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High demand, soaring sales propel real estate frenzy

The Business Guardian

|

December 29, 2023

India's housing market defied expectations this year, achieving unprecedented sales despite increased asking prices and the highest interest rates in six years.

High demand, soaring sales propel real estate frenzy

Experts anticipate sustained demand in 2024, albeit at a slower pace, driven by robust economic growth and anticipated reductions in home loan interest rates.

The real estate industry witnessed record sales of residential properties in terms of both volume and value, reflecting a growing inclination towards homeownership post-Covid.

Regulatory measures, such as RERA, contributed to increased buyer confidence by removing unreliable developers from the market, while the insolvency law played a role in eliminating defaulting builders.

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