Investing in real estate has long been touted as a secure and rewarding long-term endeavor. As we approach the year 2024, lets take a look into the 2024 Real Estate forecast a shift in the dynamics of the real estate market is anticipated, with a focus on infrastructure projects shaping the choices of potential homebuyers. The landscape is set to change, driven by new metro connectors, expressways, and airports—some operational and others in the pipeline.
This upcoming infrastructure facelift is poised to act as a catalyst, particularly in the influence zones along project corridors. These areas are expected to witness substantial capital value appreciation, making them attractive to both investors and end-users. The year 2024 is anticipated to witness the integration of peripheral areas with central and suburban zones, resulting in a more uniform distribution of activity across key residential pockets in various cities, as mentioned by Badal Yagnik, CEO of Colliers India.
Real estate developers are also gearing up to explore new geographies, driven by untapped potential and a growing preference for comprehensive offerings in gated communities. Emerging markets in cities like Vadodara, Nashik, Lucknow, Jaipur, Chandigarh, Coimbatore, Mysore, Kochi, Indore, Bhubaneshwar, and Guwahati are set to become focal points for organized residential real estate growth.
Gurgaon: Dwarka Expressway
In Gurgaon, homebuyers are advised to keep a keen eye on Dwarka Expressway. Passing through new sectors, this expressway is poised for significant development, with the Union Cabinet approving a metro line extension. Premium and mid-segment housing complexes along this stretch are already attracting attention. According to a report by Savills India, Gurgaon has seen substantial year-on-year growth in both completed and under-construction property values, making it a hotspot for potential investors.
Noida: Sector 150, Greater Noida West, and Yamuna Expressway
According to the Real Estate Forecast 2024, Noida presents promising markets in Sector 150, Greater Noida West, and residential sectors along the Yamuna Expressway, especially those close to the upcoming Noida International Airport. Greater Noida West, also known as Noida Extension, is gaining traction among investors and homebuyers. The area offers a range of 2BHK and 3BHK units, with prices varying between ₹60 lakh to ₹80 lakh and over a crore, respectively. Rental opportunities are also emerging, with prices ranging from ₹15,000 to ₹25,000 per month, depending on size and location.
Mumbai: Navi Mumbai Metro Impact
The Real Estate Forecast 2024 suggests that, In Mumbai, areas along or close to the Navi Mumbai Metro route are becoming key considerations for homebuyers and investors. Micro markets like Taloja, Pendhar, Kharghar, and Belapur, connected by the metro, are witnessing increased property values. Ulwe in Navi Mumbai, traversed by the Mumbai Trans Harbour Link, is also experiencing a surge in capital rates. The upcoming Navi Mumbai International Airport is expected to further impact property prices in the region.
Bengaluru: The Purple Line Impact
Bengaluru, with the full operationalization of the Purple Line in 2023, is attracting attention for real estate investments. The corridor connecting Kengeri to Whitefield is seen as a potential hub for both self-use and rental income. Areas like Indiranagar, Koramangala, Whitefield, and MG Road have already seen a 20-30 percent increase in prices. Outskirts such as KR Pura and Whitefield are also gaining traction with the operational metro.
As we approach 2024, these emerging trends suggest that strategic investments in real estate, aligned with evolving infrastructural developments, the real estate forecast 2024 shows it can yield substantial returns. The key is to stay informed and leverage the opportunities presented by the dynamic shifts in the real estate landscape.