Hyderabad among top cities propelling growth of India’s real estate sector in 2024: Report – The Hindu

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In its latest analysis, housing.com has identified Mumbai, Pune, and Hyderabad as pivotal players propelling the anticipated growth of India’s residential real estate sector in 2024.

The data, focusing on online homebuyer activity, underscores these cities as dynamic hubs set to shape the sector’s narrative in the coming months.

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The report highlights key localities such as Kondapur (Hyderabad), Greater Noida West (Greater Noida), Mira Road East, Malad West (Mumbai), and Whitefield (Bengaluru) as central to online high-intent home buying on the portal. Anticipating a surge in demand for luxury apartments, especially in the rupee one crore to two crore bracket and beyond, the report reveals a 7.5 times increase in online property search volume year-over-year in 2023.

Dhruv Agarwala, Group CEO of Housing.com, PropTiger.com, & Makaan.com, attributes the robust buyer confidence to the Reserve Bank of India’s decision to pause rate hikes in April. He notes, “A noticeable uptick in residential demand is evident across various market segments, heralding a promising 2024.”

“Monthly rents in key city areas, driven by the service industry, have seen a spike of 25-50%,” said Ankita Sood, head of research at Housing.com, PropTiger.com, & Makaan.com. She pointed out that property prices have surged by 15-20% from pre-COVID levels. Sood predicts that the growth in 2024 will extend beyond metros, with Tier-2 cities emerging as economic and realty epicentres, driven by newfound opportunities.

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