Real Estate Sector Update: There is a possibility of further increase in the prices of houses in the coming days, however, despite the increase in prices, the sales will remain fast and there will be no impact on the sales. Knight Frank India-NAREDCO Real Estate Sentiment Index has been released for the third quarter July-September of the year 2024, in which it has been said that the growth of the real estate sector will remain strong for the next six months.
Improvement in future sentiment score
The Knight Frank India-NAREDCO Real Estate Sentiment Index, which has been released for the third quarter of 2024 from July to September (Knight Frank-NAREDCO Real Estate Sentiment Index Q3 2024), expects the real estate sector to remain bullish. However, the sentiment score for the third quarter has come down to 64 which was 65 in the second quarter. But the future sentiment score has increased to 67, which is indicating strong growth in the real estate sector.
Residential prices will rise
In the Knight Frank India-NAREDCO Real Estate Sentiment Index, while talking to supply-sized stakeholders and financial institutions about the real estate sector, 62 percent of the people said that there may be a jump in residential prices. Especially for houses priced above Rs 1 crore, prices may increase due to high demand. 40 percent of the survey participants believe that sales will increase while 38 percent believe that the real estate market will remain stable. Among the survey participants, 42 percent said that there will be improvement in residential launching while 36 percent believe that it will remain stable.
Sector strong despite global uncertainties
Shishir Baijal, MD, Knight Frank India, said, the Real Estate Sentiment Index for the third quarter of 2024 is highlighting the strength of India’s real estate sector. He said, strength in high-end residential sales and stable leasing in the commercial space are pointing towards better performance of the sector. NAREDCO President Hari Babu said, despite global uncertainties, India’s real estate sector remains strong.
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