 percent in the October- December quarter. If this sentiment score is equal to 50, then the real-sector situation is considered to be neutral. If it exceeds 50 percent, it is positive, and if it is less than 50 percent, it means that the conditions are negative. The future sentiment index has also increased from 65 to 70 percent, according to the report. Real estate growth is increasing to the extent that the economy of the country continues to be stable.
Residential sales hit a 10-year high in 2023. Besides, the transactions for high-priced properties have also increased significantly. At the same time, the commercial office sector also had its second-best year with 59.6 million square feet of transactions. All these factors increase the confidence of everyone in the real estate sector. This paves the way for more opportunities, said Shishir Baijal, MD, Knight Frank India. Meanwhile, the report estimates that residential sales are likely to increase by 60 to 65 percent in the next six months. It is also said that house prices are also likely to increase. It is believed that the office sector will also grow with the same momentum in the next six months.
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