The latest Credai – Colliers Developer Sentiment Survey 2024 on the current trends of real estate in India reveals an increase in home purchases by Non-resident Indians (NRIs) this year. The survey, conducted from April 2023 to May 2024, has responses from over 550 developers across 18 States in India.

A significant 80% of developers have said that favourable regulations and an appealing investment environment are a big draw for NRIs gravitating to home purchases in the country. That said, 52% of developers anticipate a rise in property prices owing to this heightened demand. A substantial 48% of developers have urged that the new government reduce interest rates on home and building construction loans, and rationalize the GST (Good and Services Tax) as well.

Badal Yagnik, chief executive officer of Colliers, has said, residential real estate that has been on an upswing throughout 2023 is likely to go strong in 2024 also.

New project launches kept happening the past two years. But this year, developers hope to slow down due to the expansion of unsold inventory levels.

Boman Irani, President of Credai, feels that the survey only reflected a positive outlook among developers, despite their concerns of high interest rates and construction costs. – editor@nrifocus.com