Current perspectives on the real estate markets and economy in India in 2023 and 2024 recently viewed by real estate experts in India. They were valuers and the like who attended the V20 Valuation Summit & Conference in New Delhi, India.
Recently, Dr.Sopon Pornchokchai, President, Agency for Real Estate Affairs (www.area.co.th) as the President of the Thai Appraisal & Estate Agents Foundation was invited by the Valuation20.org to speak at the V20 Valuation Summit & Conference in New Delhi, India during October 27-28, 2023 where some 200 Indian participants joining it. Dr.Sopon conducted this survey from those participants who are experts in real estate, mostly valuers and the like. The number of respondents was 55 from 200 Indian participants. This number was enough to reflect some insights. Some interesting findings were as follows:
Experts in India viewed that the country’s economy in 2023 as quite good (assessed at 7.4 out of 10). The economy in 2024 was rated even better at 8.0. Therefore, the future economy of India was at a high hope. Likewise, real estate markets were assessed to be quite good at 7.4 out of 10 as well. It was forecasted to be 7.7 out of 10 in 2024. Real estate markets in India may still be booming in 2024.
Commercial properties were among the most popular in India. It was 39.3% of the opinion. As a whole, residential developments were 29.5%. Then industrial properties were viewed at 14.3%. In addition, landed properties were viewed at 8.0% and recreational properties such as hospitality and luxury resorts were viewed at 6.3% and townships eventually.
DLF was considered the largest developers at 14.8% followed by Godrej (12.0%), Tat Housing (8.3%) Hiranandani, Prestige Estate and Raheja (5.6%), Brigade and M3M (4.6%) and Lodha, Shobha and Vatika (3.7%). There are many other names appeared namely, Adani, Alliance, Avinash, Bengal Ambuja, Brama Adani, Casa Grande, G square, Hudco, Janapriya, Kalpataru, Mayafair, MGF, Oberoi, Omaxe, Piramal, Rajpushpa, Reliance, Rungta builder, Shapoorji Pallonji and SMR. Since India is one of the largest countries, there might be nationwide developers but regional ones.
Bengaluru was the first in the priority at 17.3% followed by Mumbai (12.8%), Pune (12.0%), Hyderabad (9.0%), Delhi (7.5%), Chennai (6.0%), Indore (5.3%), Ahmedabad, Gurgaon and Noida (3.8%). It could be observed that there were some 18.8% of other cities mentioned. There appears to be a vast diversity of cities involved because India is one of the largest countries, the subcontinent!
Amazingly, UAE is the first in the priority where Indians want to buy a house or property (18.5%). The second in the priority was USA (16.0%). The third in the priority was Singapore (9.2%) followed by UK (8.4%), Thailand (6.7%) and Indonesia (5.0%). The others are Australia, Canada, France, Japan, Malaysia, New Zealand, Russia, South Africa and Switzerland.
In sum, India is growing rapidly and should be a good destination for investment in a variety of properties particularly commercial properties. India is a ‘super power’ in the world where real estate developments are growing significantly.